California Continues Stable Economic Growth, Adds More Than 28,000 New Jobs
SACRAMENTO – In a return to pre-pandemic norms of stable job growth, California added 28,300 new jobs in March – the state’s seventh job gain in the last eight months. Seven of California’s major industry sectors gained jobs in March, while the unemployment rate remained unchanged.
March 2024 by the Numbers:
- California added 28,300 jobs in March – the state’s seventh job gain in the last eight months.
- Seven of California’s major industries added jobs in March, led by the private education and health services sector.
- Over the eight-month period from July 2023 through March 2024, California saw a net gain of 205,200 jobs–an average gain of 25,700 jobs per month.
- California’s jobs market expansion turned 47 months old in March and the state added 3,062,700 nonfarm jobs from April 2020 through March 2024, boosting total nonfarm employment 319,200 (1.8 percent) jobs above its pre-pandemic peak in February 2020.
- The unemployment rate remained unchanged at 5.3 percent, which is in line with the state’s 5 percent average prior to the pandemic (2015-2019) and follows unemployment levels falling to historic lows during the post-pandemic recovery.
ICYMI:
- Unemployment insurance claims are down, company layoff notices are down, and California remains the world’s fifth largest economy—overperforming all but a handful of the world’s largest countries.
- California, which has the most equitable tax system in the entire country, is #1 in the nation for new business starts, #1 for access to venture capital funding, and #1 for tourism spending.
- Earlier this week, the Anaheim City Council voted unanimously in favor of the Walt Disney Company’s $1.9 billion DisneylandForward plan, which is estimated to generate $3.6 billion in economic output and create over 7,800 jobs over four years through new construction in California. Read Governor Newsom’s statement here.
About GO-Biz
The Governor’s Office of Business and Economic Development (GO-Biz) serves as the State of California’s leader for job growth and economic development efforts. GO-Biz offers a range of services to business owners including: attraction, retention and expansion services, site selection, permit streamlining, clearing of regulatory hurdles, small business assistance, international trade development, assistance with state government, and much more. For more information visit the GO-Biz website.
