Bay Area Job Market Surges In May But For How Long
Source: mercurynews.com | Re-Post MNM Partners 6/19/2018 –
The Bay Area job market surged again in May as the region’s booming economy kept employers adding to their payrolls for the 13th consecutive month
The Bay Area gained 6,800 jobs in May, according to seasonally adjusted figures released Friday by the state Employment Development Department. The number of payroll jobs in the nine Bay Area counties stands at 3.986 million, with the South Bay, East Bay and San Francisco-San Mateo regions each adding more than 1,000 last month.
All three of those regions also are at record-low unemployment rates, according to a Beacon Economics survey that stretches back nearly three decades and includes the red-hot employment market of the dot-com boom.
But there’s a dark side to the sizzling record numbers: worsening traffic, escalating housing prices, rising rents and overcrowded schools.
Experts warned Friday that the region’s success creating thousands of new jobs a month could choke off or hobble growth in the future.
“The big issue is the high cost of living and the high cost of housing in the Bay Area,” said Mark Vitner, an economist with San Francisco-based Wells Fargo Bank.
As housing prices and rents soar, people can no longer afford to live close to their jobs, analysts said. “The high costs are forcing more people to move to the Central Valley,” Vitner added.