Sacramento Economy 2024

Sacramento Economic Data January 2024

Many people who think Sacramento is a "small town" are unaware it has the 30th biggest economy in the United States. This SacTV Riverside chat reviews GDP stats for Sacramento and other California cities. It gives an overview of local wealth and employment, as about a third of the workforce is employed by some level of government. Alex shares experience on how radio and media help local business.
Sacramento Economy 2023
Mark McDonough Update: Q4 Increasing Homes Back on the Market

Real estate expert Mark McDonough (11/9/23) updates real estate researchers how the current Sacramento housing market is facing canceled contracts, leading to growing inventory. One reason for dropped buy offers is that many Sacramentans are choosing to rent rather than purchase property. Although the cost to rent is high compared to five years ago, it's still lower cost than buying a home. It's also typical for the housing market to cool off approaching the holidays.

Newsom Raises Fast Food Worker Wage to $20/Hr

Governor Gavin Newom signed a law in September 2023 that raises the minimum wage of fast food workers in California to $20 an hour, as reported by KCRA News. The new law takes effect April 1, 2024. It's not clear if the immediate shut down of Jack in The Box on Arden and Watt was a reaction to the new law. One source claimed it was due to security reasons. When the law takes effect, California fast food workers will be among the highest paid in the nation for their industry.

Tai Restaurant Temporarily Closes After Health Inspection

KCRA News reports in September 2023 that East Sacramento restaurant Tai The House of Authentic Ingredients on H Street has temporarily suspended operations following an inspection by county officials. The inspectors found cockroaches and other health issues that warranted the shutdown, according to the Sacramento County Environmental Management Department. Ken Casparis, spokesperson for the department, says only 1 percent of establishments inspected get shut down. Restaurant co-owner Ann Devahasdin offers a sincere apology to patrons.

Summer 2023: Disruptions in the Sacramento Housing Market

Sacramento real estate expert Sam Golovey of Golovey Real Estate discusses drastic changes in the local real estate market, updated in July 2023. He displays an inventory graph on homes for sale, homes sold and pending sales throughout 2022 and the first half of 2023. It reveals that inventory has increased over five of the first six months of 2023. Even so, Sam points out, inventory is still lower than the previous June.

Sacramento County Board of Supervisors Meeting on Metro Cable 14

Here's a one-hour meeting of the Sacramento County Board of Supervisors held April 19, 2023, carried on Metro Cable 14. The meeting, led by County Supervisor (District 3) Chair Rich Desmond, allowed for public forum about homeless people living on the American River Parkway. The speakers include homeless people complaining about their treatment by local authorities. The second agenda item was a discussion on the jail population reduction plan, capital projects and related issues.

Sacramento Economy 2022
Sacramento Housing Market Cools Off

The Sacramento housing market has cooled off considerably in the summer of 2022 compared with last year's buying frenzy. This CBS Sacramento report explains how the housing market has taken a major turn from last summer when buyers were paying up to 3 percent above the ask price. At that time homes spent an average of 12 days on the market. This summer homes have been selling for 2 percent below the ask price with an average of 33 days on the market. A similar trend of sellers dropping home prices has occurred in the San Francisco Bay Area this year. A key reason for the slowdown has been mortgage rates doubling.

Evictions Rise as Rent Prices Fall

Sacramento rent prices have declined in spring 2022, as reported by KCRA News. The station interviewed property managers who say rental decreases are only temporary for a period of a few months. That's the amount of time it will take for property managers to process evictions, which sometimes take up to 12 weeks. After COVID relief on rent expired 03/31/22, eviction notices began to spike as many tenants were unable to pay rent. The average rent for an apartment in Sacramento is nearly $1,800.

Downtown Housing Projects Underway

This Sacramento Bee video shows images of a planned Downtown housing development on J Street between 10th & 11th Streets. Called Cathedral Square, this project will contain over 150 residential units to be completed by 2023. Another complex will be located at the 1500 block of S Street. It will be an 8-story facility with 137 apartment units.

Sacramento Faces Cost of Living Crisis

Californians will be disposing food waste into green waste bins after a new organic waste law goes into effect in 2022. The law seeks to lower organic waste in landfills by 75% within five years. CBS Sacramento reports citizens should wait until instructed by local officals. The City of Sacramento will roll out its organic recycling plant in the summer of 2022. California still has about 300 landfills, but only 55 remain in operation.

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