The unemployment rate in Long Beach declined in May to a new all-time low of 4.4 percent, compared to 4.7 percent reported in March, city officials announced today.
The number is the lowest recorded and published by the State Employment Development Department for the city since city-specific data has been collected dating back to 1990, officials stated.
The unemployment rate in Long Beach reached a peak of 14.6 percent in July 2010 and has now dropped over 10 percent since before the recession, according to the city.
“Our Long Beach economy is booming and I’m incredibly proud that our unemployment rate is reaching historic lows,” said Mayor Robert Garcia in a statement. “We have construction cranes in the air, small businesses opening across the city, and large companies choosing to grow and invest in Long Beach.”
Officials pointed to the growth in economic development and private investment that has taken hold in the city, including new development or construction underway. So far, there have been 13 completed projects, 28 projects approved and/or under construction and 17 future projects proposed and under review. Additionally, 5,000 residential units are in various stages of construction, from conceptual to complete, and there is more than $2.5 billion in construction and investment happening across the city, officials stated.
City officials also noted the opening of major centers like Douglas Park, Mercedes Benz and Virgin Galactic, along with the creation of more than 9,000 new jobs since the 2007 recession as “strong indicators of renewed economic energy” brought to Long Beach.
“The City of Long Beach is committed to helping local businesses find, train, and retain qualified employees,” officials stated. “Hundreds of local businesses have worked with Pacific Gateway, the City’s Workforce Development Agency, to reap the benefits of hiring tax credits, recruitment services, and robust training and placement programs for workers and employers.”