Millennial migration, growing graduate population and cost of living drive new and expanded business opportunities for the region
(From Press Release – GSEC) – Greater Sacramento Economic Council (GSEC) and CBRE today released the first-ever Greater Sacramento Talent Story report, indicating a robust talent pool and educational pipeline, and that Greater Sacramento is poised become the primary location for businesses of any capacity.
“The findings of this report demonstrate the amount of valuable talent that is available to businesses looking to expand or relocate to the Sacramento region,” said Barry Broome, president and CEO of the Greater Sacramento Economic Council. “Sacramento isn’t just a government town anymore – the city and region increasingly offers a young, educated workforce, as well as significant cost-savings that give businesses the tools they need to grow and flourish.”
“The Greater Sacramento Talent Story,” which reveals key insights on the region’s evolving workforce and assets, indicates that Greater Sacramento’s burgeoning talent base is an opportunity for employers and individuals alike. Highlights include:
- Greater Sacramento’s amenities, lower cost of living, available job opportunities and proximity to local attractions are driving high levels of inbound migration, particularly among millennials. Sacramento saw a net gain of 6,680 millennials last year, making it the third most popular city in the nation for millennial migration.
- Greater Sacramento is outpacing California and the U.S. in the growth of highly qualified workers, as residents with a bachelor’s degree or higher has increased by 9% in the past five years.
- Greater Sacramento leads the nation in the number of women-founded businesses, tied with Los Angeles at 25%.
- Sacramento was named No. 6 among the top-ranked small tech markets out of 50 major markets in North America.
- 53% of the graduate population in Greater Sacramento has STEM degrees, making it No. 5 in the West, and No. 8 among the largest 50 Metropolitan Statistical Areas in the country.
“Greater Sacramento is set up for growth in so many ways,” said Lisa Stanley, First Vice President in CBRE’s Sacramento office. “The strong labor pool, investment opportunities, quality of life, connectivity to the Bay Area — all of these factors make the region an underrated destination for workers and employers alike.”
The report also features testimonials from local business leaders, case studies, assets to residents and more, providing an in-depth look at why businesses are increasingly choosing to relocate and expand to the greater Sacramento region, why talent is moving in, and why 42% of local college graduates stay in the region.
“Our instructors are in regular contact with local industry leaders to ensure we’re able to identify workforce needs and that our programs prepare our students for the jobs of today and the future,” said Brian King, chancellor of the Los Rios Community College District. “The students in Greater Sacramento have resources, programs and advisors at their fingertips that provide them with the tools they need to be high-value members of the local workforce when they graduate.”
The full-length “The Greater Sacramento Talent Story,” can be requested here, or emailed upon request.
Other findings of interest – the report by the Greater Sacramento Economic Council and CBRE that provides compelling data demonstrating the Sacramento region’s growth in the California landscape, as well as the benefits and amenities offered by cities in the region, such as Davis, that offer unique assets for a wide variety of audiences. Some of the highlights of the report include:
- UC Davis: 56% of UC Davis undergraduates are enrolled in STEM majors.
- Women-Founded Businesses: 25% of all businesses in Greater Sacramnto are founded by women, which makes the Greater Sacramento region the leading region (tied with Los Angeles) in the nation for the number of Women-Founded Businesses.
- Millennial Migration: Sacramento saw a net gain of 6,680 millennials last year, making it the third most popular city in the nation for millennials.
- Increases in Higher Education: Those with a bachelor’s degree or higher has increased by 9% in the past five years, demonstrating faster-paced growth compared to California (7%) and the U.S (6%).
- Strong STEM/Tech workforce: Sacramento was named No. 6 among the top-ranked small tech markets out of 50 major markets in North America, with 53% of the graduate population in Greater Sacramento having STEM degrees