San Francisco Jobs Report

San Francisco and nearby Marin county have two of the lowest state unemployment rates.  Both are currently slightly above 10%, but this is quite low considering the rest of the state falls into the low teens and cities like Los Angeles and San Diego are much higher as well.  The fact the San Francisco’s unemployment rate is relatively low can be owed to the fact that the city’s economy is extremely diverse and has been able to show resiliency in nearly every other major economic recession or depression.  The city’s banking and trade influences as well as the fact that it is a major educational hub help to buoy San Francisco’s numbers a bit.  Tourism, which has been a major pillar of economic strength for the city has also helped keep tens of thousands of jobs in the Bay Area.  The industry still remains strong, thanks to the city’s presence in numerous films, songs, and books worldwide.

The economies of San Francisco and surrounding areas are much too diverse to cover completely in a small article.  Nearby Silicon Valley has been a huge economic boon for the city even in recession years, as have the numerous aerospace and technology firms that make San Francisco their home.  NASA has a facility here, as does Lockheed.  The Bay Area is home to many companies on the leading edge of technology and medical research.  There are numerous biopharmaceutical research labs and firms as well as thousands of startups in the past two years alone.  The city is one of the US hubs for economic diversity and strength, and has remained so even during hard economic times.

San Francisco’s highly educated workforce also plays a large role in guaranteeing economic success.  Many businesses see the city as a magnate for highly educated, highly skilled labor, and more than 70% of the city’s residents posses a post-high school education, making it one of the US’s most educated cities.  It’s also one of the world’s most productive cities based on population versus gross economic product.  The city is one of the world’s largest high tech labor pools as well.  There are numerous universities and colleges, many of them world renown.  UC Berkley is a great example.  There are nearly 100 different high ed institutions in the city alone, with another 100 in the cities and suburbs immediately surrounding it.

The city is also a magnate for small businesses, which make up nearly 95% of the city’s business population.  It’s a great place to start a company or get a job with one.  This city is likely California’s bright spot.  It’s tourism sector has taken some minor hits due to less tourist traffic and spending overall, but it’s remained one of the west coasts most robust, diverse, and economically successful economies through the recession.  With all the high tech and medical industry activity in and around San Francisco, I would expect it to recover just fine after the recession and continue to be on of the US’s great successful metropolitan areas.