California County-Level Economic Forecast
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1 Shasta County - Subset California County-Level Economic Forecast
2 California County-Level Economic Forecast September 217 This publication was prepared for: Transportation Economics Branch Office of State Planning California Department of Transportation 112 N Street P.O. Box (MS- 32) Sacramento, CA Ryan Ong Senior Economist (916) This publication was prepared by: The California Economic Forecast Mark Schniepp, Director 5385 Hollister Ave Box 27 Santa Barbara, CA (85) Copyright 217 by the California Economic Forecast Reproduction of this document or any portion therein is prohibited without the expressed written permission of the California Economic Forecast. All queries regarding this publication should be directed to the California Economic Forecast.
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4 Shasta County Economic Forecast Shasta County is one of the northernmost counties in California. The largest city is Redding, which has approximately 9,2 residents. The recreation industry is the principal source of economic activity in the county, with Shasta Lake and Lassen Peak being the main visitor attractions. Shasta County has a population of 178,2 people and a total of 66,2 wage and salary jobs. The per capita income in Shasta County is $43,79 and the average salary per worker is $5,64. In 216, a total of 1,6 wage and salary jobs were created in Shasta County, representing an increase of 2.5 percent. The unemployment rate improved substantially, falling from 7.8 percent in 215 to 6.9 percent in 216. During 216, virtually all sectors were characterized by positive job creation. The largest gains were observed in healthcare and education (+52 jobs), professional and business services (+47 jobs), wholesale and retail trade (+19 jobs), construction (+18 jobs), and government (+17 jobs). The largest losses were in agriculture (-7 jobs). The population in Shasta County grew slower than.1 percent between 211 and 216. The county gained an average of 155 people per year through net migration, but lost 45 residents per year through the natural decrease (deaths outnumbering births). Because of an aging population, a natural decrease is expected to persist through the year 25, and despite positive net migration, population growth will be slow. Forecast Highlights thousands of jobs constant 216 dollars per person 95, 85, 75, 65, 55, 45, Total Wage & Salary Job Creation 2-25 Real Per Capita Personal Income 2-25 California Shasta County 35, Total wage and salary employment is expected to increase by 1.6 percent in 217. From 217 to 222, growth will average 1.2 percent per year. Average salaries are currently below the California state average, and will remain so over the period. In Shasta County, inflation-adjusted salaries are expected to rise by an average of.8 percent per year from 217 to 222. Between 217 and 222, the largest employment gains will be observed in education and healthcare, professional business services, and government. Combined, these sectors will account for 89 percent of net job creation in the county. Annual population growth in the period will average.1 percent per year. The county will gain an average of 35 people per year through net migration, but will lose an average of 14 residents per year through the natural decrease (deaths outnumbering births). Real per capita income is projected to increase by 2.3 percent in 217. Between 217 and 222, real per capita income is expected to rise by an average of 1.8 percent per year. Between 217 and 222, total taxable sales, adjusted for inflation, are expected to increase by an average of 1.4 percent per year. Industrial production will increase by 4.3 percent in 217. Between 217 and 222, the growth rate will average 2.4 percent per year. 177
5 Shasta County Economic Forecast History, Forecast Net Registered New Homes Total Taxable Personal Real Per Inflation Rate Real Farm Real Industrial Unemploy- Population Migration Vehicles Households Permitted Sales Income Capita Income (% change Crop Value Production ment Rate (people) (people) (thousands) (thousands) (homes) (billions) (billions) (dollars) in CPI) (millions) (millions) (percent) , $2.49 $6.6 $38, , $2.54 $6.24 $38, , $2.64 $6.37 $38, , $2.8 $6.49 $38, , $2.82 $6.9 $39, , $2.87 $7.34 $41, , $2.95 $7.68 $43, , $3.5 $8.1 $44, , $3.19 $8.51 $45, , $3.33 $8.89 $45, , $3.46 $9.29 $46, , $3.61 $9.73 $47, , $3.75 $1.2 $48, , $3.91 $1.7 $49, , $4.8 $11.19 $5, , $4.25 $11.68 $5, , $4.41 $12.16 $51, , $4.56 $12.64 $52, , $4.73 $13.13 $53, , $4.9 $13.61 $53, , $5.8 $14.8 $54, , $5.26 $14.56 $54, , $5.47 $15.8 $55, , $5.65 $15.56 $55, , $5.84 $16.7 $56, , $6.2 $16.6 $56, , $6.21 $17.21 $57, , $6.42 $17.81 $57, , $6.61 $18.4 $57, , $6.82 $19.6 $58, , $7.4 $19.72 $58, , $7.25 $2.39 $59, , $7.46 $21.8 $59, , $7.67 $21.77 $6, , $7.87 $22.49 $6, , $8.9 $23.26 $61, , $8.31 $24.7 $62, , $8.54 $24.89 $62, , $8.77 $25.74 $63, , $9.1 $26.63 $63, , $9.26 $27.57 $64, percent change 1.8 Population Growth 2-25 units permitted 1,6 New Residential Units , ,2.9 1,
6 Shasta County Employment Forecast History, Forecast Natural Total Wage Resources & Manufac- Transportation Wholesale & Financial Professional Health & & Salary Farm Construction turing & Utilities Retail Trade Activities Services Information Education Leisure Government employment (thousands of jobs) thousands of jobs Manufacturing Employment 2-25 thousands of jobs Employment in Professional Services
7 percent change 8 Real Retail Sales Growth 2-25 thousands of constant 216 dollars per worker 11 Real Earnings Per Worker California Shasta County inmigrants minus outmigrants 3, Net Migration 2-25 inflation adjusted index (2=1) 3 Industrial and Farm Production Indices ,5 2, 1, Industrial 1, , Farm Projected Economic Growth ( ) County Economic and Demographic Indicators Expected retail sales growth: 7.% Expected job growth: 6.3% Fastest growing jobs sector: Health and Education Expected personal income growth: 9.9% Expected population growth:.6% Net migration to account for: 1% Expected growth in number of vehicles: 3.9% Demographics (217) Unemployment rate (April 217): 6.% County rank* in California (58 counties): 34th Working age (16-64) population: 6.8% Quality of Life Violent crime rate (215): 744 per 1, persons County rank* in California (58 counties): 55th Average commute time to work (217): 21 minutes Population with B.A. degree or higher: 19.3% Median home selling price (216): $227,5 Median household income: $47,571 High school drop out rate (216): 7.9% Households at/below poverty line (217): 9.8% * The county ranked 1st corresponds to the lowest rate in California 18
8 percent change 15 Real Retail Sales Growth 2-25 thousands of constant 216 dollars per worker 12 Real Earnings Per Worker Yuba County California inmigrants minus outmigrants 1,8 Net Migration 2-25 inflation adjusted index (2=1) 35 Industrial and Farm Production Indices ,5 3 1, Industrial Farm County Economic and Demographic Indicators Projected Economic Growth ( ) Expected retail sales growth: 7.7% Expected job growth: 5.1% Fastest growing jobs sector: Leisure Services Expected personal income growth: 12.9% Expected population growth: 5.% Net migration to account for: 19.7% Expected growth in number of vehicles: 5.% Demographics (217) Unemployment rate (April 217): 7.8% County rank* in California (58 counties): 46th Working age (16-64) population: 62.8% Population with B.A. degree or higher: 14.7% Median home selling price (216): $24, Median household income: $45,765 Quality of Life Violent crime rate (215): 389 per 1, persons County rank* in California (58 counties): 33rd Average commute time to work (217): 32 minutes High School drop out rate (216): 22.4% Households at/below poverty line (217): 18.5% * The county ranked 1st corresponds to the lowest rate in California 232
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