Economic Update: Q4 2013

With foreclosures throughout California at an eight-year low, San Francisco and the Bay Area saw a significant decrease of 56.3 percent in foreclosure activity in Q4 2013 compared to a year ago. According to the most recent data from the Chamber’s foundation partner the San Francisco Center for Economic Development, these decreases are the result of an improving economy, foreclosure prevention efforts and higher home prices. In terms of unemployment, San Francisco’s rate decreased to 4.8 percent in December, the third lowest among California’s 58 counties. San Francisco also continues to receive the lion’s share of venture capital funding, with Bay Area companies receiving $3.2 billion in investment, which accounts for 38 percent of the nation’s funding in Q4.