The Cities
& Counties of
Alameda
Antioch
Albany
Berkeley
Brentwood
Town of Danville
Dublin
Emeryville
El Cerrito
Fremont
Hayward
Livermore
Martinez
Newark
Oakland
Oakley
Piedmont
Pinole
Pittsburg
Pleasant Hill
Pleasanton
Richmond
San Leandro
San Ramon
Alameda County
Contra Costa County
This forecast was prepared by:
Stephanie Brown
Economic Development Analyst
(510) 272-6843
East
Bay EDA
1221 Oak St., Ste. 555
Oakland. CA 94612
Serving the East Bay
- the Bright Side of the
San Francisco Bay
For more information on
the East Bay, click on www.eastbayeda.org
For archived newsletters
and forecasts click here
For more reports and studies on the East Bay, click
here
 |
DECEMBER 2008 EDITION
The East Bay Monthly Analysis is prepared by the East Bay
Economic Development Alliance staff to augment the East Bay Quarterly Forecast
authored by economists at the UCLA
Anderson Forecast.
East Bay EDA welcomes your comments and
suggestions. Please contact Stephanie Brown,
stephanie@eastbayeda.org or call
(510) 272-6843.
To download this report as a PDF
click
here.
THE EAST BAY IN NOVEMBER 2008
> Unemployment increased, rising to 7.2 percent from 7.1 in September
> Retail Trade posted lower-than-average monthly gains in employment
> Financial Services and Construction employment continued to post annual losses
> High inventory and falling prices continued to spark increases in Contra Costa County home sale activity
> Home values fell 36 percent annually in Alameda County and 49 percent annually in Contra Costa County
> Commercial construction permit values declined annually, while Industrial construction permits posted increases
According to the California Employment Development Department, the unemployment rate in the East Bay was 7.2 percent in November 2008, up from a revised 7.1 percent in October 2008, and above the year-ago estimate of 4.9 percent. This compares with an unadjusted unemployment rate of 8.3 percent for California and 6.5 percent for the nation during the same period. The unemployment rate was 7.3 percent in Alameda County, and 7.1 percent in Contra Costa County.
MONTHLY COMPARISON
According to the California Employment Development Department’s Labor Market Report, between October 2008 and November 2008, the total number of jobs in the East Bay increased by 2,500 to reach 1,033,900.
• Trade, transportation, and utilities increased by 2,600 jobs. Retail trade (up 2,500 jobs) accounted for the bulk of the expansion, although far below its average 3,900-job increase from October to November over the prior 18 years.
• Government netted a seasonal increase of 1,100 jobs. Local public schools posted a typical 1,200-job increase.
• Private educational and health services gained 200 jobs, although far below its average 800-job increase from October to November over the prior 18 years. Private schools expanded payrolls by 100 jobs, a smaller-than-typical increase.
• Construction experienced a seasonal loss of 800 jobs.
According to MDA DataQuick, the pace of Bay Area home sales reversed its July uptick and dropped again in August. Contra Costa, Solano and Napa Counties, hardest hit by foreclosures, were the only Bay Area counties to see significant increases in home sales activity.
According to MDA DataQuick, the median price paid for all new and resale houses and condos combined in the nine-county Bay Area fell to $350,000 in November 2008. That was down 6.7 percent from $375,000 in October 2008 and down a record 44.4 percent from $629,000 in November 2007.
|
All Homes by County
|
Number Sold Nov.
2008
|
Sales Annual Pct. Change
|
Median Nov. 2008
|
Median Annual Pct. Change
|
|
|
|
|
|
|
Alameda
|
1,182
|
20.00%
|
$356,500
|
-36.90%
|
|
|
Contra Costa
|
1,423
|
61.90%
|
$265,000
|
-49.90%
|
|
|
Marin
|
155
|
-24.80%
|
$625,000
|
-28.20%
|
|
|
Napa
|
93
|
14.80%
|
$406,500
|
-27.70%
|
|
|
San Francisco
|
340
|
-29.00%
|
$648,000
|
-20.50%
|
|
|
San Mateo
|
398
|
-21.00%
|
$580,500
|
-25.60%
|
|
|
Santa Clara
|
1,120
|
-15.00%
|
$450,000
|
-33.60%
|
|
|
Solano
|
596
|
90.40%
|
$234,500
|
-37.60%
|
|
|
Sonoma
|
449
|
23.70%
|
$310,000
|
-34.00%
|
|
|
Bay Area
|
5,756
|
12.30%
|
$350,000
|
-44.40%
|
|
|
Source: MDA DataQuick
|
|
|
Region
|
Total Value of Construction Permits
12/07 – 11/08
|
Annual Change in Total Value of
Construction Permits
12/06-11/07 vs. 12/07-11/08
|
Annual
Percent Change
|
|
East Bay
|
$2,763,692,135
|
-$899,008,114
|
-24.5%
|
|
Napa
|
$334,935,868
|
-$98,631,383
|
-22.7%
|
|
San Francisco
|
$3,594,152,155
|
-$499,872,033
|
-12.2%
|
|
San Jose
|
$3,006,533,566
|
-$302,741,100
|
-9.1%
|
|
Vallejo-Fairfield
|
$772,659,835
|
-$402,129,482
|
-34.2%
|
In a comparison of these two twelve-month periods, the East Bay showed a decrease in construction permit values, falling 24.5 percent (over $899 million) from the previous period. All other Bay Area regions posted losses during this period as well.
The traffic of Exports transported in full twenty-foot equivalent unit (TEU) containers through the Port of Oakland posted an annual increase in November 2008, while Imports decreased in the same comparison. The reverse trend was visible in empty TEU containers, with Imports showing a moderate annual increase and Exports posting dramatic declines over the previous year.
|
