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Sacramento Job Loss: Fifth Worst In Country

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Jul 28, 2010 11:08 pm US/Pacific

Sacramento Job Loss: Fifth Worst In Country

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SACRAMENTO (CBS13) ―

Click to enlarge 1 of 1: (File Photo)

The Sacramento region has lost 84,000 thousand private sector jobs in the past five years, the fifth-worst record in the country.

The 13 percent reduction in private jobs has hit the construction and finance industries the hardest. Like banks, insurance companies and accountants have all taken an economic beating.

The sudden drop in construction jobs in the wake of the housing collapse has left open fields where new neighborhoods were planned, forcing many companies and small businesses to scale back.

Mike Meehan said he had five people working for his business last year, but M&M Services is now a one-man operation.

"Those people are depending on you to put money into their household and it's hard to do," Meehan said.

Economist Dr. Sanjay Varshney says the Capitol City is seen as guilty by association -- tarnished by the black eye on big government.

"While the rest of the country is recovering well, we are not," Dr. Varshney said. "Right now, when Sacramento makes national headlines, it's usually for the wrong reasons. Usually for politics, for gridlock."

Dr. Varshey says the name of Sacramento alone is symbolic of gridlocked government and greedy politicians, scaring away entrepreneurs.

Only 30 companies in Sacramento employ more than 1,000 people, so the family-run shops and the government are the region's biggest employers, and both sectors are feeling bleak.

The four regions of the country hit harder than Sacramento are:
#4 – Miami-Fort Lauderdale
#3 – Chicago
#2 – Detroit
#1 – Los Angeles

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