The “Economy of the NSJV” section consists of multiple subcategories containing a number of indicators such as employment, output, agriculture, and small business.
Key findings for this section include the following:
- The poverty rate dropped substantially in 2016. The poverty rate in San Joaquin and Stanislaus County is now equal to the California average, closing a long-standing and persistent gap between the NSJV’s two largest counties and California.
- The NSJV added approximately 15,000 jobs between 2016 and 2017, a 3.5% gain that is faster than the previous 12 months and the second fastest annual growth since the NSJV job recovery began in 2011.
- All industries gained employment in the past year, but employment gains continue to be greatest in the Trade and Transportation and Healthcare sectors that are responsible for the majority of employment growth in the NSJV over the past decade.
- The NSJV economy, as measured by GDP, grew to $54 billion in 2016. The pace of growth in 2016 was 4.1% after controlling for inflation, more than double the U.S. growth over the same period.
- Median household income experienced the best growth in a decade in 2016 but is still below its pre-recession level after controlling for inflation. After a long period of stagnation, wages for lower-paying jobs are growing which has reduced regional income inequality.
- Reflecting increased economic growth, vacancy rates for commercial real estate are dropping and average rents are rising. Industrial vacancy rates have dropped to 5% from double-digit levels in 2013.
- The value of agriculture output dropped in 2016 for the second year in a row after several years of record-breaking gains. Despite the recent drop, farm revenue, income, and wages are all significantly higher than they were five and ten years ago.
- Small businesses responding to our survey are increasingly optimistic about future demand but remain concerned about rising costs, healthcare policy, and workforce skills.