San Francisco Jobs Recovery Continues to Lag That of State, U.S.
(Bloomberg) -- San Francisco's recovery of jobs that were lost during the height of the pandemic continues to lag that of the state and the nation, underscoring the hit remote work had on the tech hub.
San Francisco -- among the first U.S. areas to impose Covid lockdowns two years ago -- has regained 75.8% of jobs since April 2020, compared to 87.2% for California and 90.7% for the U.S., according to an analysis of February data released Thursday by Stephen Levy, director and senior economist of the Center for Continuing Study of the California Economy in Palo Alto.
The city, with its heavy concentration of tech employers, is particularly vulnerable to remote work that has kept workers out of downtown offices. With Covid-19 cases ebbing, Mayor London Breed has been aggressively promoting a return to normalcy and drawing commitments from employers to bring staff back to reinvigorate San Francisco's economy.
San Francisco Girds for Blow of Office Workers Never Returning
There are encouraging signs. The area's 6.4% growth rate in jobs over the past year eclipsed that of the national 4.6% increase, according to Levy's analysis. And in mid-March, San Francisco weekly hotel occupancy topped 50% for the second time since the pandemic started, according to a report Thursday by the city's office of economic analysis.
San Francisco has a lot of ground to make up. The metropolitan area had the lowest share of office workers back at their desks among 10 U.S. cities, according to security company Kastle Systems.Â
©2022 Bloomberg L.P.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
