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According to City officials, Long Beach has hit a new milestone: its unemployment rate has reached a six-year low, dropping to 8.4% as of April of this year.

The rate is just slightly ahead of the state’s current unemployment rate which sits at 7.8% (which also represents the best the state has been since September of 2008).

The City’s significant growth—up 15,600 workers from July of 2010, when Long Beach’s unemployment rate peaked at a staggering 14.6%—is largely credited with the decrease. Additionally, massive projects such as the Douglas Park industrial expansion, Molina Healthcare’s new Pine Avenue homes, the Deukmejian Courthouse, and the expansion of Hooman Toyota are also credited with helping the unemployment rate fall.

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“Everywhere you look, economic progress is happening in Long Beach, so it’s no surprise the unemployment rate is dropping so quickly,” said Mayor Bob Foster in a press release. “Our focus on creating unique partnerships between our nine Business Improvement Districts, our Convention and Visitors Bureau, the Mayor’s Office, the Office of Business & Property Development, and City departments facilitates not only major initiatives, but actively engages with small and mid-size businesses to help them invest and grow.”

Though there is criticism in regard to how the city approaches economic development, Director of Business and Property Development Mike Conway noted and praised the city’s “holistic approach” to economic development where there is a single belief: that every employee in the City has a role in expanding the economy

“We have embedded the objectives of economic development within all City staff, underscoring a business-friendly approach to decision making. This less traditional model is performing well,” said Conway. “From offering one of the lowest business tax structures to our new and improved streamlined permitting, Long Beach has a tremendous amount to offer the business community, and the results speak for themselves.”

The rate could very well continue to drop, as the Gerald Desmond Bridge project is expected to create 4,000 jobs over the next five years, the Middle Harbor project is expected to bring in 1,000 jobs during its nine-year construction plan and 14,000 permanent jobs once completed, and Mercedes-Benz, once it establishes its Long Beach headquarters, will also bring in an influx of jobs with its recent acquisition of 1.1M sq. ft. of industrial space at Boeing’s former 717 facility.

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