It will come as no surprise that SF residential housing permits dropped due to the Great Recession. What was of interest to me is how dramatically they declined in relation to the past decade.
This chart comes courtesy of Ted Egan, Chief Economist for the Office of Economic Analysis in San Francisco, who hosted a very thorough discussion on the state of the San Francisco economy for the quarterly meeting of the Residential Builders Association.
Other sound bites of the half hour talk that caught my attention:
- Bay Area Venture Capital Has Returned to Pre-Recession Levels
- Although Unemployment is at Historic Highs, San Francisco has fared the best of any major CA city
- SF usually enters recessions late, but takes longer to fully recover. This recession appears to be following suit.