Today the California Employment Development Department (EDD) released job estimates for March 2016. Here are the highlights:
Bay Area Job Growth Continues to Outpace the State and Nation
The region added 129,000 jobs between March 2015 and 2016 for a gain of 3.4% compared to 2.0% for the nation and 2.6% for California. The pace of growth has slowed slightly from the mid-summer 2015 highs although year over year gains remain robust. The state jobs report showed a gain of only 4,200 jobs in March compared to 215,000 for the nation and will likely be revised upward next month.
The job gains continue to reduce unemployment rates while the labor force continues to add workers. Unemployment declines were seen in all metro areas.
Year over year job growth slowed slightly in all three of the regions large metro areas though remaining above 3% in the San Francisco and San Jose metro areas and above the national average in all metro areas.
The state job and unemployment news was also good showing that the recovery has spread beyond the Bay Area. The California unemployment rate declined to 5.4% the lowest since July 2007 and close now to the national 5.0% rate.
The continuing job growth now that unemployment rates have fallen will bring new residents to the region as will the growing need to replace retiring workers. All of these trends underscore the importance of policies to increase housing and make sure that housing and transportation challenges do not undermine the region’s still vibrant economic competitiveness.