Unemployment steady, tourism and home sales firming

San Francisco’s unemployment rate is sitting steady at just below 10 percent, but tourist data and other economic indicators tracked by The City are beginning to improve.

Unemployment rose from 9.8 percent in September to 9.9 percent in October, according to a monthly economic barometer report published Monday by the San Francisco Office of the Controller.

There were 44,100 San Francisco residents unemployed in October – up from 17,800 a year earlier, according to the report.

More guests are visiting San Francisco hotels and they are paying higher room rates, according to the report.

“Following several months of good news on air traffic, October average daily hotel rates have risen to $198 a night, a 14 percent jump over September's figure,” the office wrote in an email accompanying the report.

“Occupancy was a very high 87.5 percent, which was considerably higher than the same figure last October, at the start of the recession. In fact, revenue per available room-night for San Francisco hotels in October was only 0.4 percent lower than it had been in October 2008. This is the first clear sign of industry recovery that has appeared since the recession started.”Meanwhile, the number of home sales in October rose to 553, which is 34 percent higher than one year earlier.

Home prices are also firming up, with The City detecting a 6.3 percent one-month rise in median home prices to $690,000.

Average asking rent rose less than one percent between September and October to $1,900.

Bay Area NewsGovernment & PoliticsPoliticsUnder the Dome

If you find our journalism valuable and relevant, please consider joining our Examiner membership program.
Find out more at www.sfexaminer.com/join/

Just Posted

U.S. President-elect Joe Biden and Jill Biden arrive at Biden's inauguration on the West Front of the U.S. Capitol on January 20, 2021, in Washington, DC.  (Win McNamee/Getty Images/TNS)
Joe Biden issues call for ‘unity’ amidst extreme partisan rancor

‘I will be a president for all Americans,’ he says in inauguration speech

From left, Doug Emhoff, U.S. Vice President-elect Kamala Harris, Jill Biden and President-elect Joe Biden wave as they arrive on the East Front of the U.S. Capitol for the inauguration on Jan. 20, 2021 in Washington, DC. During today’s inauguration ceremony Joe Biden becomes the 46th president of the United States. (Joe Raedle/Getty Images/TNS)
Joe Biden inaugurated as 46th president as Trump era comes to an end

Todd Spangler Detroit Free Press Taking over the reins of government at… Continue reading

San Francisco City Hall is lit in gold and amber to remember victims as part of a national Memorial to Lives Lost to COVID-19 on Tuesday, Jan. 19, 2021. (Kevin N. Hume/S.F. Examiner)
San Francisco joins national COVID memorial ceremony

San Francisco took part Tuesday in the first national Memorial to Lives… Continue reading

(Allen J. Schaben/Los Angeles Times/TNS)
With executive orders, Biden to reverse Trump policies on environment, immigration

Evan Halper Los Angeles Times President-elect Joe Biden will move swiftly to… Continue reading

Private vehicles were banned from much of Market Street in January 2020, causing bike ridership on the street to increase by 25 percent and transit efficiency by as much as 12 percent. (Kevin N. Hume/S.F. Examiner)
SFMTA board approves new Better Market Street legislation

Advocates say traffic safety improvements don’t go far enough to make up for lost bikeway

Most Read