The “ Economy ” section consists of multiple subcategories containing a number of indicators such as employment, output, agriculture, real estate, income, and innovation.

Employment

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Employment is a critical measure of an economy’s health. Data on jobs is among the first economic data that is reported, especially at the local level, which provides insight into trends. The levels of employment by industry are an important indicator of the structure of a local economy and also provide insight into trends affecting specific sectors/industries. 

Output

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Gross domestic product (GDP) is the broadest official measure of economic activity. It is the sum of the value of all goods and services produced for sale in an economy. GDP and output are highly correlated with incomes and the wellbeing of a region. The more a region can produce, the more income the region is generating and the more workers in that region can earn.

Income

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Income is an important measure of a community’s standard of living. Regions with higher income levels tend to experience better public health and have more educational, recreational, and entertainment opportunities as well as lower crimes rates. Income is not simply made up of the money people earn from work but also includes interest, dividends, social security, workers compensation, pensions as well as non-cash transfer payments such as food stamps, health benefits, and subsidized housing.

Real Estate

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Real estate is another indicator that provides insights into a regional economy’s health and activity. When the economy is in expansion and companies expect to do well, commercial real estate vacancy rates fall and rents rise. Conversely rents fall and vacancies increase when the economy is in a recession. Construction of commercial real estate can reflect that firms are planning for future growth. 

Agriculture

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Agriculture remains one of the most important economic bases of San Joaquin County and the broader North San Joaquin Valley (NSJV) region, which is one of the most productive agricultural regions in the country and a critical part of the state’s economy and the nation’s food supply. Agricultural production generates revenue and jobs in related industries such as food processing, transportation, equipment sales, and other vertically integrated production processes. Many of the top sectors in the region, such as manufacturing, transportation, logistics, and warehousing, as well as the circular bioeconomy, are critically integrated with the agricultural sector.

Innovation

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Innovation is a key factor in economic growth and development, especially important for the emergence of knowledge-based economies. Entrepreneurship is another driver of economic growth and reflects a dynamic economy. Good indicators of innovation and entrepre­neurship are difficult to identify. However, trends in patents and establishment data are indicators of knowledge-creation and entrepreneurial activity.