SAN FRANCISCO—Employment growth in San Francisco more than doubles the national average. Job creation will reach 45,000 placements this year, a 4.4% annual growth rate. Firms filled 45,600 positions in the previous 12-month period, advancing headcounts 4.6%.

Competition for skilled workers is boosting salaries in the technology, healthcare, professional and business services sectors, prompting household formation and rising retail sales as employees purchase necessities. The influx of people to the Bay Area has caused a shortage of apartments, which has encouraged builders to ramp up production, according to a fourth quarter multifamily report by Marcus & Millichap.

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