By Steve Levy
Bay Area Economic UpdateUploaded: Dec 26, 2020
Happy and I hope a better New Year,
Below is the link to my December Bay Area economic update
• The past four weeks have brought discouraging economic news for the near-term as a result of the virus spread and resulting restrictions on activity in the Bay Area. At the same time, news of vaccine approval and distribution, a possible stimulus package and the Biden focus on immigration, infrastructure and job growth point to a better outlook by mid-year 2021. The usual caveats about housing supply and affordability and maintaining a competitive economic environment remain.
• The Bay Area recorded added 17,300 jobs in November down from 32,900 in October. The activity restrictions should limit job growth while they last.
• Between April and November, the Bay Area recovered 42.5% of the jobs lost between February and April trailing the state and nation.
• The regional unemployment rate was 2.7% in February, 13.1% in April and 5.9% in November. However, 79,000 residents left the workforce in November though these numbers fluctuate month to month.
• This update also looks at just released population estimates showing very small growth in 2020 as out migration surged.
I hope that as we pursue the Equity and Environment goals of the Three E triple bottom line that we also focus on the third E the economy.
Successful equity and environmental initiatives usually go more smoothly and with greater support and $$ when the economy is strong.
In 2021 for me the triple bottom line initiatives are around housing (an equity, environmental and economic necessity) and a needed discussion about the foundations for economic competitiveness.