Thanks to a surge in Santa Clara County – 4,800 jobs – mostly tech-related – added in July alone, the Bay Area remains close to full employment. The East Bay, South Bay, and San Francisco metro areas all have unemployment rates below 3 percent.
Over the past 12 months, the tech industry has added 2,900 jobs in the East Bay, followed by health care with 1,500. Meanwhile, the construction industry added 3,400 new jobs and retail added another 1,500. Hotels and restaurants lost 1,000 jobs inthe East Bay over the last year.
Of course, the strong job market only increases the demand for housing.