Q2 Update for San Francisco's East Bay Area Economy...

The East Bay Economic Development Alliance has released its June 2009 figures (latest figures) and the immediate picture is not pretty, but that does not tell the entire story.

Unemployment Rates Through June 2009 (click above for source information)

Included in this months report, is a detailed and incisive commentary on the East Bay Recession Dynamics written by Jerry Nickelsburg, Senior Economist from the UCLA Anderson School of Management.

In summary Mr. Nickelsburg states, "the East Bay economy remains in recession and there are more job losses on the horizon. But there is light at the end of the tunnel...for the balance of the year the East Bay economy ought to be characterized by an end to the recession, the beginning of a new expansion period..." While this is great news for the near future, those of working in the present still have to figure out how to pay the bills in a challenging time (see below).

Case in point - getting to the basics of my industry (commercial interiors): The value of commercial permits issued in the East Bay fell -48% when compared to the previous two year period. Take solace in the fact (I guess) that San Francisco commercial permits fell -70.6% for the same time comparison.

Value of Commercial Building Permits (click above for source information)

In summary we all need to "keep holding our breath" for a bit longer, but it appears that a 2nd half 2009 recovery maybe imminent.