Bay Area Council Economic Institute – June 2017 Institute Insights

Last Tuesday, Economic Institute Vice President Jeff Bellisario, joined by Oakland Athletics’ President Dave Kaval, discussed the findings of a new Institute report on the economic impact of building a new Stadium in Oakland on KTVU’s morning news. The study found that over the first 10 years of operation a new baseball stadium for the Oakland Athletics would generate $3.05 billion in economic impact for the residents and businesses of the city. Building the stadium would also create 2,000 construction jobs, many of which would go to local workers and businesses under hiring agreements expected to accompany the project. The analysis breaks down the economic impact of the new stadium as follows:

• $768 million from construction and related spending
• $1.54 billion from game-day spending
• $742 million from ballpark operations

While the location of the new stadium has not been specified, the study estimates a new stadium could increase attendance from 1.5 million (2016) to 2.55 million in its first year of operation.   

Watch Institute Vice President Jeff Bellisario and Athletics’ President Dave Kaval discuss the study’s findings on KTUV’s morning segment. http://go.bayareacouncil.org/e/39362/sports-262664199-story/6s7p4x/585104703


Read the study http://go.bayareacouncil.org/e/39362/w-baseball-stadium-in-oakland-/6s7p4v/585104703

This Monday, Economic Institute President Micah Weinberg discussed the importance of preserving open space in the Bay Area while addressing the housing challenges the region faces at Greenbelt Alliance’s board of director’s meeting. Micah points out that the Bay Area needs to make progress to accommodate its growing population in a way that is environmentally sustainable while preserving open spaces as economic assets to the region.

The conversation precedes the release of the Institute’s forthcoming report Bay Area Balance: Preserving Open Space, Addressing Housing Affordability that makes the economic case for preserving open spaces and identifies opportunities for responsible development in the region. The report complements East Bay Regional Parks District’s Quantifying Our Quality of Life report, an economic analysis of open spaces in the East Bay.

Listen to the conversation here http://go.bayareacouncil.org/e/39362/3519-2-/6s7p52/585104703

Unemployment levels in the Bay Area have reached the lowest levels since the dotcom boom, but job growth is slowing throughout the region. The Bay Area still outpaces the nation in job growth in May 2017 while state growth lags the nation for the first time in several years. Bay Area saw a jobs increase of 1.8% between between May 2016 and May 2017, leading in front of California and the nation which saw increases of 1.5% and 1.6% respectively. However, despite overall growth in the region, for the past 12 months only the Oakland, San Francisco and Napa metro areas have added jobs at a faster pace than the nation.

Unemployment rates for all Bay Area metro areas saw a decrease from last year, leading the Bay Area as a whole to reach an unemployment rate of 3.1% compared to 3.7% last year. Simultaneously, the region’s labor force growth has virtually reached zero in the last year, creating a very tight labor market.

California accounted for 17.1% of U.S. job growth and 23.6% of national GDP growth between 2012 and 2016 while representing between 11% and 12% of national jobs and population. The Bay Area with 2.5% of U.S. jobs in 2012 accounted for 4.8% of national job growth and the rest of the state also outpaced the nation in job growth. The Bay Area also accounted for an above-average share of GDP growth.


Read more about the region’s job growth http://go.bayareacouncil.org/e/39362/bay-area-job-watch-17-/6s7p54/585104703

BACEI Board of Trustees Meeting
August 24, 2017
11:00am – 2:00pm
Location: TBD
BACEI Board of Trustees Only