Skills Gap Could Dampen Sacramento Job Growth
The Sacramento area economy is strong, and there aren't signs of an upcoming recession. That was one of the takeaways from the 2020 Economic Forecast, presented this week at Sacramento State by the Sacramento Business Review and the Sacramento Business Journal. The Sacramento Business Review is a report compiled by 17 local researchers and financial analysts.
"The report says that even though job growth has slowed, we're still seeing the best labor market in more than 50 years," says Sonya Sorich with the Sacramento Business Journal. "It's an especially good time for people who work in construction. Coffey Building Group in El Dorado Hills, for example, apparently has over a three-year backlog for new projects."
Among local industries, construction had the fastest rate of job growth from the third quarter of 2018 through the third quarter of 2019.
It appears, however, that many business leaders are worried about a skills gap. This is particularly relevant for the fastest-growing sectors, including construction, manufacturing and health care. Construction firms are having a hard time finding enough project managers for all the work that's out there.
The Business Review found that skills gaps are at their highest levels since 2017, and business leaders cite potential talent shortages and struggles to find qualified workers among the top five issues having a significant impact. Even though talent shortages and skills gaps aren't new issues, they could eventually dampen growth for the local economy.
New Construction At Sacramento Malls
In South Sacramento, demolition work has started on the north end of Fruitridge Shopping Center at Stockton Boulevard and Fruitridge Road. Sorich says it's part of a redevelopment project.
“The redevelopment plans include a new Starbucks store, a new CVS Pharmacy and a new retail building for multiple tenants,” says Sorich. “We don't yet know which tenants will fill that building."
Alonzo's Mexican and American Food, a restaurant that was previously in the north end of Fruitridge Shopping Center, relocated within the center. Meanwhile, Country Club Centre in Sacramento's Arden-Arcade area is also going through some changes. Construction crews are building a Costco Business Center at the southwest corner of Watt and El Camino avenues, a store that will cater to business customers and industries like food services.
Fieldwork Brewing Expands Midtown Site
Berkeley-based Fieldwork Brewing Company plans to expand its location in Midtown Sacramento on Capital Avenue near 18th Street. Sorich says the craft brewery will take over a neighboring space previously occupied by The Press Bistro, a restaurant that recently closed.
"With the expansion on Capitol Avenue, Fieldwork will increase the size of its interior space, as well as its outdoor patio,” says Sorich. “After opening the expanded taproom in midtown, Fieldwork also expects to debut a food menu."
The project is scheduled to be finished by early spring. The taproom will stay open during the expansion and redesign.
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