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Stockton Experiencing Significant Growth, Other Highlights from Economic Forecast
October 12, 2017
A newly released “2017-2020 California & Metro Forecast” by the Center for Business and Policy Research at University of the Pacific offers encouraging news about Stockton as well as the rest of the state.
Overall, California’s economic growth continues to expand at a steady rate, although it has slowed from the nation-leading levels it saw in recent years. Jeffrey Michael, the center’s director is quoted in the Stockton Record, as saying “It’s a mix of positive news and some cautions. It’s been a long, steady recovery and expansion (since the Great Recession). It continues to go forward.” (Pacific forecast looking up for Stockton, SJ County)
The good news for the Stockton area is that “the area has seen significant growth in recent years driven by its rapid growth as a logistics center for the Bay Area. Amazon just announced a 3rd fulfillment center in the Stockton MSA and it continues to expand freight operations at the Stockton airport, but it is not the only company expanding its warehousing and transportation operations in the region.“
In addition, other highlights about Stockton from the forecast include:
Unemployment in the Stockton MSA has declined to about 7.5%, compared to 16.5% only six years ago. The unemployment rate is expected to fall to 6.8% in 2021.
The average annual wage for Stockton is expected to be $52,427 in 2017, an increase of 2.0% from the previous year. By 2021, the average annual wage is forecasted to be $60,638.
The population in the Stockton MSA is forecasted to increase 1.4% in 2017 to 745,604 and will continue to increase, reaching 786,648 in 2021. The labor force was down slightly in 2017, but is expected to grow by 1.2% in 2018.
Housing starts in the area are expected to increase from 2017 through 2021, reaching 3,234 in 2021. The majority of housing starts are single family starts.