Economy of the NSJV
2018 NSJV Review
The “Economy of the NSJV” section consists of multiple subcategories containing a number of indicators such as employment, output, agriculture, and small business.
- The NSJV added approximately 12,000 jobs between 2017 and 2018, marking the seventh consecutive year job growth exceeded 2%. In 2017, the NSJV had 11.4% more jobs than prior to the start of the Great Recession and has exceeded the California and U.S. rate of job growth over the past decade.
- The Trade and Transportation sector led job growth with nearly 5,000 new jobs, followed by a 3,000 job gain in Healthcare, and these same two sectors have led job growth over the past decade. Agriculture, Other Services, and Information lost jobs in the NSJV over the past year.
- The NSJV economy, as measured by GDP, grew to $57.3 billion in 2017. After controlling for inflation, the preliminary estimate of 2017 real GDP growth was 0.8%, a decrease from real growth exceeding 4% in both 2015 and 2016.
- Median household income increased in San Joaquin and Stanislaus Counties in 2017 but is still below its pre-recession level after controlling for inflation in all NSJV counties.
- The poverty rate has dropped substantially across the NSJV since 2011 and is lowest in Stanislaus County where the poverty rate of 13.5% is almost equal to the California average. Adjusted for cost of living, the poverty rate in the NSJV is 3.5 percentage points lower than California as a whole.
- The value of agriculture output increased by 8-10% in 2017 after declines the previous two years from a record-breaking peak in 2014. Farm net income and wages both increased in 2017, as revenue grew and non-wage costs declined. Despite some volatility, farm revenue, income, and wages are all significantly higher than they were ten years ago.
- Small businesses responding to our survey remain optimistic about future demand but are increasingly concerned about the availability of workforce skills, state tax policy and the federal debt.