As published in Scotsman Guide's Commercial Edition, August 2009.
Although more than half of the 5,000 job cuts that Gov. Arnold Schwarzenegger proposed for California's state workers this past May are expected to be in Sacramento, the city's major developments don't appear to be slowing down.
What the Locals Say _____________________________________
"Until [the job cuts] occur, it's hard to predict to what degree they will affect the office market. As a result of job cuts, though, the retail market will continue to struggle."
— Jeff Glenn, managing director, Barry S. Slatt Mortgage Co.
In fact, two large infill-development projects broke ground in just the past few months — the 240-acre Railyards project and the 65-acre Township 9, both near downtown and the Sacramento River. Both are mixed-use developments that are primarily privately funded. They will include housing, retail shops, office buildings and entertainment facilities.
The Railyards project — said to be on the region's largest urban infill — likely will double the size of downtown, according to city officials. The project, which is projected to take 20 years to complete, also recently received federal funding to help relocate rail tracks and build an intermodal transportation facility, according to the Sacramento Business Journal.
These developments are expected to benefit Sacramento far into the future. In the interim, however, how the capital city pulls out of the recession and how its office market handles the financial crisis are worth watching.
↑ Population: 460,242
Population in 2000: 407,018
Rank (U.S.): 37th-largest
Metropolitan-area population: 2.1 million
Metropolitan-area rank: 26th-largest
↓ Average commute: 23.3 minutes
Average commute in 2000: 23.4 minutes
U.S: 25.3 minutes
↑ Median household income: $49,847
Median household income in 2000: $37,049
↑ Median age: 33.6 years
Median age in 2000: 32.8 years
U.S.: 36.7 years
↑ Unemployment (April): 12.7 percent
Unemployment in April 2008: 7 percent
U.S.: 8.9 percent
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