East Bay Economy Slowly Coming Back...

Continuing a slow steady climb back, the East Bay economy continued to grow stronger, as the unemployment rate for the region notched down to 11% in May, from 11.4% in April (California's rate was 11.9 %, and the national unemployment rate was 9.3%).

East Bay home sales increased, with a total of 8,264 new and resale homes and condos closing escrow in May. This represents an 18% increase from April, and an 11% increase from May of 2009. May Median Home Sale Prices increased, up 10.8% versus April, and 20.1% versus May of 2009.

 So what does all of this mean? From my vantage point, I see economic fundamentals continuing to incrementally improve, commercial office rental rates and sale prices are still at bargain levels, and these factors are slowly enticing businesses who have been "hibernating" during this long winter, to venture out and  "test the waters". Ignore the doom and gloom from the media...time to get back to basics.

All graphs and figures courtesy of the East Bay Economic Development Alliance