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Oakland Economic Dashboard Q2 2015

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Quarterly Economic Dashboard Q2 2015 April-June

Employment

Unemployment Rate

5.7%

Employment

Last Year: 9%

197,533

Labor Force

209,533

Last Year: 184,933

Last Year: 202,833

Did you know ?

Source: CA State Employment Development Department

Oakland's unemployment rate used to be substantially higher than the County and the State. It is now approaching Alameda County's unemployment (4.6% in June 2015) and lower than the California unemployment (6.3%). The U.S. unemployment rate is 5.3%, down from 6.2% last year.

The tech economy includes the Information sector as well as related jobs in other sectors, such as digital advertising or engineering. City of Oakland estimates total tech employment in Oakland as 8,642 jobs.

Quarterly City Revenues

Sales Tax

Real Estate Transfer Tax

TOT Tax (Hotels)

$10,497,620 (Q1 2015)

$6,968,000

Sales taxes decreased slightly since last year, while Real Estate Transfer Taxes rose. The Transient Occupancy Tax, based on hotel occupancy, rose more than 50% over this time last year.  Due to the time needed for collection and analysis, sales tax reporting lags one quarter and is reported here for Q1 2015.

$17,599,350

Sources: City of Oakland Revenue Department, HdL Companies

Total Fiscal Year 2014-2015 Revenues

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Residential Real Estate

Commercial Real Estate

Building Permits

Development Pipeline (Q1)

Industrial Vacancy: 3.6% Rent/square foot: $7.43

East Bay: 6.2%, $9.07

Retail Vacancy: 2.8% Rent/square foot: $22.56

East Bay: 4.0%, $22.16

Office Average Rents/Square Foot

Zillow Rent Index-- All Homes

Median Single Family Home Price

$65.87 (SF Q1)

$27.80 (OAK)

$25.61 (East Bay)

Office Vacancy Rates

10.3%

9.2%

5.5% (SF Q1)

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

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

Commercial:  3.5 Million sf in pipeline 681,000 sf under construction

H

1

C

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]

Housing

Commercial

Office Vacancy: 9.2% Rent/square foot: $27.80

East Bay: 10.3%, $25.61