Though long-term market fundamentals in the Bay Area are strong despite the current downturn, the region faces a number of challenges that could constrain growth.
"After growing at a breakneck pace during the late 1990s and 2000, the San Francisco Bay Area economy has been mired in a deep recession for more than two years. Job losses in the hundreds of thousands wiped out all the gains of recent years and returned the regions employment base to its 1997 level. The pace of job losses is slowing, but employment in both the San Francisco and San Jose metropolitan areas will continue to slide through the end of 2003, according to Rosen Consulting Group, a Berkeley, California based real estate and economics research and consulting firm. Oakland is faring better, posting slight job growth this year after losing jobs during 2001 and most of 2002."
Thanks to Urban Land Institute Email Newsletter
Read the full story: The Bay Area’s Booms and Busts
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Rutgers University, Edward J. Bloustein School of Planning and Public Policy
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