By Steve Levy
E-mail Steve Levy
About this blog: I grew up in Los Angeles and moved to the area in 1963 when I started graduate school at Stanford. Nancy and I were married in 1977 and we lived for nearly 30 years in the Duveneck school area. Our children went to Paly. We moved ... (More)
About this blog: I grew up in Los Angeles and moved to the area in 1963 when I started graduate school at Stanford. Nancy and I were married in 1977 and we lived for nearly 30 years in the Duveneck school area. Our children went to Paly. We moved downtown in 2006 and enjoy being able to walk to activities. I do not drive and being downtown where I work and close to the CalTrain station and downtown amenities makes my life more independent. I have worked all my life as an economist focusing on the California economy. My work centers around two main activities. The first is helping regional planning agencies such as ABAG understand their long-term growth outlook. I do this for several regional planning agencies in northern, southern and central coast California. My other main activity is studying workforce trends and policy implications both as a professional and as a volunteer member of the NOVA (Silicon Valley) and state workforce boards. The title of the blog is Invest and Innovate and that is what I believe is the imperative for our local area, region, state and nation. That includes investing in people, in infrastructure and in making our communities great places to live and work. I served on the recent Palo Alto Infrastructure Commission. I also believe that our local and state economy benefits from being a welcoming community, which mostly we are a leader in, for people of all religions, sexual preferences and places of birth. (Hide)
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Bay Area Economic Update
Uploaded: Dec 26, 2020
Happy and I hope a better New Year,
Below is the link to my December Bay Area economic update
• The past four weeks have brought discouraging economic news for the near-term as a result of the virus spread and resulting restrictions on activity in the Bay Area. At the same time, news of vaccine approval and distribution, a possible stimulus package and the Biden focus on immigration, infrastructure and job growth point to a better outlook by mid-year 2021. The usual caveats about housing supply and affordability and maintaining a competitive economic environment remain.
• The Bay Area recorded added 17,300 jobs in November down from 32,900 in October. The activity restrictions should limit job growth while they last.
• Between April and November, the Bay Area recovered 42.5% of the jobs lost between February and April trailing the state and nation.
• The regional unemployment rate was 2.7% in February, 13.1% in April and 5.9% in November. However, 79,000 residents left the workforce in November though these numbers fluctuate month to month.
• This update also looks at just released population estimates showing very small growth in 2020 as out migration surged.
I hope that as we pursue the Equity and Environment goals of the Three E triple bottom line that we also focus on the third E the economy.
Successful equity and environmental initiatives usually go more smoothly and with greater support and $$ when the economy is strong.
In 2021 for me the triple bottom line initiatives are around housing (an equity, environmental and economic necessity) and a needed discussion about the foundations for economic competitiveness.
What is it worth to you?
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