Photo of front cover Straight Talk
November 22, 2017

California Continues to Boost Employment in October

Pacific Union Chief Economist Selma Hepp examines October's job numbers in California, the Bay Area, and Los Angeles County.

 

  • As highlighted at Pacific Union’s Real Estate and Economic Forecast to 2020 last week, job creation has been a primary driver of Bay Area housing market trends. In October, the Golden State’s solid jobs gain continued with 31,700 jobs added according to the latest numbers from the California Employment Development Department, following a strong addition of 50,300 jobs in September.
  • California’s unemployment rate further declined by 0.2 percentage points to 4.9 percent despite the state’s growing labor force. The labor force increased by 1 percent year over year, which is the fastest annual growth in 2017 in California. The labor-force growth is encouraging, as it suggests that some workers are still encouraged to come to California despite high housing costs. In the first three quarters of 2017, Los Angeles had the largest relative increase in the labor force among the state’s more populous counties, with a 1.5 percent increase or 1.37 million new workers. Napa, San Francisco, and San Mateo counties follow with 0.81 percent, 0.79 percent, and 0.72 percent increases, respectively.
  • While September’s jobs increase was boosted by back-to-school employment, October trends reverted to ones seen earlier in the year, namely growth in the leisure and hospitality and health care sectors.

 

To read the full post, click here: http://pacunion.us/2mKJubI

 


About The Mark Company

The Mark Company is one of the nation’s premier urban residential marketing and sales firms. Founded by Alan Mark in 1997, The Mark Company provides a full range of core consulting services including analytics, design, marketing and sales for urban high-rises and suburban attached properties throughout the Western United States. The firm is a trusted partner to global leaders in residential development and finance, providing buyer-driven sales and marketing strategies that produce industry-leading results. The Mark Company has represented more than 10,000 residences and generated over $5 billion in sales for some of the nation’s most notable and successful developments including The Infinity in San Francisco, Evo in Los Angeles and The Martin in Las Vegas. Current projects include 181 Fremont Residences and The Austin in San Francisco and Cavalleri in Malibu. The Mark Company is a subsidiary of San Francisco-based Pacific Union International, the eighth-largest residential real estate brokerage in the U.S. based on 2016 sales volume of $10.15 billion. Pacific Union merged with Los Angeles-based brokerages John Aaroe Group in December 2016 and Partners Trust in August 2017. This strategic business collaboration links four of the strongest residential real estate firms on the West Coast, supporting combined 2016 production of $12.6 billion by 1,400 real estate professionals in 47 offices throughout California. For more information, please visit www.themarkcompany.com.