BAKERSFIELD, Calif — New data of Economic Analysis shows Kern County's economy grew by 5.2%, surpassing the state's 2.0% growth rate.
- Kern County's economy grew by 5.2% from 2022 to 2023.
- This growth rate is significantly higher than the state's growth rate of 2.0%.
- The economic growth in Kern County is seen as a positive sign for local businesses.
- Experts attribute the growth to a boom in the local agriculture and energy sectors.
For your convenience, the skimmable summary above is generated with the assistance of AI and fact checked by our team prior to publication. Read the full story as originally reported below.
BROADCAST TRANSCRIPT:
If you’ve been in Southwest Bakersfield, you may have noticed this new restaurant, The Vault, and it’s one of many that have opened in the last couple of years. According to the Kern County Economic Development Foundation, there are more job opportunities in the county than ever.
There’s good news to share! According to Kern County Economic Development Corporation, our economy grew by 5.2% during the years 2022 and 2023 in comparison to 2021-2022 numbers of negative -3.8%.
They also say the local growth is greater than the state and national average. The national average is 2.9%, meanwhile California is 2.0%.
CSUB Economics Professor Dr. Nyakundi Michieka says the last time we saw an increase this big was 2011-2012 when the Gross Domestic Product increased to 9.2%. “This 5.2% increase is a large increase in GDP compared to what we’ve been seeing for the last 10 years. The last 10 years, we averaged—if you took all the GDP growths year to year from 2013 to 2023—right around now, you’ll find it grew at an average of 0.6%.” Dr. Nyakundi said.
Richard Chapman is the CEO and President of the Kern EDC, and he says it’s important to keep our employees and businesses local. “You know, focus on promoting the region as a pro-business area, but also that we have the workforce available to meet the needs of both existing businesses as well as future businesses.” Chapman said.
Dr. Michieka says that it’s also important to buy local, and support and invest in local companies. “Businesses who are looking to come into the county can see that this is a region that’s actually growing, that’s doing well, so that also increases the possibility or likelihood of folks moving their business here, and those who are here to start businesses as well.” He said.
Despite setbacks in recent years, the experts say oil and gas are doing well in Kern County as of 2022-23. Other sectors performing well are mining, retail, and healthcare services. However, construction and utilities are underperforming for now.
The Kern County Economic Summit will be on May 1st.
Stay in Touch with Us Anytime, Anywhere:
