Image courtesy of the City of Long Beach.
Long Beach’s unemployment rate is at its lowest since May 2008, the city announced today, hitting 7.6 percent this past August, down from a peak of 14.6 percent unemployment in July 2010.
The last time the city’s unemployment rate was this low was seven years ago, when it sat at 7.4 percent.
“Our economy keeps on getting stronger and stronger because we've taken a holistic approach to economic development,” said Long Beach Mayor Robert Garcia in a statement. “Employers benefit from our low-cost business license tax rate structure, as well as streamlined and improved city services. Long Beach is also making it easier for businesses to find, train, and retain qualified employees.”
According to a release issued by the city today, employment in Long Beach has grown by 19,500 new payroll jobs since July 2010, reaching 223,000 as of last month.
The city cited high hopes for the creation of more jobs with the adoption of the Long Range Property Management Plan (LRPMP), a framework for disposing of real estate property that was formerly owned by the Long Beach Redevelopment Agency (RDA). According to the city, the sales of 30 such properties will be finalized by the end of the month, and another 15 properties are being marketed for sale, with eight currently mulling over pending offers.
“Since the approval of the LRPMP in March, the sales of properties valued in excess of $14 million have been authorized,” said Michael Conway, director of Economic and Property Development in a statement. “The sales serve as a strong catalyst for additional investment and development in our City. These activities are sure to create a multitude of permanent and temporary jobs.”