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.

The East Bay EDA encourages you to forward the current report to anyone interested and welcomes your comments and suggestions.

For a more printable version of this newsletter, click here

SNAPSHOT

THE EAST BAY IN OCTOBER 2007

* Educational and health services added 1,200 jobs between September and October, gaining 4,400 over the last twelve months

* East Bay construction employment decreased, losing 7,200 jobs over the last twelve months, and a seasonal loss of 400 since September

* Home sales continued to slow and median home sale values saw slight decreases

* Non-residential construction permit values increased slightly, with much of the activity being in the industrial sector

* Both single and multi-family residential construction permit values showed annual decreases

BAY AREA EMPLOYMENT

BAY AREA UNEMPLOYMENT The unemployment rate in the Oakland-Fremont-Hayward MD remained stable at 4.9 percent in September and October 2007, but above the year-ago estimate of 4.0 percent. This compares with an unadjusted unemployment rate of 5.4 percent for California and 4.4 percent for the nation during the same period. The unemployment rate was 4.9 percent in Alameda County and 4.9 percent in Contra Costa County.

 Unemployment rates in the Bay Area’s other metro areas were also saw little change from September to October 2007, decreasing slightly from 4.2 percent to 4.1 percent in San Francisco and from 5.0 to 4.9 percent in San Jose. Unemployment rates in both regions were up from October 2006 estimates, when the rate in San Francisco was 4.1 percent and in San Jose the rate was 4.9 percent.

Click here for more on Bay Area Employment

EAST BAY PAYROLL EMPLOYMENT BY SECTOR

MONTHLY COMPARISON

According to the California Employment Development Department, between September 2007 and October 2007, the number of jobs in the East Bay increased by 3,900 to total 1,064,300.

 • Government added a larger-than-average seasonal increase of 4,200 jobs. Local and state public schools (up 4,100 jobs) accounted for the bulk of the expansion.

• Educational and health services expanded by 1,200 jobs seasonally, mostly at private schools (up 700 jobs).

• Leisure and hospitality posted a smaller-than-average seasonal decrease of 800 jobs. Arts, entertainment, and recreation (down 500 jobs) accounted for the bulk of the losses. •

•Financial activities lost 500 jobs, while construction seasonally decreased by 400 jobs.

Click here for more on East Bay Payroll Employment

HOUSING

According to DataQuick Information Systems, Bay Area home sales remained at their lowest level in decades last month, the result of mortgage market turbulence and hesitant buyers. Prices continued to hold up best in core markets, while declines steepened in some inland areas.

A total of 5,486 new and resale houses and condos were sold in the nine-county Bay Area in October. That was up 9.4 percent from 5,014 in September, and down 35.7 percent from 8,532 for October 2006. In the East Bay the number of homes sold showed an annual percent decrease of 33.70 percent in Alameda County and a decrease of 42.40 percent in Contra Costa County.

All Homes by County	Number Sold October 2007	Sales Annual Pct. Chg	Median October 2007	Median Annual Pct. Chg
Alameda	1,098	-33.70%	$570,000	-3.00%
Contra Costa	1,011	-42.40%	$530,500	-1.80%
Marin	216	-28.70%	$875,000	5.50%
Napa	71	-53.90%	$548,750	0.20%
San Francisco	1,381	-35.00%	$683,750	1.50%
San Mateo	526	-8.20%	$795,000	3.90%
Santa Clara	512	-28.80%	$775,000	2.60%
Solano	309	-51.40%	$391,750	-15.60%
Sonoma	362	-40.90%	$473,000	-9.00%
Bay Area	5,486	-35.70%	$631,000	2.40%
Source: Data Quick Information Systems

 

Click here for more on Housing

CONSTRUCTION PERMITS

 

Between September and October 2007, the dollar value of residential construction permits increased $28 million in the East Bay, and $2 million in the Napa MSA. Permit values decreased $90 million in the San Francisco MSA, $10 million in the San Jose MSA and $13 million in the Vallejo-Fairfield MSA during the same period.

The value of non-residential construction permits issued in the East Bay increased $38 million and $5 million in the San Jose MSA between September and October 2007, while permits in the San Francisco,
Vallejo-Fairfield and Napa MSAs declined.

Click here for more on Construction Permits

Top