Business
California Job Growth Keeps on Rolling
State Has Added 250,000 Jobs in 2023 Alone… But Labor Force Struggles to Continue; State Unemployment Rate Remains Elevated Compared To Nation
California’s labor market continued to expand in May, with total nonfarm employment in the state growing by 47,300 positions, according to an analysis released today by Beacon Economics. April’s gains were also revised up to 69,900 in the latest numbers, a 2,900 increase from the preliminary estimate of 67,000.
As of May 2023, there are now 415,600 more people employed in California compared to February 2020, the pre-pandemic peak of payroll employment. Total nonfarm employment in the state has grown 2.4% during this time compared to a 2.5% increase in the nation as a whole. From May 2022 to May 2023, California also increased payrolls by 2.4%, trailing the 2.7% increase nationally over the same period.
“Although the writers’ strike and recent tech industry layoffs have captured headlines, overall, California employers have continued to expand payrolls,” said Taner Osman, Research Manager at Beacon Economics. “In the first five months of this year, the state’s economy has added more than 250,000 jobs, and during a time when many forecasted that we’d be in recession. Moreover, we haven’t yet moved into a seasonally strong period of the year.”
California’s unemployment rate remained at 4.5% in May, unchanged from the previous month. The state’s unemployment rate remains elevated relative to the 3.7% rate in the United States overall. California is continuing to struggle with its labor supply, which grew by 24,700 in May, an increase of 0.1% on a month-over-month basis. Since February 2020, the state’s labor force has contracted by 171,200 workers, a 0.9% decline.
Industry Profile
- At the industry level, job gains were broad-based in the latest numbers. Health Care led the way with payrolls expanding by 15,300, an increase of 0.6% on a month-over-month basis. The Health Care sector accounted for nearly one in three of the net jobs added in the state in May. Health Care payrolls are now up 5.4% on a year-over-year basis.
- Professional, Scientific, and Technical Services was the next best performing sector, adding 11,600 jobs, a month-over-month increase of 0.8%. Professional, Scientific, and Technical Services payrolls are now up 3.3% on a year-over-year basis.
- Other sectors posting strong gains during the month were Leisure and Hospitality (9,800 or 0.5%), Construction (6,500 or 0.7%), Other Services (5,700 or 1.0%), Retail Trade (5,200 or 0.3%), Transportation, Warehousing, and Utilities (2,400 or 0.3%), Government (2,200 or 0.1%), Education (1,100 or 0.3%), and Finance and Insurance (1,000 or 0.2%).
- Payrolls decreased in only a handful of sectors in May. Wholesale Trade saw the largest declines, with payrolls falling by 5,800, a drop of 0.9% on a month-over-month basis. The only other sectors with significant job losses during the month were Manufacturing (-5,700 or -0.4%) and Information (-2,800 or 0.5%).
Regional Profile
- Regionally, job gains were led by Southern California. Los Angeles (MD) saw the largest increase, where payrolls grew by 8,400 (0.2%) during the month. The Inland Empire 7,700 or 0.3%), Orange County (3,500 or 0.2%), San Diego (3,300 or 0.2%), and Ventura (1,600 or 0.5%) also saw their payrolls expand during the month. Over the past year, San Diego (2.9%), Orange County (2.9%), and El Centro (2.9%) saw the fastest job growth in the region, followed by Los Angeles (MD) (2.5%), Ventura (2.2%), and the Inland Empire (1.1%).
- In the San Francisco Bay Area, the East Bay experienced the largest increase, with payrolls expanding by 4,700 (0.4%) positions in May. San Francisco (MD) (3,600 or 0.3%), San Jose (1,400 or 0.1%), San Rafael (MD) (500 or 0.4%), Vallejo (400 or 0.3%), and Napa (200 or 0.3%) also saw payrolls expand during the month. Over the past 12 months, Napa (2.9%) and San Francisco (MD) (2.9%) have enjoyed the fastest job growth in the region, followed by San Jose (2.8%), Vallejo (2.4%), the East Bay (2.3%), Santa Rosa (2.2%), and San Rafael (MD) (1.5%).
- In the Central Valley, Sacramento experienced the largest monthly increase, where payrolls expanded by 6,800 (0.6%) positions in May. Payrolls in Bakersfield (1,200 or 0.4%), Fresno (1,100 or 0.3%), Modesto (800 or 0.4%), Visalia (400 or 0.3%), and Hanford (400 or 0.9%) also saw their payrolls jump during the month. Over the past year, Hanford (6.4%) has enjoyed the fastest growth, followed by Madera (4.0%), Fresno (3.3%), Visalia (3.1%), Yuba (3.0%), Sacramento (2.8%), Modesto (2.7%), Redding (2.5%), Stockton (2.3%), and Bakersfield (2.3%).
- On California’s Central Coast, Santa Barbara (1,000 or 0.5%) added the largest number of jobs. Salinas (700 or 0.5%), San Luis Obispo (400 or 0.3%), and Santa Cruz (200 or 0.2%) also saw payrolls increase during the month. From May 2022 to May 2023, Salinas (4.0%) has added jobs at the fastest rate, followed by San Luis Obispo (3.2%), Santa Cruz (3.1%), and Santa Barbara (3.0%).
Business
Inland Empire Regional Chamber of Commerce to Lead California Delegation at GITEX GLOBAL 2023 in Dubai
Fostering Technological Synergy: Bridging the Tech Gap with Global Partners
Demonstrating the Inland Empire Regional Chamber of Commerce’s (IERCC) commitment to global tech collaboration and innovation, the organization will lead a California delegation to the world-renowned GITEX GLOBAL event in Dubai from October 16-20, 2023. Though the original invitation extended to IERCC’s President & CEO, Mr. Edward Ornelas, Jr., he will not be in attendance. Instead, the California delegation will be spearheaded by the Chamber’s newly-appointed CTO, Mr. Gabriel Rangel.
Organized by the Dubai World Trade Centre, GITEX GLOBAL 2023 promises to be grander than ever. The event is set to host over 6,000 exhibiting companies and startups, drawing more than 170,000 tech and business executives from over 170 countries. The mega-event will sprawl across 41 vast halls and, for the first time ever, will be held at two prominent venues – the iconic Dubai World Trade Centre and the new Dubai Harbour for Expand North Star, making it the host for the world’s largest startup event.
Mr. Edward Ornelas, Jr. commented, “While I regret not attending GITEX personally, I am proud to have Mr. Rangel at the helm of this effort. I’m confident that our delegation will foster new collaborations and present the Golden State as a tech powerhouse.”
This year’s conference adopts the compelling theme of “The Year to Imagine AI in Everything”. Attendees are poised to witness the grandest showcase of AI tech giants and industry frontrunners. Additionally, it promises to kindle profound dialogues and debates concerning the socio-economic implications of burgeoning AI technology.
“Leading the California delegation at GITEX offers us an unmatched platform to nurture and solidify relationships with global tech partners,” said Mr. Gabriel Rangel, CTO of IERCC. “As the technology landscape continues to evolve, it’s critical for us to be a part of these international collaborations. I’m honored to spearhead this mission on behalf of the Inland Empire Regional Chamber of Commerce.”
An integral part of the California delegation, Mr. Ram Thanapandian, Principal Technology Consultant to the State of California and Chair of CA State Treasurer Fiona Ma’s Technical Advisory Commission, will be present, providing invaluable insights and representing the State of California Treasurer’s Office.
IERCC’s leadership in organizing this delegation underscores the crucial role that California plays in the global tech ecosystem and mirrors Dubai’s ambitious vision as encapsulated in the Dubai Economic Agenda (D33). This strategy aims to substantially expand Dubai’s economic landscape in the upcoming decade, securing its stature among the world’s leading global cities.
Trixie LohMirmand, Executive Vice President of the Dubai World Trade Centre and CEO of KAOUN International, remarked on the invaluable contributions the California delegation will bring to the event. She looks forward to an event marked by knowledge-sharing, collaboration, and pioneering discussions.
For additional information on GITEX GLOBAL 2023, please refer to: GITEX 2023 Preview.
Coming October 5th
Economic Horizon 2024: What Lies Ahead?
The Inland Empire Regional Chamber of Commerce, in collaboration with Beacon Economics and the County of San Bernardino, is thrilled to announce that the anticipated economic forecast conference, Economic Horizon 2024: What Lies Ahead, Inland Empire? will be held October 5th from 3:30 PM to 6:30 PM at the El Prado Golf Courses in the vibrant city of Chino, California.
Esteemed economist, Dr. Christopher Thornberg will present complete outlooks for the U.S., California, and Inland Empire economies. “The Inland Empire stands at the crossroads of remarkable economic opportunities and challenges,” said Thornberg. “I’m excited to unpack the trends and shifts that will define the region’s economic landscape in the next year, and beyond.”
Known for his razor-sharp observations, and fun, energized delivery, Thornberg’s presentation will include pointed discussions about inflation, the Fed’s next move, housing markets, strengths and instabilities in the economy, and what current trends mean for the nation, state, and local region.
The conference will also be graced by the insights of California State Treasurer Fiona Ma as keynote speaker. In her words, “The strength of California’s economy is deeply interwoven with the growth trajectories of its regions. The Inland Empire, with its dynamism and resilience, is a testament to this synergy. I am honored to join ‘Economic Horizon 2024’ and share a vision where policies, partnerships, and potentials converge to elevate the Inland Empire to unprecedented economic heights.”
“This conference is a testament to the collaborative spirit of the Inland Empire and our commitment to fostering a robust, resilient economy,” said Edward Ornelas, Jr., President of the Inland Empire Regional Chamber of Commerce. “Our partnership with Beacon Economics and the County of San Bernardino aims to offer a platform for profound economic discussion, forecasting, and strategic future planning.”
Attendees can anticipate not only expert insights into the economy but also networking opportunities and a chance to connect with key business, government, and nonprofit leaders from across the region.
Full event details are available at: economy.iechamber.org
Bizz Buzz
Webb Investments acquires Silver Creek Industries, an industry leader in modular construction for schools
Webb Investments today announced the launch of a new company, Silver Creek Modular, after acquiring the assets of Silver Creek Industries, a highly respected modular construction company known for bringing innovative, sustainable and cost-effective solutions to the education industry.
Silver Creek Industries’ existing business, including its employees and its Perris, Calif., manufacturing facility, will remain with the new company, with Webb providing the investment capital, resources and expertise to enhance Silver Creek’s presence in the modular construction marketplace.
The acquisition closed in June of 2023, following Silver Creek Industries’ Chapter 11 filing in the Central Bankruptcy Court of California.
“We are thrilled to have the opportunity to bring Silver Creek into our family business, and look forward to building on our shared commitment to improving educational opportunities within communities across our region,” said Kiana Webb, CEO of Webb Family Enterprises. “This acquisition aligns with our strategy to invest in established firms that can help us drive community revitalization and inclusive growth, while improving quality of life and increasing economic output.”
Silver Creek Industries was founded in 2004 and has completed more than 1,000 projects in the education, commercial, medical, military, government and multi-family housing markets. More recently, the company’s focus has been on providing high-quality, sustainable modular buildings for schools and educational institutions. Silver Creek Industries is well known for delivering projects on time and on budget, with minimal disruption to school and the community.
Webb Investments is a privately held, family-owned company focusing on creating a community development ecosystem that drives inclusive, organic growth and transforms the areas they serve.
For more information on Webb Investments, please visit webbinvestments.com.
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