Employment gains in capital region
One thing that is preventing a really severe tumble of our housing market is the positive gains in regional employment we are enjoying. As long as people have jobs they will need a roof over their heads to protect them from the rain in the winter and a place to set the air conditioner. They will either rent, filling up vacant rental units or they will eventually buy, decreasing our excess inventory and propping up home values. Either way the real estate market benefits from employment gains. People without jobs move to places where they can find work.
So how hot is our regional employment? Nearly half of all employment gains in the state last month were in the Sacramento Region. That’s really record growth! According to the Employment Development Department, California added 11,000 new jobs in June. The Capital Region accounted for 5,100 of the state’s total. It was the largest one-month gain in regional employment this year.
With the decline in new home construction are we seeing large layoff in the construction industry? Nope, not yet. As a matter of fact, we are adding more employees to construction payrolls. What’s up with that? Commercial and Industrial employment added nearly 2,000 new jobs last month according to David Lyons, the EDD labor consultant.
Statewide job growth is growing at a robust 1.6 percent while the job market in the Cap. Region is growing at the rate of 2.3 percent a year. The unemployment level in the region is 4.7 percent while the state’s average is 4.9 percent. Both are very good numbers. To gain some perspective on the unemployment number, in 1993 the regional unemployment was 8.4 percent. Between 1997 and 2003 unemployment averaged 5.3 percent. In 2004 it was 5.4 and now 4.7.
Just how good are the opportunities for finding work in our region? I was picking up a double-bacon-cheeseburger at the drive-up window of McDonald’s last week and noticed a sign in the window that they are paying $10 an hour for new hires. I take comfort in knowing there is another career opportunity for me if this one doesn’t work out.
So how hot is our regional employment? Nearly half of all employment gains in the state last month were in the Sacramento Region. That’s really record growth! According to the Employment Development Department, California added 11,000 new jobs in June. The Capital Region accounted for 5,100 of the state’s total. It was the largest one-month gain in regional employment this year.
With the decline in new home construction are we seeing large layoff in the construction industry? Nope, not yet. As a matter of fact, we are adding more employees to construction payrolls. What’s up with that? Commercial and Industrial employment added nearly 2,000 new jobs last month according to David Lyons, the EDD labor consultant.
Statewide job growth is growing at a robust 1.6 percent while the job market in the Cap. Region is growing at the rate of 2.3 percent a year. The unemployment level in the region is 4.7 percent while the state’s average is 4.9 percent. Both are very good numbers. To gain some perspective on the unemployment number, in 1993 the regional unemployment was 8.4 percent. Between 1997 and 2003 unemployment averaged 5.3 percent. In 2004 it was 5.4 and now 4.7.
Just how good are the opportunities for finding work in our region? I was picking up a double-bacon-cheeseburger at the drive-up window of McDonald’s last week and noticed a sign in the window that they are paying $10 an hour for new hires. I take comfort in knowing there is another career opportunity for me if this one doesn’t work out.
posted by Ken Calhoon at 7:25 AM
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