SAN FRANCISCO, Calif. (KRON) – A new data dashboard shows that last year’s employment opportunities are down 50% in one Bay Area city. That is compared to 2019.
The economic policy director behind the data gives an inside look inside the numbers.
“51% of all businesses are closed compared to where we were before the pandemic,” Jay Cheng said.
The San Francisco Chamber of Commerce has a new economic recovery data dashboard.
Here you will find up-to-date metrics regarding COVID-19’s impact on the city’s employment rate, small businesses, restaurants, and foot traffic.
“This is a real-time data tracker of San Francisco’s economic health. This data tracker aggregates all of the economic data in San Francisco and gives the public a really transparent view on what’s happening to our businesses, to our employees, to our economy,” Cheng said.
The San Francisco Chamber of Commerce’s Public Policy Director Jay Cheng talks about what a year’s worth of economic data reveals in the era of COVID.
“The unemployment rate. You know it’s really astounding. Our unemployment rate during the pandemic recession was 12.7%. That is an all-time high. Even during the great recession our unemployment only peaked out at 9%,” Cheng said.
He says the data also shows that unemployment hit small businesses, restaurants and the arts community harder than other sectors of the economy.
“The sharpest drop in employment opportunities are accommodations and food services. Over 50% drop in unemployment opportunities. Just for comparison for the tech industry, the employment drop has only been 11%. For finance and industry that drop has been in the low 20’s%,” Cheng said.
However, he says the data is not all bad because it also shows signs of an economic recovery already underway in San Francisco.
“Consumer spending has bounced back in a big way in the past few months, even compared to other metropolitans like New York City,” Cheng said.