US Market Overview – California
California had 39.54-million residents as of the 2017 Census and is the most populous State in the US … and is the 3rd most extensive in area mass measuring a whopping 163,696 square miles. The Capital of California is Sacramento which is located near the center of the State and boast a population of roughly 495,234 residents (that is 4,4660 people per square mile). It is the 35th largest city in the United States.
In comparison, the population of a few Northern California cities/towns: Crescent City: 6,670. Trinidad: 367 Redding: 91,808. Fort Bragg: 7,287. Clear Lake: 15,053.
The Top Employers in the County of Sacramento are as follows:
The Greater Los Angeles Area (Southern California) and the San Francisco Bay Area (Central California) are the Nation’s second and fifth most populous Urban regions, with 18.7-million and 8.8-million residents (respectively). Los Angeles is California’s most populous city and is the Country’s second-most populous City after New York City. Los Angeles is the Nation’s most populous county, with San Bernardino being the largest county by area, and San Francisco ranking as the Nation’s fifth most densely populated county.
As of April 16th, 2018, California ranked as the Nation’s 5th Fastest-Growing economy. An intriguing collection of indexes produced by The Federal Reserve Bank of Philadelphia tracks relative economic performances among the States by using data that mimics growth and contraction in regional business output. By this math, California’s economy grew 4.7% in the 12-months ended in February this year … a pace topped only by No.1: Tennessee then, Alabama, Nevada and Arizona. The U.S. economy, by this measure, grew 2.8%.
While California has showed slower growth in recent times, in the previous 5-years, California experienced 5.9% average yearly growth. That was nearly double the Nation’s 3.2% growth and the Nation’s third-best performance behind Nevada and Arizona.
HOUSING MARKET and COST OF LIVING:
Recent California housing market predictions suggest that home prices could be rising more slowly across the state. This is a positive trend that could ease some of the affordability issues that have arisen in places like the Bay Area and Southern California.
California ranks 6th in a list of the most expensive State to live in … just behind Hawaii (No-1), Washington DC (No-2), New York (No-3), Alaska (No-4) and New Jersey (No-5). In California, the median home value is around $429,000.00 with homes generally listed for a median price of $425,000 ($256 per square foot).
As a Renter, the median rent is around $1,900 making housing and rent prices in California cities, like San Francisco, amongst the highest in the Nation.
If you earn around $75,000 per year, you are considered to earn a relatively comfortable salary. However, if you choose to live in California and want to achieve that $75,000 standard of living, you will need to earn a salary around $95,000 to be equivalent.
HOW CALIFORNIA COMPARES TO OTHER STATES (Job Net Creation, Income, Housing Cost, Crimes per Capita, Manufacturing Employment, Clean Tech Venture):
UNEMPLOYMENT verses EMPLOYMENT RATES:
According to the current population survey (CPS), the Unemployment rate for California fell 0.1% in February 2018 to 4.3%. The State Unemployment rate was 0.2% points higher than the National Rate for the same month.
The number of people Unemployed in California peaked in October 2010 at 2,253,816. There are now 1,410.378 fewer people Unemployed in the State.
The chart below represents the Unemployment Rate and Labor Force Data for California and all 58-Counties within the State. As of February 2018, the State Total shows that out of the 19,419,500 in the Labor Force, 18,537,500 are currently Employed, while 4.5% of the Labor Force or 882,100 are currently showing as Unemployed.