SF's economy continues slowdown

November 6, 2008 12:10:26 PM PST
San Francisco's economy continued to slide in September, and the health of the city's retail sector showed particular reason for concern, according to a report released today by the city controller's office.

The report included the first economic data since the global credit crisis began in September.

The report said San Francisco's economy "is continuing to slow, but there has been no dramatic drop in most indicators" since the previous report in August.

The retail sector -- measured mainly by daily parking garage numbers and Bay Area Rapid Transit ridership to the Union Square shopping area -- is "the most immediate sign of concern," the report said.

Garage parking and BART ridership both dropped significantly in September. Parking numbers were down 8.7 percent since August and 7 percent since September 2007, and BART ridership to the Union Square area was down 2.3 percent since August and 6.4 percent since September 2007, according to the report.

Tourism remained the city's strongest economic support in September, with slight increases in domestic and international flights into San Francisco International Airport and a 93 percent hotel occupancy rate, according to the report.

Median home sale prices in San Francisco dropped between 6.9 and 9.9 percent between August and September, according to two separate estimates cited by the report.


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