Sacramento Showed Miserable Job Growth, but Good Economy in 2004
2004 was a miserable year on the job front but the Sacramento economy managed to do fairly well. Dan Kennedy at the Business Journal takes us inside the year that’s ending.
Thursday, December 30, 2004
There’s been virtually no job growth in the Sacramento region for more than a year. Modest gains in private sector employment have been canceled out by cuts in the state government payroll. The last time Sacramento had no job growth, in 1993, the region’s economy was uniformly dismal. But in 2004, Sacramento was truly a posterchild for the so-called “jobless recovery.” While manufacturing and technology are still slumping, the housing sector continued to hum along, and all the allied industries had a good year. More and more retailers opened their doors, and there was plenty of spending. Banking and the healthcare industry fared well. Investors have been scooping up land and commercial buildings.