OUR CHANGING ECONOMY
Our Economy Remains under Stress from the Economic Downturn, but some Pressures are Lifting
Despite overall job losses, some industries are still growing. From 2008 to 2009, employment declined by 4 percent resulting in a loss of 5,500 jobs. From January 2008 to 2009, employment increased 12 percent in Professional & Environmental Services and 19 percent in Life Sciences. Although unemployment continued to grow, the rate of growth slowed significantly in November 2010 from the year before.
Solano’s business climate is vital. Despite the recent economic downturn, roughly 3,400 businesses either opened or moved into Solano County between January 2008 and 2009. Over the same period, 1,000 establishments either closed or moved out of the county. In 2008 (the most recent observable year), the number of nonemployer firms jumped 5 percent in Manufacturing and 2 percent in Health Care & Social Assistance. Employment in micro-enterprises, which constitutes 36 percent of total county employment, grew by 8 percent from 2008 to 2009.This growth far outpaced growth in total employment in the county, which grew by 2 percent.
Across the nation, incomes stagnated in recent years. With less than 1 percent change in either direction, real per capita income stagnated in 2010 across Solano County (-0.5%), California (-0.1%) and the United States (+0.2%). However, during the past two years, the income gap between Solano County and the nation was at its lowest since 1990. In 2009, median household incomes fell by 7 percent to $66,700 – resetting incomes to 2006 levels.