California State University, Stanislaus has published its San Joaquin Valley Business Forecast Report. The report, now in its eighth year, highlights the economy of the valley from San Joaquin County down to Kern County.
Highlights of the report, which can be downloaded in its entirety from csustan.edu/sjvbfr, include reviews of employment, the housing market, inflation and banking.
Professor Gökçe Soydemir of Business Economics at Stan State focused on employment, writing that it continues to slow significantly, which shows signs of a plateau.
The growth rate for employment in 2017 was only 0.52 percent, according to Soydemir. If there continues to be a drop in the growth in the coming year, that could mean a decline in total employment since the recession almost 10 years ago.
Much of the outcome will depend entirely on politics and the possible tax reform.
The reports that Stanislaus County had a 1.94 percent employment growth rate, while Madera County had 1.15 percent growth, Fresno County had 0.93 percent growth, San Joaquin County had 0.38 percent growth. Merced County’s employment grew by 0.51 percent for the year and Tulare County grew by 0.64 percent.
Employment declined in Kern and Kings counties by 0.60 and 1.19 percent, respectively.
The report shows construction being the biggest industry with employment increases, due to the resurgence of housing and commercial development throughout the valley.
Average home prices throughout the Central Valley grew by 7.82 percent during 2017, however, the report states that rate of growth should slow over the course of the next few months.