Confidence in Bay Area Economy Drops: Study

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Economic confidence in the Bay Area has slipped to its lowest point in four years, according to a report published by the Bay Area Council.

Only 31 percent of people polled stated that the economy was "was doing better" compared to the last six months, according to the study. Compare that mark to the 53 percent of people who said the economy was on the upswing back in 2014.

The economic outlook for 2017 moving forward doesn't appear to be as cheery either. Just 24 percent of people polled this year believe that the economy will improve over the course of the next six months, according to the report. Roughly 50 percent of people back in 2014 thought the economy would be better in that same amount of time.

Millennials are much more pessimistic compared to older crowds when it comes to fears about the future of the economy, according to the report.

A traffic "crisis" and the high cost of the living are two of the main factors causing the economic concerns.

Overall, just 42 percent of people in the Bay Area think the region is "headed in the right direction," compared to 57 percent of folks back in 2014, according to the study.

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