San Francisco Economy
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Table of Contents
San Francisco unemployment
Latest San Francisco economy news has confirmed that rate of unemployment in this city is at its highest since 1984 fiscal. Reports on economy of San Francisco have revealed that rate of unemployment reached 9 percent mark in March.
Reports on San Francisco’s economy reveal that during 2008 fiscal rate of unemployment in that city was 4.3 percent. This trend reinforces fact that overall economy of USA is not in good health despite some indications that global financial crisis is finally nearing its end.
Some major areas of San Francisco economic system like construction, financial services and retail trade have been suffering most in this regard. San Francisco economic statistics released by City Controller’s Office have shown that businesses related to tourism would be facing that predicament pretty soon in days to come.
San Francisco hotel and air services industry
Hotels as well as air services industry are among vital parts of San Francisco economy but of late these two sectors have not performed as well as they might have liked. This is authenticated by their business statistics for February 2009. There have been sharp declines on a year on year basis as revealed by these data.
This delicate economic situation has been further exacerbated by fact that consumers in that city as well as all over USA have become much more discreet with their expenditures. Worst hit in this case has been tourism sector of San Francisco economy.
Taxes received from business generated by hotels in San Francisco for month of March 2009 have been in excess of amount generated for February that same year. This is a positive sign but fact that there has still been a yearly decline at a rate of 20 percent is still important in economic scheme of things. This makes March second worst month from an economic perspective.
San Francisco real estate
Real estate sector is an important part of San Francisco economy. However, of late it has not shown any sign that it would be able to recover from global financial downturn as has been shown by yearly reductions in residential asking rents, commercial rents and median home sales. This is a worrisome situation for San Francisco economy.
