Greater Sacramento Region Recognized as a National Leader in Equitable Economic Growth by Brookings 2024 Metro Monitor Report
The region is #2 in the U.S. for largest decrease in relative poverty rate and #4 for economic inclusion
Sacramento, CA, April 09, 2024 (GLOBE NEWSWIRE) -- The 2024 Brookings Metro Rankings, analyzing 10-year economic performance of the country’s 54 largest metros through five key indicators – growth, prosperity, overall inclusion, racial inclusion and geographic inclusion – highlight the Greater Sacramento region's remarkable economic advancements. Where the region had three measures ranked outside of the top 35 in 2023, it is now in the top 20 for every measure in 2024.
In a remarkable advancement from the previous year, the region has improved its standings across several key areas:
· *Prosperity:* Prosperity has seen a substantial boost, moving up 11 places in the rankings from #28 in 2023 to #17 in 2024. Notably, the region now boasts the second highest decrease in relative poverty rate in the country (-5%), a testament to the region's improvements in economic equity.
· *Inclusion:* Inclusion has also seen significant improvements, with the region ranking #4 in the country. The median income in the region's underserved neighborhoods grew by *$7,232. *The racial employment gap rate decreased by 4.3% and the racial poverty gap decreased by 3.8%, showing the region’s progress toward reducing economic disparities across the region. The region is also now #3 for geographic inclusion (up from #14 in 2023).
· *Growth and Productivity:* A key highlight from the report is the growth of Sacramento's Gross Metropolitan Product (GMP), which has surged by *34.2%* from 2012 - 2022. This leap is supported by a 13.4% change in Metropolitan Statistical Area (MSA) productivity and a 14.8% increase in the average annual wage.
“What is outstanding about this data is that we are not only seeing incredible economic growth, but that we are growing in a way that creates equitable opportunities for the region’s residents, regardless of their background or zip code,” said Barry Broome, President & CEO of Greater Sacramento Economic Council (GSEC). “This progress is a testament to the work of the 40+ CEOs, 22 communities and higher educational institutions on GSEC’s Board of Directors, who have rallied around a shared vision for inclusive economic growth over the past nine years.”
Additionally, the region saw a *47.8%* increase in jobs at young firms during the same period, illustrating the profound impact of entrepreneurship and startups on employment and economic vitality in the region. Twelve billion dollars in growth capital has been invested in the region over the last five years.
These advancements mark a significant chapter in the region's economic evolution. From placing as the last metro in California to regaining all jobs lost during the 2008 recession, to emerging as the second-fastest major metro in the state and achieving full job recovery post-pandemic by 2022, this monumental turnaround highlights how, since its inception in 2015, GSEC and its Board have strengthened and diversified the economic foundation, improved the region’s overall competitive position and built a robust economy.
"These achievements underscore the region’s unwavering dedication to fostering an inclusive economy that elevates our position in national rankings. Sacramento State is proud to be at the forefront of promoting diversity, access, success, and excellence in every aspect of our institution," Sacramento State President Luke Wood said. “Sacramento State has the highest enrollment of Black/African American students among all the 23-campuses in the California State University system. Our university has also established the nation’s first-ever Black Honors College (BHC), which is an enhanced co-curricular college for students. Our region stands as a shining exemplar of accessibility and opportunity for everyone and will only continue to lead by example.”
The Greater Sacramento region is undergoing unprecedented economic momentum. In the past two years, it’s seen skyrocketing investment in its semiconductor industry, with Solidigm bringing its global headquarters to Rancho Cordova, Bosch investing $1.5 billion to establish its first U.S. chip manufacturing facility in Roseville and Samsung opening a semiconductor R&D office in Folsom. Additionally, the life science industry is expanding in the region with Orca Bio’s construction of an100,000-square-foot commercial facility in Sacramento and UC Davis’ $1.5 billion life science research park scheduled to open in 2025.
For more information, access the Brookings Metro Monitor Report: https://www.brookings.edu/articles/metro-monitor-2024/
*About the Greater Sacramento Economic Council*
The Greater Sacramento Economic Council is the catalyst for innovative growth strategies in the Capital Region of California. The organization spearheads community-led direction to retain, attract, grow and scale tradable sectors, develop advanced industries and create jobs and investment throughout a six-county region. Greater Sacramento represents a collaboration between local and state governments, market leaders, influencers, and stakeholders, with the sole mission of driving inclusive economic growth. The Greater Sacramento region was founded on discovery, built on leadership, and fueled by innovation.
CONTACT: Kayla Johnston
Greater Sacramento Economic Council
kjohnston@greatersacramento.com