Monday, July 20, 2015

How is Placer County measuring up with four important economic factors?

Population in Placer County:

The population of Placer County was estimated at 357,463 people as of the close of 2013.

The largest population center in Placer County is Auburn with 357,463 people. Roseville is next with 123,514, and unincorporated areas combined hold 109,739 people. Colfax is the smallest incorporated area in Placer, with only 1,969 residents.

Since 2003, the population of Placer County had grown 114.9%, with the largest increases in Roseville (31.3%) and Rocklin (26.5%). Since 2008, the population has grown 7.1% Loomis and Colfax are the slowest growing towns.

It’s estimated that by 2018, Placer County will have a population of 389,883 people, a 9.1% increase from its current mark. And by 2023, that number could be up to 420,187, a 17.5% increase.

Income in Placer County:

Per capita income in Placer County was $52,444 at the close of 2012. That represents a 33.9% increase since 2002 and an 8.4% increase since 2007. Those numbers are just about consistent with Sacramento income growth.

The median household income for Placer County was $70,30 as of the close of 2012, which is a modest 2.3% increase since 2007.

Projections show that Placer County income growth will continue to be positive and steady, with an anticipated 14.2% increase by 2017 for a $60,024 median, and a 22.4% increase by 2022 for a median household income of $64,337.

Employment in Placer County:

Placer County now has approximately 131,800 employed citizens, representing an increase from 120,700 employees in 2002, or a 9.2% rise. However, since 2007, Placer County has seen a -6.1% decrease in employed citizens. But that’s still better than the corresponding employment numbers for Sacramento, who experienced a -1.2% decrease since 2002, but a sharper -8.9% decrease since 2007. 

Since 2007, business growth has been most prominent in the fields of Agriculture (33.3%), Education and Health Services (29.1%). However, during that same time, Mining and Logging (-100%), Construction (-42.9%), and Manufacturing (-25.9%) saw rapid declines.

Employment projections for Placer County are still strong with an anticipated 21.7% increase to 160,464 jobs by 2017 and a 32.4% increase to 174,441 jobs by 2022.

The lion’s share of growth will be in certain industries such as education, health services, and utilities. In fact, it’s projected that by 2022, about 20% of employment will be in the Trade, Transportation, and Utilities field, and another 16% in Educational & Health Services.

Paralleled by employment numbers, unemployment in Placer County has remained lower than Sacramento averages. As of 2012, unemployment was 9.4%, which compares unfavorably to 2002’s 4.9% mark. But with the recession and real estate bust of 2008, unemployment rose to 6.4% in 2008 and an alarming 11.5% in 2010, so today’s numbers are a healthy reversal of that trend.

Real estate in Placer County:

In the 2000s, real estate sales in Placer County exploded, with many luxury new home divisions built. Currently, the median value of single-family homes in Placer is $404,900 and the median sale price is $380,250. Those numbers have risen about 5% in the last year, with stable appreciation and secure values with Placer County real estate. Houses for sale in Placer County only stay on market an average of 78 days.

Only 9.9% of homes in Placer have negative equity or are underwater, compared to the U.S. average of 16.9%. 79.9% of homeowners still have a mortgage in Placer County, with just over 20% owning their homes free and clear.

The homeownership rate in Placer County is 70.6%, with 27% of residents renting. There are currently 26.2% more housing units than existed in 2002 and 4.8% more than in 2008.

Home sales in Placer County are expected to stay hot over the next year with values increasing steadily, based on market factors and the desirability of living in the area.

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