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Sunday, September 09, 2012

LA Times: Boom Time in Bakersfield

by Calculated Risk on 9/09/2012 09:33:00 AM

Coastal California is doing better. And some inland areas are improving (I've mentioned the turnaround in Temecula before - one of the hardest hit areas during the recession). Here is another area doing better ...

From the LA Times: Many signs point to a Bakersfield boom

The state's economic recovery has largely been concentrated on the coast, leaving behind much of the hard-hit San Joaquin Valley. But Bakersfield, perhaps best known for oil, agriculture and country music, has reclaimed an old title: boomtown.

Bakersfield has been adding population and jobs at a brisk pace and is a few thousand jobs from matching its peak employment level of five years ago. ... Employment has grown across many sectors, including manufacturing. Even construction, which suffered mightily statewide during the housing bust, has strengthened. And unlike many struggling municipalities, in Kern County officials have recommended a budget increase that would allow hiring of more than 150 people.
High energy prices have really helped Bakersfield, but it appears the entire economy is growing.

Summary for Week Ending Sept 7th
Schedule for Week of Sept 9th
Analysis: I expect QE3 on Sept 13th