Economists Say Full Job Recovery For Sacramento Within The Year
A couple of times a year the Chartered Financial Analyst Society of Sacramento in conjunction with College of Business Administration at California State University Sacramento releases its findings on the economic and financial health of the Sacramento region. Their recently published mid-year update bodes well for potential job seekers and for the overall consumer market.
The recession that hit the entire nation between 2007-2011 wiped out thousands of jobs across all economic sectors, but according to the Sacramento Business Review's latest update, Sacramento is poised to end 2015 with the accomplishment of having achieved full job recovery at 2007 levels. This is all thanks to increases in all major economic sectors which saw year after year of positive job growth. While government and healthcare sectors both added jobs, job seekers should pay attention to the growths in both the leisure and hospitality sectors which saw an increase of 6.7 percent in jobs offered every year.
Hand-in-hand with that growth is the stabilization and growth in the real estate market. While the total number of jobs in the sector are at pre-recession level, new projects like the Golden 1 center in downtown Sacramento and numerous housing projects are being approved and reopened in surrounding suburbs, this economic sector will continue to see growth as the year draws to a close.
Riding on the coattails of this moderately positive economic report was the latest press release from the Employment Development Department of California which confirmed and reiterated many of the findings of the previously mentioned mid-year economic report. The SBR forecasted an unemployment rate settling somewhere between 5-6 percent which is on par with the rest of the nation (at 5.1 percent as of this August.) According to the EDD, Sacramento saw a decrease in unemployment from July to August, from 6.2 percent to 5.9 percent. Also boding well for the Sacramento economy was the decrease in unemployment insurance claims as compared to last year, seeing the state issue out 4,000 less claims when compared to 2014.
Paulo Acoba is a California native raised in the Bay Area and living in the Central Valley. He enjoys distance running, cycling and grassroots motorsports. He holds a degree in management from the University of California Merced. Paulo has been writing for Examiner.com since 2012 and covering the Fresno area.
