Business Journal: Local Job Growth Waning
The Sacramento area is the seventh-worst market for job growth in the nation…joining the ranks of Detroit, Cleveland and Oakland. That's according to a new Forbes Magazine survey.
Tuesday, May 5, 2009
The four-county region, from Auburn to Woodland, has lost almost 45,000 jobs during the past year, with almost one of every four related to the construction industry. That hard-hit industry is the primary reason for the ranking, and has been leading to layoffs in financial services and manufacturing. Forbes magazine estimates the region has lost 30 percent of construction-related jobs since 2005, and almost 15 percent in the financial services sector. Sacramento’s jobless rate is a modern-day record 11.3 percent, with 121,000 people unemployed – or the equivalent of everyone in Elk Grove without work. The Forbes report has Detroit as the worst city in the nation for job growth, followed by Providence, R.I., and Cleveland. California has four of the top 10 worst regions, including Orange County at No. 4 and Oakland at No. 5.