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CALIFORNIA UNEMPLOYMENT HITS ANOTHER RECORD LOW

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Job Growth, Labor Force Continue Expansion; Annual Labor Force Growth Still In Negative Territory

November 15, 2019—LOS ANGELES, CALIFORNIA—The latest figures released by the California EDD reveal that nonfarm employment in California expanded at a steady pace in October, growing by 23,600 jobs, according to an analysis released jointly by Beacon Economics and the UC Riverside School of Business Center for Economic Forecasting and Development. October’s gains are slightly below the state’s average monthly job expansion of 25,677 over the past twelve months. Since October 2018, California has added 308,000 jobs, which is equivalent to a 1.8% year-over-year increase, exceeding the nation’s growth rate of 1.4%.

California’s unemployment rate dipped to 3.9% in October, which represents a new record low. Still, declining labor force growth is a cause for concern. While the state’s labor force expanded for a second straight month, growing by 40,800 workers, since October 2018, California’s labor force has decreased by 0.3% or -57,400 workers. 

“At 3.9%, California’s unemployment rate has dipped below 4% for the first time on record,” said Taner Osman, Research Manager at Beacon Economics and the UCR Center. “October’s figures also extend the record highs in the number of jobs in the state and reveal that employers in California have added over 300,000 jobs this year, a pace that exceeds the rate of growth in the national economy.”   

Key Findings:

  • Government added more jobs than any other sector in October, boosting payrolls by 5,400 positions. State Government was the largest contributor to these gains, where 5,600 positions were added over the month. Since October 2018, Government payrolls have expanded by 1.4%, with State Government leading the way (2.8%), followed by Local Government (1.1%) and the Federal Government (0.8%).
  • The Health Care and Leisure and Hospitality sectors also saw strong employment growth in October, adding 4,800 and 4,600 jobs, respectively. The Finance and Insurance (2,800), Real Estate (2,500), Manufacturing (2,300), Wholesale Trade (2,200), and Construction (2,100) sectors also posted gains in October. 
  • Over the period from October 2018 to October 2019, Construction has been the fastest growing industry, where employment has grown by 4.0%. Strong growth has also occurred in Educational Services (3.5%), Health Care (3.3%), Real Estate (2.6%) and Leisure and Hospitality (2.5%). 
  • Despite job growth in the state, payrolls decreased in a handful of sectors in October. Administrative Support posted the largest declines, where payrolls shrunk by 3,300. Despite the one-month decline, employment in the sector has grown by 2.4% since October 2018. Payrolls in Professional, Scientific, and Technical Services (-2,900) and Information (-1,800) also contracted in October. The Retail Trade sector is the only sector to have declined since October 2018, shrinking by 0.3% jobs from October 2018 to October 2019.
  • Regionally, job growth was led by the San Francisco Bay Area. The East Bay saw the biggest gains, where payrolls grew by 2,900 during the month. San Francisco (MD) (2,800), Vallejo (700), and San Jose (500) also saw job gains. Over the past year, San Francisco (MD) (3.5%) saw the fastest job growth in the region, followed by San Jose (3.0%), San Rafael (MD) (2.8%), and the East Bay (2.2%).
  • In Southern California, it was a mixed month. Ventura saw the biggest job gains, where payrolls increased by 1,200. Gains also occurred in El Centro (200) and San Diego (200). At the same time, payrolls declined by 3,400 in the Inland Empire. Over the past year, the Inland Empire (2.0%) and San Diego (2.05%) have experienced the fastest rate of job growth, followed by Los Angeles (MD) (1.3%) and Orange County (1.2%). 
  • In the Central Valley, Modesto saw the biggest gains, where payrolls increased by 1,200 positions. Fresno (700), Merced (700), Stockton (700), and Visalia (500) added jobs as well. Over the past 12 months, Merced (4.1%) saw the fastest growth, followed by Fresno (3.0%), Visalia (2.8%), and Madera (2.6%).
  • In the Central Coast, San Luis Obispo led the way, where payrolls grew by 800 jobs over the month. In Salinas, 500 positions were added to local payrolls. Over the period from October 2018 to October 2019, Salinas (2.9%) added jobs at the fastest rate, followed by San Luis Obispo (1.9%), Santa Barbara (1.7%), and Santa Cruz (1.3%).

 

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Beacon Economics is an independent economic research and consulting firm based in Los Angeles. The UCR School of Business Center for Economic Forecasting and Development is the first world class university forecasting center in the Inland Empire. This analysis was authored by Christopher Thornberg, Taner Osman, and Brian Vanderplas. Learn more at www.beaconecon.com and www.ucreconomicforecast.org.

 

The Inland Empire Business Journal (IEBJ) is the official business news publication of Southern California’s Inland Empire region - covering San Bernardino & Riverside Counties.

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Stockbridge Acquires 540,478 SF Inland Empire Industrial Portfolio for $142MM

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San Francisco based Stockbridge acquires 100% leased assets in premier IE West location

Cushman & Wakefield’s EDSF also sources acquisition financing for transaction

Cushman & Wakefield announced the firm has arranged the sale of a core industrial portfolio totaling 540,478 square feet in Southern California’s premier Inland Empire West (IEW) submarket. The portfolio consists of two freestanding Class A buildings located a few miles apart at 3351 E Philadelphia St and 4450 E Lowell St in the city of Ontario. The buildings are 100% leased to prominent tenants in the distribution and retail industries.

San Francisco based Stockbridge acquired the two-property portfolio from Principal Asset ManagementSM a global financial and investment management firm. The portfolio sold for $142.25 million.

Jeff Chiate, Jeffrey Cole, Rick Ellison, and Matt Leupold of Cushman & Wakefield’s National Industrial Advisory Group—West represented the seller in the transaction. The firm’s Phil Lombardo, Chuck Belden and Andrew Starnes also provided leasing advisory.

Additionally, a Cushman & Wakefield Equity, Debt & Structured Finance (EDSF) team of Rob Rubano, Brian Share, Joseph Lieske, Max Schafer, and Becca Tse collaborated in sourcing acquisition financing for the transaction.

“Stockbridge has acquired an institutional-quality industrial portfolio with a phenomenal infill location combined with strong tenancy and premium distribution features and functionality. Both properties have maintained a historical occupancy of 100% for nearly a decade speaking to the tenant demand for industrial buildings of this quality and location,” said Jeff Chiate, Executive Vice Chair. “Additionally, with current rents below market rate, the buyer has a compelling mark-to market opportunity along with existing durable cash flow, providing a variety of value-add strategies.”

The properties offer convenient access to Southern California’s robust freeway network and other vital nodes of transit such as Ontario International Airport, the Los Angeles & Long Beach Ports, and LAX International Airport (60 miles). Access to a deep labor pool and robust consumer population also makes the region a superior industrial location.

According to Cushman & Wakefield’s latest industrial market report, the Inland Empire West submarket had a vacancy rate of 5.4% in Q1 2024, representing the tightest submarket in the broader Inland Empire market. Additionally, IEW achieved nearly 1 million square feet of positive net absorption (occupancy growth) in the first quarter of 2024.

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Stater Bros. Charities and Reyes Coca-Cola Bottling Give Back to Military Families

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Stater Bros. Charities, the philanthropic arm of Stater Bros. Markets, partnered with Reyes Coca-Cola Bottling again this year for their Give Back program during National Military Appreciation Month. The program ran for the entire month of May, during which Reyes Coca-Cola Bottling committed to donating $0.25 per eligible product purchased to the Bob Hope USO. Reyes Coca-Cola Bottling donated $15,000, and Stater Bros. Charities matched their donation for a total contribution of $30,000.

A check presentation occurred during a K-EARTH 101 radiothon benefiting the Bob Hope USO. The radiothon took place at the Bob Hope USO at LAX (Los Angeles International Airport) on June 29, 2023, where Stater Bros. Charities and Reyes Coca-Cola Bottling presented Bob Hope USO with a $30,000 check.

Bob Hope USO’s mission is to strengthen America’s military service members by keeping them connected to family, home and country, throughout their service to the nation. The Give Back program is a unique opportunity to show gratitude and support to the brave men and women who risk their lives for our freedoms and to care for their families while they are away from home on deployment.

“Stater Bros. Markets has a long history of supporting veterans, service members, and their families,” said Danielle Oehlman, Director, Stater Bros. Charities. “We are so pleased to partner with our friends at Reyes Coca-Cola Bottling and the USO to give back to those who have given so much for us.”

Lorin Stewart, President, USO West Region, said, “We are deeply grateful to Stater Bros. Charities and Reyes Coca-Cola Bottling for being sustaining partners of the USO. The Give Back program embodies the essence of the USO mission by enabling the community at large to come together to support and give thanks to our armed forces and their brave military families in an impactful way.”

Funds will support the Bob Hope USO and USO San Diego Center operations, including programs and services that strengthen the social, mental, physical, and emotional well-being of local military service members, their families, and their communities.

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BDK Logistics Intelligence Fully Leases 114,190 SF Industrial Facility in Corona, CA

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Cushman & Wakefield represents landlord in lease in SoCal’s Inland Empire

Cushman & Wakefield announced that BDK Logistics Intelligence, Inc. has signed a lease for an entire 114,190-square-foot industrial facility at 1161 Olympic Drive in Corona, California. Situated in Southern California’s renowned Inland Empire, the building is owned by Monterey Rancho Mirage, LLC, which was represented by Brett Lockwood and Rick Ellison of Cushman & Wakefield in the transaction.

“We are pleased to welcome BDK to the property as a quality industrial tenant that is expanding its presence in the market, which it also currently occupies multiple warehouse facilities,” said Director Brett Lockwood. “Our client was instrumental in helping this deal transact as there were many variables that needed to be navigated which led to this lease coming together quickly and successfully.”

1161 Olympic Drive is a quality freestanding building situated on ±4.8 acres and features 20 dock high loading doors. The property is conveniently located off Interstate 15 near the confluence of SR 91 and is proximate to the extensive freeway network traversing the entire Greater Los Angeles region and into other major markets in and out of state.

According to Cushman & Wakefield’s latest Q2-2023 quarterly report, the Inland Empire industrial market posted an overall vacancy of 3.4% and has recorded more than 2.7 million square feet of positive net absorption through the first half of 2023.

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