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Oakland Economic Dashboard Q1 2015

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Quarterly Economic Dashboard Q1 2015 January-March

Employment

Unemployment Rate

6.3%

Employment

Last Year: 10.3%

196,333

Size of Labor Force

209,400

Last Year: 183,867

Last Year: 205,000

Did you know ?

Oakland's unemployment level has dropped dramatically in the last five years, from 17.1% in Q1 2010 to 6.3% in Q1 2015. It has continued to fall into Q2 (April-June). In the last year, the City added almost 12,500 jobs, while the size of the working population increased by 4,400.

6.3%

17.1%

Quarterly City Revenues

Sales Tax

Real Estate Transfer Tax

TOT Tax (Hotels)

$32,297,846 (Q4 2014) Last Year: $32,345,229

$10,381,995 Last Year: $12,973,533

$4,540,000 Last Year: $2,863,500

Sales taxes have increased since last year, and the Transient Occupancy Tax, based on hotel occupancy, is rising substantially. Real Estate Transfer Taxes were higher in Q1 2014 due in part to a higher transfer volume during Q1 2014. Sales tax reporting lags one quarter for collection and analysis and is reported for Q4 2014.

6%

-20%

58%

Sources: CA State Employment Development Department, City of Oakland Revenue Department, HdL Companies

Unemployment Rate

Residential Real Estate

Commercial Real Estate

Building Permits

Development Pipeline

Industrial Vacancy: 5.2% Rent/square foot: $8.31

East Bay: 7.4%, $8.47

Retail Vacancy: 3.2% Rent/square foot: $21.80

East Bay: 4.2%, $21.95

Office Average Rents/Square Foot

Zillow Rent Index-- All Homes

Median Single Family Home Price

$65.87 (SF)

$25.45 (OAK)

$24.81 (East Bay)

Office Vacancy Rates

11.2%

10.4%

5.5%

Office Rents have crept above the East Bay average this quarter, but remain less than half of San Francisco.

Units in pipeline are approved, under review or in pre-application discussion with the Planning Department.

Housing:  11,000 Units 835 units under construction or recently completed

Commercial:  3.5 Million square feet  681,000 sf under construction

H

Housing

1

C

Commercial

20

Sources:HdL Companies, Zillow, CoStar Market Analystics, City of Oakland Planning & Building Department. Dashboard Compiled by Economic and Workforce Development Department. Contact: [email protected]