The State of the Great Central Valley: The Economy (Third Edition) Released

News Release
-For Immediate Release-

Media Contact
Amy Moffat
amy@greatvalley.org
(209) 522-5103

VALLEY CONTINUES TO LAG BEHIND STATE IN SIGNIFICANT INDICATORS OF ECONOMIC HEALTH

Findings: Nation and state remain reliant on the agricultural products of the Central Valley, but measurements of the region’s economic vitality fail to advance

Modesto, CA (October 28, 2009) – According to a new report released today, if the Central Valley itself were considered a state, its agricultural value would rank higher than all other states in the country, yet the region’s per capita income would rank a dismal 48th in the country.

These findings are part of the 21 indicators of regional economic vitality compiled by the Great Valley Center in its latest report The State of the Great Central Valley: The Economy (Third Edition).

In the report the Great Valley Center unveiled its recommendations for the Central Valley during the economic challenges that continue to disproportionately impact the 19-county Central Valley region stretching from Redding to Bakersfield. Among the five recommendations is the need to improve the quality of the Valley’s workforce through education, and the need to capitalize on the momentum surrounding the federal American Recovery and Reinvestment Act.

"These challenging economic times have hit the state and nation hard, but regions like the Central Valley that were struggling prior to the economic downturn have been hit even harder by it,” said Amy Moffat, director of research and communications at the Great Valley Center. “What is unclear is how the region will rebound from these challenging times. We know that educational outcomes, as well as the region’s agricultural sector, are closely tied to our economy here in the Central Valley.”

The report also reveals that although the Valley’s unemployment is higher than other areas of the state, the labor force continues to grow, especially since the regions housing costs have remained low. However, job growth is not growing as fast as the labor force, meaning that as the state recovers unemployment could remain a significant problem for the Central Valley.

Positive findings of the report include a decline in traffic congestion; a decline in the percentage of semi-trucks traveling on highways; and a steady increase in air travel passengers. Despite some positive trends in the report, federal spending and nonprofit revenue in the Central Valley remain at a significantly lower rate than national averages.

The report tracks economic indicators as they relate to population, income and housing; business vitality; agriculture; transportation; commerce and mobility; and federal and nonprofit spending. The report features a centerpiece essay written by Karen Ross, president of the California Association of Winegrape Growers and member of the State Board of Food and Agriculture, on the future of agriculture and the efforts of the California Ag Vision 2030 to plan for a vibrant agricultural future for the Central Valley and throughout California.

The report is currently available to be downloaded for free at www.greatvalley.org.

The State of the Great Central Valley: The Economy (Third Edition) is sponsored by Citi and Kaiser Permanente, and is part of the State of the Great Central Valley Indicators Series, an ongoing regional initiative tracking conditions in one of California’s fastest growing regions: the 19-county Great Central Valley. The data presented in the report are a snapshot of information providing tools for measuring the community well-being of the Valley. The reports offer data, analysis, and structure which can be used as a benchmark for assessing the progress of the Central Valley, providing valuable comparative information at the county, subregional, regional, and state levels.

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About Great Valley Center: Founded in 1997, the Great Valley Center is a private, non-profit organization that supports organizations and activities working to improve the economic, social and environmental well-being of California’s Central Valley, in partnership with the University of California, Merced. For more information visit www.greatvalley.org.

About Citi: Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Through Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.

About Kaiser Permanente: Kaiser Permanente is committed to helping shape the future of health care. They are recognized as one of America's leading health care providers and not-for-profit health plans. Founded in 1945, their mission is to provide high-quality, affordable health care services to improve the health of their members and the communities they serve. For more information, go to: www.kp.org.