On the heels of a typical seasonal dip in January, the estimated number of people living in San Francisco with a job increased by 3,800 to a record 520,500 in February and the unemployment rate in the city is back below 4 percent (3.8). That’s 19,500 more people living in San Francisco with a paycheck than at the same time last year.
Employment in San Francisco has jumped 25 percent in the past five years, an increase of 105,000 people with paychecks and competing for space since the end of 2009.
And in fact, there are now 55,000 more employed people living in San Francisco than there were at the height of the dot-com peak in December 2000 (at which point the unemployment rate in San Francisco measured 3 percent with a labor force of 480,000).
The unemployment rates in Marin and San Mateo both dropped in February as well, to 3.7 percent and 3.5 percent respectively, while the unadjusted unemployment rate across California has dropped to 6.8 percent.