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San Jose economic briefing: modest growth, hotel and office still below pre‑pandemic levels; sales tax concentration grows
Summary
Deputy director of economic development presented national, state and local economic indicators: small Q1 GDP contraction nationally, sales‑tax softness, hotel occupancy and ADR below pre‑pandemic levels, office availability high, and local income inequality and job shifts raising concerns for revenue and housing demand.
The City of San Jose’s deputy director for economic development delivered a broad economic outlook on May 7, summarizing national, California and local indicators staff used to inform the FY25–26 budget.
The presentation described a modest contraction in national real GDP in Q1 2025 (−0.3 percent), easing inflation and steady Federal Reserve rates; staff also highlighted the near‑term uncertainty created by recent federal tariff actions. At the state level, the briefing noted persistent housing unaffordability, a high cost of living, trade‑policy effects on ports and labor‑market shifts tied to recent tech layoffs.
Locally, staff said the city’s development pipeline includes roughly 3 million square feet…
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