Region's Economic Outlook
From January 2006
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Rather than being concerned about population growth and the problems it can bring, SACTO’s Hayes says, “In my world, population is a plus because it equals workforce. As population continues to grow and we continue to add new jobs to support the population growth, that makes for a more stable and diverse economy.”
The regional economy must plan for everything that comes with population growth to be able to properly manage it. “That’s what the region is doing now with initiatives like the Blueprint Project and the Partnership for Prosperity, where we really see the entire region coming together,” says Hayes.
She says the region’s labor force now tops Silicon Valley’s by about 70,000 workers. “For the very ? rst time ever in this regional economy, private-sector job increases have absorbed public-sector job losses,” Hayes notes.
One of the Metro Market’s sell-ing points was lower-cost housing, compared with Bay Area prices. “We haven’t used that for a long time,” she says, pointing out that the quality and quantity of the workforce is now the key selling point.
Smiley says he’s “a little bit nervous” about residential construction in the region but “very encouraged” about technology and biotech startups. Asked about the spurt of new high rises in Sacramento, he clari? es, “Well, we have a spurt of plans.”
But if actually built, the skyscrapers will make a difference. “The sophistica-tion of the metro area is increasing. We are not a backwater,” he says. “We are more and more a ? nancial services and electronics hub. It’s a very fast-grow-ing, progressive and prosperous region that’s going to remain that way.”
The regional economy must plan for everything that comes with population growth to be able to properly manage it. “That’s what the region is doing now with initiatives like the Blueprint Project and the Partnership for Prosperity, where we really see the entire region coming together,” says Hayes.
She says the region’s labor force now tops Silicon Valley’s by about 70,000 workers. “For the very ? rst time ever in this regional economy, private-sector job increases have absorbed public-sector job losses,” Hayes notes.
One of the Metro Market’s sell-ing points was lower-cost housing, compared with Bay Area prices. “We haven’t used that for a long time,” she says, pointing out that the quality and quantity of the workforce is now the key selling point.
Smiley says he’s “a little bit nervous” about residential construction in the region but “very encouraged” about technology and biotech startups. Asked about the spurt of new high rises in Sacramento, he clari? es, “Well, we have a spurt of plans.”
But if actually built, the skyscrapers will make a difference. “The sophistica-tion of the metro area is increasing. We are not a backwater,” he says. “We are more and more a ? nancial services and electronics hub. It’s a very fast-grow-ing, progressive and prosperous region that’s going to remain that way.”
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