Source: CoStar News
By: Jesse Gundersheim
San Francisco added significantly more jobs in 2018 than first reported, and received the strongest upward revision among all major markets in the country.
On the heels of recent tech expansions in San Francisco’s office market, the city added 3.9% more workers last year over 2017.
The U.S. Bureau of Labor Statistics (BLS) revised its job growth statistics for 2018, recently, as it does every year after giving an early tally. Initially, the BLS estimated that San Francisco’s metropolitan division added 24,500 jobs, or a 2.2% increase. Revised data shows that San Francisco – including San Mateo County – actually added closer to 43,900 jobs in 2018.
The stronger numbers in job growth more closely align with the occupancy gains seen in San Francisco’s office market, where 4.9 million square feet were added in 2018.
Major employers in San Francisco such as Facebook, Uber and Google have already secured office space for future growth, providing capacity to grow the area’s workforce in 2019 and beyond.
Job growth was stronger from 2012 through 2015 than it is today, but it remains solid. As long as venture capital investment pours into locally based startups, and established tech companies increase profitability, the tech companies attracting highly skilled workers to San Francisco from around the world will continue to fuel local job growth.
As of the latest BLS release providing preliminary data for March 2019, San Francisco’s 12-month gain in employment registers 3.7%, close to the 3.9% of 2018. Job growth grew nationally by 1.8%.
Link to article: San Francisco’s 2018 Job Growth Revised