Bay Area Council Economic Institute – June 2017 Institute Insights

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institute insights

Baseball, balance and the best since the boom

june 2017

Measuring the economic impact of building a new stadium in oakland

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

The economic imperative of preserving open space in the face of a housing crisis

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

bay area job watch: unemployment reach lowest levels since the dotcom boom

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

UPCOMING BOARD MEETINGS

BACEI Board of Trustees Meeting
August 24, 2017

11:00am – 2:00pm

Location: TBD

BACEI Board of Trustees Only

BACei in the News 

Under GOP plan, many in Bay Area would see greater increases in health costs – SF Gate
(March 14, 2017)


Education, transportation key to Tracy’s future – Tracy Press
(March 24, 2017)


Time for Oakland to ‘move on’ from Raiders, says Mayor Libby Schaaf – The Mercury News
(March 28, 2017)


Housing, traffic woes stoke urge to flee Bay Area, new poll shows – The Mercury News
(March 30, 2017)


Confidence in Bay Area’s economy slipping, new poll finds – The Mercury News
(April 1, 2017)


Bay Area Becoming ‘Unlivable’: 46% of Millennial Residents Planning to Leave – Newsline
(April 3, 2017)


Conference to examine future of higher education – Berkeley News
(April 5, 2017)


What the AHCA failure means for the Bay Area – San Francisco Business Times
(April 6, 2017)


Opinion: Business and labor in Silicon Valley agree on need to fix roads – The Mercury News
(April 7, 2017)


Research in the Trump era: How presidential budget could affect university funding – The Daily Californian
(April 13, 2017)


Building affordable housing is all but impossible in California’s Bay Area – The Guardian
(April 24, 2017)


Bay Area Council Joins reps. Eshoo, Speier and Other Leaders in Urging Trump Administration to Release Caltrain Electrification Funding – The Registry
(April 24, 2017)


As California grows, Menlo Park and other Bay Area cities see population boom – The Mercury News
(May 1, 2017)


Silicon Valley Rebrands Itself as Good for the Rest of America – WIRED
(May 15, 2017)


Bay Area slips in startup rankings – SF Gate
(May 18, 2017)


Report: Single-payer health plan could cost $400B annually in California – UPI
(May 23, 2017)


Single-payer health plan could cost $400B annually in California – GOPUSA
(May 25, 2017)


Expert: North Bay job market could face future crunch as millennials leave the region – The Press Democrat
(June 7, 2017)


California’s single-payer healthcare bill is illegal, unworkable and ill informed – The Modesto Bee
(June 8, 2017)


High-tech companies bring more that technical jobs to town – Indianapolis Recorder Newspaper
(June 8, 2107)


Letter: Airbnb effect helps residents – The Columbian
(June 18, 2017)


Study: New A’s Ballpark Would Bring More Than $3 Billion to Oakland – NBC Bay Area
(June 20, 2017)


New Oakland A’s stadium would pump over $3B in local economy, report says – KTVU Fox 2
(June 20, 2017)


Kaval: A’s Working ‘As Quickly As We Can’ to Announce a Ballpark SIte – CSN Bay Area
(June 20, 2017)


Oakland A’s link roundup: Ballpark news, injury updates, and more – Athletics Nation
(June 20, 2017)


Huge economic benefit projected for Oakland from new A’s stadium – Times Herald Online
(June 21, 2017)


China’s Bay plan seen as “blue print” for future development – South China Morning Post
(June 21, 2017)


New Oakland stadium a numbers game, and A’s say they are winning – East Bay Times
(June 21, 2017)


Economic Analysis Projects New A’s Ballpark in Oakland Would Be Financial Boon For City – Sports Business Daily
(June 21, 2017)


They’ve narrowed their choices to 3 stadium sites in Oakland. Where will A’s wind up? – The Modesto Bee
(June 22, 2017)
 

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