Sellers across California have been holding the door open, hoping to cash in on double digit increases in home prices, and a surplus of buyers motivated by low interest rates. But, the stalemate in Washington is stalling home sales in the Bay Area.
California’s unemployment rate fell to 8.6 percent in May, marking the first time in nearly five years the jobless rate has dipped below 9 percent.
In Santa Clara, the demand for hotel rooms is leading the surge in new construction projects and is another sign the Bay Area economy is booming.
The state’s independent budget analyst says California will take in $3.2 billion more than Gov. Jerry Brown estimated, providing Democratic lawmakers the opportunity to increase spending.
The state’s Employment Development Department reported Friday that California’s jobless rate is at its lowest point since November 2008, nearly a year after the recession began.
Nevada’s rate, while tied with California and Mississippi for the highest among states at 9.6 percent, was down from 11.8 percent a year ago.
Unemployment rates in parts of the Bay Area saw increases in January while the statewide rate went unchanged for the month, according to employment data released Friday.
A new report has cut the Bay Area’s economic benefits from the America’s Cup Race this summer in San Francisco from $1.4 billion down to $780 million.
Silicon Valley’s economic engine may still be humming along, but it does appear to be downshifting into a slightly slower gear.
A new poll shows that most Californians are downright gloomy about the state’s economy and very few voters think the job market will improve this year.