Jobs woes continue for the country and the Bay area is no different. The San Francisco Controller’s Office reported that June job creation was up ever so slightly (0.2%) and unemployment was down 0.2%. job growth for the year is basically stagnant with only a 0.2% increase in positions. Temporary employment is up 12% for June with about 17,500 people holding temporary positions.
Still, San Francisco maintains a lower unemployment rate than the state average (12%). Furthermore, the technology sector is adding jobs in record numbers. Expansion from companies like Zynga, Yelp, and others account for 1 in 5 jobs in the city and the number of tech sector jobs will soon surpass the record set in 2000. Increased employment and health of the sector is also reflected in the commercial real estate market. One-third of commercial office space leased this year, about 1.6 million square feet, was to technology companies.
Buoyed by tax breaks and incentives by a business friendly Board of Supervisors, technology companies are setting up shop in downtown blocks left vacant by the recession. The movement of companies like Twitter to Central Market is a hopeful sign that jobs and business in the area will improve.