PRESS RELEASE: Unemployment Rate At Its Lowest in Nearly 30 Years
After reaching incredible unemployment numbers in May 2017 (4.4 percent), the City of Long Beach continued the trend in May 2018, dropping to 4.1 percent, a 10.5 percent drop in the last eight years. There are now a record 230,000 employed residents in the City.
“Long Beach is experiencing unprecedented economic growth from one end of the city to the other,” said Mayor Robert Garcia. “Billions are being invested in new housing, commercial centers, and public infrastructure. Our local economy is booming.”
A significant resurgence in private investment and real estate development is part of the driving force for the continued favorable unemployment decrease. The City has 5,000 residential units in various stages, from conceptual to complete, including over 900 affordable housing units currently in the pipeline. There is over $3 billion in construction and investment happening across the City, and another $4 billion in construction at the award-winning Port of Long Beach.
Long Beach’s award-winning Downtown Plan (PD-30), adopted in 2012, and strategic economic development efforts, have been the catalyst for much of the growth and resurgence of the downtown area and adjacent neighborhoods. Plus, across the City there is renewed economic energy and opportunities. Major employment centers have invested in the City wanting to play a part in the current economic boom and forecasting the City’s future potential. Douglas Park, Mercedes Benz and Virgin Orbit are reinvigorating the Long Beach economy, and 9,000 new jobs in the city have been created since the 2007 recession.
City leaders continue to build on recent economic successes with the Economic Development Blueprint (Blueprint) that provides a snapshot of economic trends in the City, and makes recommendations to the Mayor and City Council about opportunities for growth in key industries, business assistance, and economic inclusion among other focus areas. To support entrepreneurs, the City also provides it’s innovative, business portal, BizPort. The portal, launched in 2016, simplifies the process of starting a new business, providing valuable resources for entrepreneurs – encouraging growth. The most recent economic development innovation launched by the City, is its new online Economic Insights Dashboard , which provides real-time economic and demographic information for investors.
Recently, the City was named a finalist for the Los Angeles County Economic Development Corporation “Most Business Friendly City” in Los Angeles County; and the business community recognized the City of Long Beach as one of the five most business friendly cities in Los Angeles County, according to the Los Angeles County Business Federation (BizFed), an alliance of 150 business groups representing 272,000 companies that employ nearly 3 million people throughout the County.
The City of Long Beach is committed to helping local businesses find, train, and retain qualified employees. Hundreds of local businesses have worked with Pacific Gateway, the City’s Workforce Development Agency, to reap the benefits of hiring tax credits, recruitment services, and robust training and placement programs for workers and employers. For more information about workforce training programs and incentives for businesses to hire new workers, the City offers a number of innovative programs at the Pacific Gateway Workforce Investment Network, which recently won top honors at the U.S. Conference of Mayors 2018 CommunityWINS® Grant for its Citywide Market for Hourly Labor Project.
City-specific unemployment data has been collected dating back to 1990. 4.1 percent is the lowest unemployment number recorded and published by the State Employment Development Department (EDD) for the City of Long Beach.
About the City of Long Beach
Home to approximately 470,000 people, the multiple award-winning and innovative City of Long Beach offers all the world-class amenities of a large metropolitan city while maintaining a strong sense of individual and diverse neighborhoods nestled together along the California coast. Long Beach is home to the Queen Mary, Aquarium of the Pacific, several museums and theaters, a highly-rated school district, Long Beach Airport, the Port of Long Beach, as well as many award-winning City departments such as Health, Parks, Recreation and Marine, Development Services and more. The City also has a highly-respected university and city college, two historic ranchos, five hospitals, five golf courses, 170 parks, miles of beaches, marinas, bike paths, and a Bike Share program.
For more information about the City of Long Beach, visit http://longbeach.gov/. Follow us on social to keep up with the latest news: Facebook, Twitter, Instagram, and YouTube.
About Economic Development
The mission of the City’s Economic Development Department is to create economic opportunities for workers, investors, and entrepreneurs through its innovative 10-Year Blueprint for Economic Development. This includes making it easier to start and grow a business, streamline the process for property development, and provide businesses with a skilled workforce. The Department includes Property Development, Business Development, and the Pacific Gateway Workforce Investment Network. For more information on the Economic & Property Development Department, please visit http://www.longbeach.gov/economicdevelopment/ or follow us on Twitter @LBEconDev and Facebook.