Date post: | 20-Apr-2017 |
Category: |
Documents |
Upload: | recordtrac-city-of-oakland |
View: | 223 times |
Download: | 0 times |
Economic Indicators City of Oakland
PREPARED BY: THE OFFICE OF ECONOMIC AND WORKFORCE DEVELOPMENT
CITY OF OAKLAND
JANUARY 2013
CITY OF OAKLAND ECONOMIC INDICATORS 2
Executive Summary
These economic indicators are intended to provide Oakland’s city leaders and decision makers with benchmarks for economic development and a baseline against which to measure progress toward economic goals. This report outlines a few leading indicators that help articulate the factors that contribute to Oakland’s economy and how those factors shape the city’s economic well‐being. The most important news is that, after the rollercoaster of the past decade, Oakland’s economy has stabilized and is slowly regaining strength. This brief executive summary shares some highlights of the data presented in more detail on the following pages. Oakland’s businesses are a pillar of city revenues Between fiscal 2010 and fiscal 2012, Oakland saw a marked increase in the number of business licenses issued and in the business tax revenues associated with those licenses. In fiscal 2011, residential and commercial rental property accounted for more than one‐third (35%) of that income, with professional and semi‐professional services generating an additional 23%. Revenue from sales tax has also risen steadily for the past two years. This rebound has been bolstered in part by rising fuel costs – sales tax revenues from service stations increased 29% between 2010 and 2011. During the same period (fiscal 2010‐12) transient occupancy tax revenues rose and then stabilized – from $8.9 million in fiscal 2010 to $12.4 million in fiscal 2012 – thanks to increased occupancy and higher room rates throughout the East Bay.
Of the nearly 25,000 business establishments in Oakland In 2011, almost half (44%) were in the professional, business and other service sectors. (This broad category essentially means professional businesses and the array of administrative, managerial and other services that support them.) What is known as the “clean and green sector” – encompassing green building, green manufacturing, green transportation, environmental services, energy research and services, recycling and remediation industries – has been a bright spot for
Oakland and is a promising area for growth in the future. Other sectors that were promising in the mid‐2000s, including digital media and bioscience have not recovered as well, but the nonprofit sector is robust. Although the nonprofit sector does not contribute sales or property tax revenue to the city, these organizations represent a core strength for employment within the city. Jobs for Oakland’s residents remain a challenge Oakland is home to nearly a quarter of the jobs available in Alameda County. In Alameda County, as in Oakland, most of the jobs have traditionally been in finance, insurance, and real estate (collectively referred to as FIRE) and the professional services sectors. Oakland has experienced a sharper loss of FIRE jobs, than the rest of the county. Manufacturing, on the other hand, has retained jobs in the city, but not in other parts of the county. Other sectors, such as public administration and education, have remained relatively steady or even experienced growth. Unemployment in Oakland has decreased to 13.1% in September 2012, down from 15.6% the previous year. This is still 4.5% points higher than Alameda County’s unemployment rateas a whole. On the other hand, average household incomes in Oakland fell less dramatically than in the rest of Alameda County between 2000 and 2010. Commercial and residential real estate markets have stabilized Commercial real estate in Oakland is priced competitively with comparable areas in the East Bay and the city enjoys a lower vacancy rate for commercial properties than Alameda or Contra Costa counties – perhaps indicating an opportunity for new commercial and industrial spaces. In the residential market, after plummeting from 2005 to 2007, home prices are stabilizing, as are the number of homes sold. And the market for rental apartments is very strong, following a trend of increasing demand for rentals across the Bay Area.
Covered in this report: City Revenues Business Tax Revenue New Businesses Attracted Establishments by Sector Sales Tax Revenues Top Sales Tax Generators Transient Occupancy Real Estate Tax Employment Jobs by Sector Top Employers Unemployment Rates Targeted Sectors Sector Spotlight Real Estate Commercial Leasing Vacancy Rates Building Permits Residential Sales Residents Population Income
An Economic Dashboard
Economic indicators allow city leaders and citizens who live, work, and invest in Oakland to track the economic health of their city. Indicators can also provide a way for city leaders and decision makers to measure progress against goals and benchmarks set in future strategic plans. This report outlines a few leading indicators that help articulate the factors that contribute to Oakland’s economy and how those factors activities shape the city’s economic well‐being.
The January 2013 report is a snapshot of how Oakland’s businesses and residents are faring in the aftermath of the Great Depression. Going forward, this dashboard will be updated on a quarterly basis; with a major revision annually, as new data becomes available, to track the effectiveness of policies and the state of the city’s recovery.
Comparing 2010 to 2012: Stabilizing and Gaining Strength
As the Indicators at a Glance table shows, Oakland’s economy is recovering well after the rollercoaster of the past decade. The unemployment rate is decreasing significantly and businesses continue to pick up steam, as reflected in the increase in jobs and business licenses. The residential real estate market has also regained its equilibrium. Each of these indicators will be explained and explored more fully in the following pages.
Oakland Indicators at a Glance
Employment 2010 2011 % Change2010‐11 2012
% Change 2011‐12
Number of jobs 156,312 164,194 5.0% 180,311 9.8% Unemployment rate 16.9% 15.6% ‐7.7% 12.9% ‐17.3%
Businesses 2010 2011 % Change 2012 Number of businesses 21,040 24,725 17.5% 24,689 ‐0.1% Number of business licenses 40,941 42,024 2.6% 42,841 1.9% Sales tax revenue $33,308,985 $37,530,609 12.7% ‐ ‐
Real Estate 2010 2011 % Change 2012 Single family home sales 3,250 3,410 4.9% 2,591* 13%** Median sale price $245,000 $225,000 ‐8.0% $242,000 8%
Note: The number of business licenses issued includes ‘property rentals’ (i.e. homes with lodgers etc.) whereas the number of businesses excludes private ‘property rentals’.
* figures reflect 1/1/12-8/31/12 only and not the full 2012 calendar year. ** percentage increase has been calculated by averaging the total 2011 sales by months and estimating the Aug 2011 number.
CITY OF OAKLAND ECONOMIC INDICATORS 3
CITY OF OAKLAND ECONOMIC INDICATORS 4
City Revenues The City’s annual budget across all funds is just under $1 billion for the FY 2011‐2012 budget. About 58% of those funds are restricted for specific purposes such as infrastructure, housing development, and bond‐funded programs such as the Measure DD improvements at Lake Merritt. Restricted funds come from grants, fees, bonds or revenues that are collected for a specific purpose.
The remaining 42 % of the City’s total budget is the General Fund which pays for basic programs and services such as police and fire protection, libraries, senior centers and recreation programs. The largest source of revenue to the General Fund comes from property tax.
Business Tax Revenue Citywide business license estimates are based on the total number of businesses that have paid license fees within a given year. This number includes businesses headquartered in other cities, doing business in Oakland. In fiscal 2011, Oakland issued 1,083 more business licenses than in fiscal 2010, an increase of 2.65%. Fiscal 2012 saw a continuation of this trend. Collectively, these businesses generated $47,704,712.44 in business tax revenue for the city in 2012. Although the number of business licenses increased, the total business tax revenues decreased as the business tax is dependant upon the sales tax generated by businesses in a fiscal year. In 2012, license taxes paid by businesses in the Professional/ Semi‐Professional Service sector generated 24% of tax revenue for the city, while businesses in the Residential and Commercial Rental Property sector generated 21% and 19% of tax revenue respectively.
Oakland Business Licenses Fiscal 2010 Fiscal 2011 Fiscal 2012 Total Business Licenses Issued 40,941 42,024 42,841 Total Business Tax Revenues $44,508,641.06 $48,862,301.78 $47,704,712.44
SOURCE: OAKLAND BUDGET & REVENUE DEPT * The revenue figures do not include audit revenues and may therefore differ from other sources
Source: HdL City to State comparison FY11-12 Report
Sector Sales Revenue Contribution
CITY OF OAKLAND ECONOMIC INDICATORS 5
Establishments by Sector In 2012, EconoVue reports that 24,689 establishments were located in the city of Oakland. This is a minor decrease from the 24,725 reported in 2011. The Professional/Business/Other Services sector represents 45.8% of businesses in Oakland. This broad category includes personal services; professional, scientific and technical services; management of companies and enterprises; and administrative, support, waste management and remediation services. The Leisure/Entertainment/Retail industry holds 14.8% of business establishments. Health Care represented 10.5% of businesses located in Oakland. There has been little to no change in the sector distribution of business establishments between 2011 and 2012. This indicates that all sectors are performing equally against one another.
SOURCE: ECONOVUE (JAN 2013)
Sales Tax Revenues
CITY OF OAKLAND ECONOMIC INDICATORS 6
Revenue from sales tax, an important source of income for Oakland, has risen steadily for the past two years. Oakland’s rebound has been bolstered by high fuel costs. Sales tax revenues from service stations increased 29% between 2010 and 2011, from $4.4 million to $5.6 million. Combined Fuel and Service Stations and Auto sales make up the largest source of sales tax revenue, contributing $11.3 million of Oakland’s revenue, in 2011. In addition, nearly all other retail categories saw an increase in revenue, helping to nearly return retail sales tax revenues to pre‐2007 levels.
Total Annual Sales Tax Revenues(calendar year)
2010 2011 % Change
Oakland $33,308,985 $37,530,609 13% Alameda County $188,456,860 $202,807,827 8%
Top 25 Sales Tax Producers (Alphabetically) Aramark Entertainment Host International Audi Mazda of Oakland Honda of Oakland Best Buy Mercedes Benz of Oakland Broadway Volkswagen Oakland Acura Chevron One Toyota of Oakland Downtown Saab‐Subaru‐ Toyota
Onesource Supply Solutions
East Bay Restaurant Supply
Quik Stop Market
Economy Lumber Safeway Enterprise Commercial Truck
Shell/Texaco
Harborside Health Center
Southwest Jet Fuel
Hertz Rent a Car Target Home Depot Walgreens Walmart
SOURCE: HDL – 2012 DATA, NOT YET AVAILABLE
SOURCE: HDL – 2012 DATA, NOT YET AVAILABLE
Manufacturing and Wholesale, Auto sales, Fuel and Service Stations as well as eating and drinking places are the major contributing sectors to the 2011 retail sales revenue.
SOURCE: HDL – 2012 DATA, NOT YET AVAILABLE Source: HdL – City of Oakland Sales Tax Update Q3 2012
CITY OF OAKLAND ECONOMIC INDICATORS 7
Top Sales Tax Generators
Of all the sectors, Restaurants and Hotels and Building and Construction saw the greatest increase in sales tax, between the third Quarter of 2011 and the third Quarter of 2012, with over 14% each. Fuel and Service Stations, followed closely by Autos and Transportation and Business and Industry are still the greatest contributors to the sales tax by major business group.
Transient Occupancy Hotel Occupancy in the Oakland/East Bay region increased between 2011 and 2012 by 3.6%. The average daily rate increased by 5.1% between this period as well. As a result, the revenue per available room increased by 9%, surpassing the city of San Francisco’s performance of an 8.5% increase in revenue per hotel room.
Property Transfers There were 795 property transfers for the month of October 2012, generating $3,295,931 in city revenue. This is an improvement on the 711 transfers and $2,180,722 received in October 2011
Sales tax ‐ Major Industry Group 3Q 2012 3Q 2011 % Change
Autos and Transportation $1,770,715 $1,717,142 3.1%
Building and Construction $1,109,526 $972,802 14.1%
Business and Industry $1,767,512 $1,732,502 2.0%
Food and Drugs $957,314 $937,537 2.1%
Fuel and Service stations $1,909,133 $1,874,328 1.9%
General Consumer Goods $1,368,556 $1,290,999 6.0%
Restaurants and Hotels $1,666,350 $1,456,128 14.4%
TOTAL $10,549,106 $9,981,438 5.7%
Total Sales Tax increased 5.7%, from Q3 2012 to Q3 2011. The Restaurant and Hotels and Building and Construction performed the greatest % increase in sales tax generation.
Source: HdL.
Oakland/East Bay Hotel Business Trends (month of July) 2011 2012 % Change Average Daily Room Rate $98.61 $103.67 5.10% Occupancy Percent 75.20% 77.90% 3.60% Revenue per Available Room $74.11 $80.74 9.00%
Source: HdL City to State comparison FY11-12
Source: PFK CONSULTING MAY 2012 REPORT
CITY OF OAKLAND ECONOMIC INDICATORS 8
Employment
Jobs In Oakland, jobs in Business and Other Services experienced the greatest decline, while other sectors remained relatively steady. The public administration and education sector has shown the strongest growth in 2012, with a total of 11,117 new jobs created, an increase of 38%. The FIRE sector has also recovered by adding 1,509 jobs to the economy. Although this is a significant increase, this sector has a long road to recover the 30,500 jobs it offered before the Great Recession.
Much of the private sector growth experienced is supported by Oakland’s professional services sector and finance. It is therefore critical that this sector is restored. Manufacturing, Health Care and WTU are all steadily increasing job markets, year on year.
SOURCE: ECONOVUE
Changes in jobs by sector in Oakland, 2007‐2012 (calendar year) Sector 2007 2008 2009 2010 2011 2012 Construction and Resources 8,757 11,700 9,686 9,411 10,018 9,653 Manufacturing 16,119 14,374 10,399 12,746 12,647 13,726 Wholesale, Transportation and Utilities 20,963 19,536 15,347 13,930 14,674 15,256 Health Care 23,587 28,445 20,844 19,642 20,654 22,611 Public Administration and Education 35,241 35,936 28,937 28,394 29,037 40,154 Leisure, Entertainment and Retail 30,173 27,909 23,792 21,343 22,338 22,576
Leisure and Entertainment 15,154 13,276 11,637 9,417 9,850 9,664 Retail 15,019 14,633 12,155 11,926 12,488 12,912
FIRE, Professional Services and Information 81,941 83,996 60,816 50,846 54,826 56,335
Finance, Insurance and Real Estate 30,032 30,534 14,319 8,939 9,605 12,086 Professional Services 19,639 20,506 17,322 15,373 17,052 16,846 Information and Digital Media 6,934 6,900 4,977 3,992 4,321 4,481 Business and Other Services 25,336 26,056 24,198 22,542 23,848 22,922
Total 216,781 221,896 169,821 156,312 164,194 180,311
In Oakland, jobs in many sectors are continuing to
recover, but professional jobs, particularly in finance,
insurance and real estate remain profoundly
depressed compared to the number of jobs offered
before the Great Recession.
CITY OF OAKLAND ECONOMIC INDICATORS 9
Location Quotient In Alameda County, as in Oakland, most of the jobs are within the FIRE and professional services sectors. At the county level, however, those sectors are retaining more positions than in Oakland. Manufacturing, on the other hand, has retained jobs in the city, but not in other parts of the county.
The Location Quotient (LQs) is the ratio that allows Oakland’s distribution of employment by industry to be compared to Alameda’s distribution of employment. A higher LQ implies that sector offers a greater portion of the jobs that the average in the country. Conversely a lower sector LQ implies that Oakland offers lower than average employment opportunities in the county. Due to the presence of several giant health care facilities, Oakland has a greater than county average of Health Care sector jobs. Similarly there are a high number of public administration jobs. Oakland is underperforming in the Manufacturing, Retail and Professional Services, when compared to the rest of Alameda County.
Year Jobs in Oakland % Change Oakland
Jobs in Alameda County (AC)
% ChangeAC
2007 216,781 ‐ 824,913 ‐ 2008 221,896 2.4% 842,972 2.2% 2009 169,821 ‐23.5% 683,456 ‐18.9% 2010 156,312 ‐8.0% 639,249 ‐6.5% 2011 164,194 5.0% 676,690 5.9% 2012 180,311 9.8% 734,889 8.6%
Sector Oakland to Alameda County LQ (2011)
Health Care 1.43 Public Administration and education 1.40 Business and other services 1.15 Finance, Insurance and Real Estate 1.09 Construction and Resources 1.01 Information and Digital Media 0.89 Wholesale, Transportation and Utilities 0.89 Leisure and entertainment 0.80 Professional Services 0.73 Retail 0.70 Manufacturing 0.64
Source: EconoVue
Oakland was severely affected by the Great
Depression. Last year, the city out‐performed the
county in number of jobs, percentage change for
the first time since 2008.
SOURCE: ECONOVUE
CITY OF OAKLAND ECONOMIC INDICATORS 10
Oakland Employers Oakland is a strong government center with major related employment. Other top employers are in a variety of business types. Many of Oakland’s businesses are within the employee ranges of 5‐200 employees.
Top 20 Employers in Oakland Oakland
Employees Business Type
Alameda County 8,800 Government
State of California 7,480 Government
City of Oakland 5,082 Government
Oakland Unified School District 4,496 School district
Kaiser Permanente 4,413 Health Care
Alta Bates Summit Medical Center 3,623 Health Care
Children’s Hospital & Research Center 2,600 Health Care
Bay Area Rapid Transit 1,499 Public Transit
Peralta Community College District 1,400 Education
Clorox Co. 1,004 Consumer Goods
Alameda‐Contra Costa Transit District 1,000 Public Transit
Wells Fargo Bank 667 Financial Services
US Postal Service 646 Mailing & Shipping
Safeway Inc. 589 Retail/Grocery
Pandora Media Inc. 550 Digital Media
Waste Management 482 Clean/Green Tech
Port of Oakland 470 Container Port/airport
Nestle Dreyer’s Ice Cream 404 Manufacturing
Cost Plus Inc. 376 Retail
Oakland Marriot City Center 300 Leisure/Entertainment
CITY OF OAKLAND ECONOMIC INDICATORS 11
Unemployment In November 2012, the city of Oakland had a labor force of 204,800 and an unemployment rate of 12.9%. Though this is a decrease from the previous year’s rate of 15.6%. This is significantly higher than the Alameda county average of 8.5%, a total of 4.5 percentage points lower than Oakland’s unemployment rate. While it’s important to bear in mind that unemployment figures do not account for the long‐term unemployed and those who have stopped looking for work, the number of individuals in the labor force for Oakland, as well as in Alameda County, has been relatively steady.
Source: State of California Employment Development Department (EDD)
Labor Force 2011 2012 % Change
Oakland 203,600 204,800 0.6% Alameda County 760,900 773,800 1.7%
Oakland’s Unemployment Rate has come
down from 15.6% to 12.8%, between 2011
and November 2012.
Source: State of California Employment Development Department (EDD)
CITY OF OAKLAND ECONOMIC INDICATORS 12
Targeted Sectors
The City is focusing its business retention, expansion and attraction efforts on the economic sectors which are most dynamic‐ contributing revenue, jobs, “cache” and/or helping strengthen other parts of the City’s economic base. These include:
• Food & Beverage
• Wellness/Healthcare
• Green/Clean Business Sector
• International Trade/Goods Movement
• The Creative Economy, comprised of: 1. Technology and its “ecosystem” of software, hardware, social media, communications innovations, including accompanying technical design and
engineering activities; and 2. Custom, Advanced and Artisan Production and Industrial Arts, Print, Film & Photography, related Mechanical Design & Engineering, Interior Design and
Fabrication, Architecture and Urban Design Some of these sectors are existing strengths in Oakland; some have the potential to capture the overflow from San Francisco. In order to encourage expansions, business retention and the attraction of new businesses a robust incentives strategy must be set in place; especially in the wake of the dissolution of the Californian redevelopment agencies. Incentives initiatives as well as city marketing and branding will be explored in the Economic Development Strategy. As the City builds its partnership with cluster businesses, it is expected that collaborative public/private partnerships will form to foster and grow the social capital and shared learning of sector businesses. The support of the City as a participant in the growth of these clusters will boost social capital and networking, thereby boost innovation and lead to the expansion and generation of new Oakland‐based businesses in this field.
Source: Sustainable Oakland, 2011 Annual Report.
CITY OF OAKLAND ECONOMIC INDICATORS 13
Certified Green Businesses
0
20
40
60
80
100
120
140
2005 2006 2007 2008
Num
ber of Green
Businesses
in Oakland
2009 2010 2011
The more than 200 Clean and Green sector
businesses, in Oakland, are responsible for over
3,000 jobs. This is a sector that, in fact, grew
during the Great Recession.
Sector Spotlight
A strong clean and green economy One of the bright lights in Oakland’s economy is the clean and green sector defined by companies which offer a product or service which reduces environmental impacts. This includes firms that specialize in energy efficiency, renewable energy, green building products and services, and/or collect, process, or make products from recyclable materials. Using the definition above, the overall number of green businesses in Oakland is estimated conservatively at about 200. These are not necessarily all “green tech” businesses, but businesses with a product or service designed to reduce energy, material, or water use. The overall number of jobs ascribed to the clean and green sector in Oakland is estimated conservatively at 3000 or more, with the majority of the non‐recycling based jobs (roughly 2500) being fairly high paying professional positions. In the last 3 years alone, at least 4 major green and clean firms have moved to Oakland, currently accounting for over 300 jobs. Namely, Sungevity, Build it Green, Borrego and Renewable Funding. Although revenues are off of their 2008 peak, they have remained strong.
Source: EconoVue
Beyond this large cluster of Oakland firms offering a specific green product or service, Oakland also has over 150 Certified Green Businesses which have green operations that meet or exceed standards for energy and water efficiency, and minimize solid waste generation and use of toxic materials and the city is consistently ranked among the top 10 (or 5) sustainable cities in the country.
Source: EconoVue
CITY OF OAKLAND ECONOMIC INDICATORS 14
Real Estate
Commercial properties for lease Commercial real estate in Oakland is priced competitively with comparable areas. For instance, office space in Walnut Creek rents at an annual rate of $29.24 per square foot, significantly more than the average of $25.01 quoted for Downtown Oakland. Similarly, warehouse properties in Richmond lease for $7.73 per square foot annually, compared with $7.95 per square foot in Oakland. Office market rental rates in the East Bay decreased overall with Oakland’s rates decreasing from $20.10 to $19.92, from Q2 – Q3 2012. Oakland is priced competitively by comparison to its San Francisco neighbor, by offering far lower rental rates per square foot. Oakland’s industrial market rates increased, with the East Bay seeing no change. Although vacancy increased in the retail market for Oakland, the rental rates increased by 98c over this time period.
Vacancy Rates Vacancy rates in the office and industrial sectors have decreased from Q2 2012 to Q3 2012. The industrial market dropped significantly from 5.9% to 4.7% with a lesser decrease from 12.3% to 12.1% in the office market sector. Vacancy rates for retail, however have increased marginally over this period. As the relatively low vacancy rates attest (for instance 4.7% in Oakland for industrial space compared to 10.3% for the East Bay as a whole), supply of high quality, move‐in ready commercial real estate is a barrier for entry for businesses wishing to enter Oakland.
Commercial Real Estate Market, 3rd quarter 2012
Existing Inventory Vacant Vacancy Under Annual Average
Buildings Rentable Area (SF) area (SF) rate Construction (SF) Quoted Rates ($/SF/pa)
Office Market
Oakland 1,070 28,095,326 3,393,038 12.1% 68,640 $19.92
Total East Bay 5,715 113,505,921 13,332,917 11.7% 212,675 $22.53
San Francisco 423 73,590,523 8,663,164 11.8% 1,414,000 $51.28
Industrial Market
Oakland 1,651 39,772,729 1,882,749 4.7% 14,944 $7.95
Total East Bay 8,647 282,884,671 29,206,408 10.3% 388,240 $7.16
San Francisco ‐ ‐ ‐ ‐ ‐ ‐
Retail Market
Oakland 3,249 21,811,532 837,202 3.8% 71,950 $20.50
Total East Bay 13,462 131,418,949 6,317,603 4.8% 717,019 $21.49
San Francisco 255 4,869,670 1,127,972 23%* 0 $31.55
SOURCE: CoStar Market Reports 1/4/13 * Much of San Francisco’s retail is attached to multi-use and residential buildings and not exclusively retail buildings. It is the exclusively retail properties that the Costar data had audited. The vacancy rate is therefore misleading and is expected to be significantly lower than this.
Oakland’s vacancy rates decreased in the office and industrial
markets between Q2 and Q3 2012, by 1.8% and 19.8%
respectively. Industrial and Retail Real Estate rental rates
increased by 8 and 98 cents respectively.
CITY OF OAKLAND ECONOMIC INDICATORS 15
Building Permits Calendar year
# new Res bldg
Total # Res bldg
Value of new Res Non‐Res Other Res # permits
13,028 building permits, representing construction investment of more than $279.9 million, were issued in 2012.
Total Value
2009 112 288 $57,953,678 $112,226,843 $85,638,840 12364 $255,819,361 2010 161 650 $103,148,472 $94,631,345 $95,394,947 13748 $293,174,764
2011 48 290 $45,057,669 $122,641,998 $87,845,930 13493 $255,545,597 2012 59 275 $58,085,391 $120,931,317 $100,893,606 13028 $279,910,314 Residential property sales As in the rest of the country, Oakland’s residential market was badly hurt in the economic downturn. After plummeting from 2005 to 2007, the housing market has fluctuated, with a decrease in single family home sales in 2012. Meanwhile, the market for rental apartments is very strong, following a trend of increasing demand for rentals across the Bay Area. The rent for a one‐bedroom, one‐bath apartment in Oakland has risen steadily over the last two years influenced, in part, by young professionals priced out of San Francisco’s rental market (“Rental competition fierce in SF’s market,” San Francisco Chronicle, May 8, 2012).
SOURCE: METROSCAN AND HDL PROPERTY DATA, CITY OF OAKLAND PRELIMINARY TAX REPORTS.
SOURCE: HDL PROPERTY DATA, CITY OF OAKLAND PRELIMINARY TAX REPORTS 12-13.
The median single home sale prices have begun
to stabilize after experiencing a peak and
plummet from 2007‐2009. .
SOURCE: HDL PROPERTY DATA, CITY OF OAKLAND PRELIMINARY TAX REPORTS 12-13.
SOURCE: HDL PROPERTY DATA, CITY OF OAKLAND PRELIMINARY TAX REPORTS 12-13.
Residents Migration Between 2007 and 2011, Oakland lost residents while Alameda County has gained population. However, Oakland continues to attract a population of young, 20‐35 year olds, and educated residents with an average of 2,579 residents per year with Graduate or Professional degrees moving into the city, as the below table indicates.
Annual New Residents: Oakland 2007 2008 2009 2010 2011 Annual Average
Avg % increase Region 2007 2011 % Change
Total Moved From a Different County 10,341 13,078 14,651 13,246 14,313 13,126 7% Oakland 358,829 395,811 9.34% Total Moved From a Different State 4,530 3,916 6,171 3,967 4,637 4,644
CITY OF OAKLAND ECONOMIC INDICATORS 16
‐5% Total Moved From Abroad
4,638 3,550
3,547
3,444
2,502
3,536 ‐18% Alameda County 1,433,741 1,510,271 4.29%
By Age Group20‐24 2,855 3,053 4,003 1,923 3,277 3,022 ‐9% 25‐29 4,056 2,979 5,789 4,710 5,856 4,678 2% 30‐34 2,357 3,039 3,265
2,146
3,190
2,799 2%
By Educational Attainment Bachelor's Degree 3,764 2,680 5,458 4,439 4,546 4,177 ‐3% Graduate or Professional Degree 1,997 2,089 2,852 2,543 3,413 2,579 11%
US CENSUS/ACS ESTIMATES
CITY OF OAKLAND ECONOMIC INDICATORS 17
Income When adjusted for inflation, incomes across the East Bay fell between 2000 and 2011. In Oakland, the median household income fell less dramatically than in the rest of Alameda County. Although, there is a 1.6% increase in household incomes in Oakland from 2010 to 2011 which is a greater increase than the county household salary increases; the increase in household incomes should reflect a greater % change between 2000 and 2011.
Median Household Income 2010 2011
0.6%
% Change
1.6%
Alameda County $67,169 $67,558
Oakland $49,721 $50,500
Median Household Income 2000 2011 % Change
‐19.1%
‐0.4%
Source: US Census Bureau, American Communities Survey. Table S1901 All amounts are in 2011 dollars.
Alameda County $83,507 $67,558
Oakland $50,721 $50,500