More Signs that the Economy is Stabilizing

Posted by Expert Gadget Reviewer on Tuesday, 13 April 2010

The February 2010 numbers for the East Bay economy are in - and stabilization seems to be the theme.

Unemployment: East Bay unemployment was down to 11.6% in February from 12.0% in January. This compares with an overall unemployment rate for California of 12.8%.
Summary: A good start - lets see if the trend continues into the 2nd quarter. Then it might be time to get excited...

Median Home Sale Values: The median sale price increased for the fifth consecutive month due to fewer foreclosures being sold and more higher-end homes being turned over this year.
Summary: Housing market appears to have bottomed. Not sure how long we will continue to scrape and bounce along (could be years)... but it doesn't appear its going to get materially worse.

Commercial Construction Permit Values: Commercial Construction Permit Values continue to fall dramatically: -60.7% in the East Bay and -74.8% in San Francisco.
Summary: This is the toughest statistic for our industry, because no permits means no work. This number will trail everything else, time to keep holding our breath...

All statistics are courtesy of the East Bay Economic Development Alliance's Monthly Analysis. To see the actual report, click (HERE).