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Experts project continued job growth in San Joaquin County
October 22, 2013
Two new reports issued in May, one each by University of the Pacific (UOP) and California State University, Stanislaus, point to accelerated job growth in San Joaquin County over the next few years.
Jeffrey Michael, director of UOP’s Business Forecasting Center, attributes much of the job growth to two significant development projects. The California Department of Corrections and Rehabilitation's new medical prison in Stockton is expected to generate up to 2,400 jobs, and the new Amazon fulfillment center in Tracy is expected to employ approximately 1,000 people. In addition to a 2.6 percent gain in nonfarm employment that began in 2012, Michael says that the medical prison and Amazon fulfillment center will help the County achieve 2.6 percent job growth in 2013 and 2.7 percent job growth in 2014. The unemployment rate is projected to fall below 10 percent in 2017, which would represent a single-digit jobless rate in the County for the first time since 2007.
The UOP report suggests that a revived housing industry is helping with jobs creation. The County is expected to see a 40 percent increase in 2013 in residential construction with an estimated 1,800 homes and apartments. Housing starts in 2014 are projected to top 2,500.
Similarly, in the CSU, Stanislaus report released by Gökçe Soydemir, professor of business economics at the university, housing prices in San Joaquin County are predicted to increase by at least 5 percent annually over the next two years. Such improvements are said to increase consumer wealth and confidence, which should encourage spending on goods and services. Soydemir’s report also predicts employments gains over the next two years across all business sectors.