Released in August, the report states that the area around Stockton — which includes Tracy — is finally shaking off some of the effects of the real estate crash and stagnant economy that have plagued the region since 2008.
“Despite being home to the nation’s largest municipal bankruptcy (Stockton) and having lost 12.5 percent of its jobs between 2007 and 2011, the Stockton area is currently leading the region in job growth, fueled by its expanding role as a transportation and distribution center, the construction of a nearly-$1 billion correctional health care facility, and some initial recovery in health care and service sectors,” wrote the report’s author, forecasting center Director Jeffery Michaels, in a summary released Tuesday, Aug. 21.
Michaels foresees that personal income will match its 2008 peak this year and envisions a housing construction rebound beginning in 2013.
But the recovery has been — and will likely continue to be — “sluggish,” Michaels wrote: “Payroll jobs continue to grow at a steady rate, but the state has still only recovered one of every four jobs lost in the recession.”
According to California’s Employment Development Department, San Joaquin County’s unemployment rate was at 15.1 percent in July, compared with a statewide rate of 10.7 percent and a national rate of 8.3 percent.
Tracy’s unemployment rate for July was significantly lower, 9.5 percent. Within the county, it was bettered only by such enclaves as Stockton’s Morada and Lincoln Village neighborhoods and Lodi’s North Woodbridge neighborhood. Stockton overall, however, clocked an 18.2 percent unemployment rate.