Another Record Low for Unemployment
Most homebuyers borrow against their future earnings in the form of a mortgage loan, so the more confident people feel about their jobs, the higher the number of people shopping for homes. In September, the San Francisco hit another low for unemployment, at 1.8 percent, according to California Employment Development Department. A growing portion of the jobs are in tech, to 15% of private-sector jobs in 2018 from just 3% in 2004, according to the City’s Controller.
Statewide, unemployment also hit a record low of 4.0 percent. California gained 320,000 jobs over the last 12 months, including 21,300 jobs in September. Our state is not unique, as four other states, Alabama, Illinois, New Jersey and South Carolina, also got their lowest rates ever recorded, according to CNBC.