The summary bullet points from the Planning Department’s just completed 2011 Commerce and Industry Inventory for San Francisco which covers a 10-year time-series of data, including population, labor force, employment, wages, business growth, retails sales, government expenditures/revenues, building, land use, and transportation trends:
• Employment, the simplest key indicator of economic activity, grew 2% to 559,000 jobs over employment in 2010 (13,300 additional jobs). The unemployment rate fell to 8.6% from 9.5% in 2010. [Editor’s Note: As plugged-in people know, the unemployment rate in San Francisco is now under 7% and employment is up by 19,700 jobs on a year-over-year basis.]
• The number of business establishments increased to 55,250 firms or 5% growth over 2010. The faster rate of establishment growth compared to employment growth indicates more small firm expansion than large firm expansion.
• Citywide income from jobs reporting wages and salaries increased to $45 billion, or 8% over 2010. The average earnings per job in the SF economy increased to $81,000 per worker, or 3% since last year.
• Although building permit applications increased by 3% over 2010 levels to 22,600 applications, the estimated value or spending those projects represent in terms of project cost (not all will be spent locally in San Francisco) increased to $3.4 billion, or 52% over 2010. [Editor’s Note: San Francisco’s current construction pipeline.]
• Taxable retail sales increased 11% over 2010 levels, to $14.9 billion.
• City revenue was $4.1 billion in 2011, up 8% over 2010 while City expenditures were $3.77 billion and did not change from the previous year.
San Francisco’s population was estimated to have hit 812,500 in 2011 with daily transit ridership at roughly 650,000 trips, up 2.9% since 2007 with ridership on the 9-San Bruno line having doubled since 2006 and now the most used transit line in the City.
The full report will be presented to San Francisco’s Planning Commission next week.