Long Beach Hits Record Low UnemploymentRelease Date: 2018-06-19
I’m proud to report Long Beach has hit a record low unemployment rate of 4.1%. This is the lowest unemployment rate we have had since Long Beach began keeping track of this data in 1990.
Long Beach is experiencing unprecedented economic growth from one end of the city to the other. Billions of dollars 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 strong jobs growth. The City has 5,000 residential units in various stages of development, from conceptual to complete, including more than 900 affordable housing units currently in the pipeline. There is more than $3 billion in construction and investment happening across the City, and another $4 billion in construction at the Port of Long Beach.
Long Beach’s strategic economic development efforts have been a 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 including Second & PCH and Douglas Park. Companies like 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.
We are also fully implementing our 10 year economic blueprint - which includes a focus on economic inclusion and equity. The economy needs to work for everyone - and that means living wages, access to healthcare, and building more housing. It’s all great progress for Long Beach.