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Receive a report on the Solano County 2024 Index of Economic and Community Progress
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Published Notice Required? Yes ____ No _X _
Public Hearing Required? Yes ____ No _X _
DEPARTMENTAL RECOMMENDATION:
It is recommended the Board of Supervisors receive a report on the Solano County 2024 Index of Economic and Community Progress.
SUMMARY:
The 2024 Solano County Index of Economic and Community Progress was developed by Dr. Robert Eyler, President of Economic Forensics and Analytics in Petaluma, in collaboration with the County Administrator’s Office and the Solano Economic Development Corporation. Now in its 17th edition, the Index, commissioned by the Board of Supervisors, tracks key economic and community indicators shaping Solano County’s future. It provides valuable insights into the local labor market, business and income trends, population changes, educational attainment, and workforce readiness. The full report is available on the Solano County website under Government/County Administrator’s Office/Financial Documents/Economic Index.
FINANCIAL IMPACT:
The cost to develop the report is $25,000 and is included in the County Administrator’s Promotion FY2024/25 Working Budget. The cost to prepare the agenda item is nominal and included in the County Administrator’s FY2024/25 Working Budget.
DISCUSSION:
The Solano County Index of Economic and Community Progress was launched in 2007 following a series of economic summits sponsored by the Board of Supervisors. These meetings underscored the need for reliable, data-driven insights to support strategic planning and long-term economic development by both public and private sector leaders. Three comprehensive editions of the Index were produced in 2008, 2009, and 2010 by Collaborative Economics in partnership with the County of Solano and the Solano Economic Development Corporation. The County Administrator’s Office compiled the reports for 2011 and 2012. In 2012, Dr. Robert Eyler of Economic Forensics and Analytics reviewed the Index and was subsequently retained to author the reports from 2013 through 2024.
The 2024 edition includes detailed data and analysis on labor markets, income, cost of living, inflation, and other key economic trends. While job growth in Solano County continued into 2024, it is occurring at a slower pace compared to 2023. The Index uses 2019 as a benchmark year. As of 2024, the County's labor force exceeds pre-pandemic levels by roughly 800 workers, and projections indicate continued growth through 2030.
Although inflation has eased, wages have continued to rise across Solano County, California, and neighboring regions, increasing residents' overall purchasing power. However, unemployment has ticked upward due to a slower rate of hiring relative to new workforce entrants. Solano County added 1,000 employed residents and employers filled 1,600 new positions in 2024, yet the County’s unemployment rate rose to 5.0%, up from 4.4% in 2023. By comparison, California’s statewide unemployment rate rose to 5.3% in 2024, up from 4.7% the year prior. Housing prices in Solano County are projected to decline slightly more than the statewide average through March 2026, with a forecasted drop of approximately 3.2% compared to California’s 2.1% decrease.
The following are key highlights from the 2024 Index of Economic and Community Progress, which will be explored in greater detail in the full report and during the presentation to the Board of Supervisors on June 24, 2025, including:
Key Highlights from the 2024 Index
Our Changing Economy:
• Solano County employers hired 1,600 more workers (farm and non-farm) in 2024, a 1.1 percent change from 2023, to 145,700 payroll workers.
• Solano County’s labor force increased by 2,300 workers in 2024, now 800 more than 2019.
• 205,600 Solano County residents were employed in 2024, 1,000 more than in 2023 after data revisions.
• Solano County’s unemployment rate was up slightly to 5.0 percent for 2024 on average (unemployment was 4.4 percent on average in 2023 after data revisions in April 2025).
• Job gains in 2024 were primarily in healthcare, local government, and manufacturing; construction, restaurants and retail jobs decreased.
• Industry jobs focused on customers outside Solano County (“base” industries) increased by approximately 248 jobs in 2024 compared with 2019; locally serving jobs fell by 2,267.
• Based on the most recent data, inflation-adjusted (2017 dollars) gross product in Solano County increased by 3.2 percent in 2023 (the latest data), similar to the state and national economies.
• Solano County’s personal income per capita increased in 2023 by $1,063 (+2.1 percent) as inflation began to fall in 2023; median household income in Solano County fell slightly in 2023 versus 2022 to $79,041 in 2017 dollars (-0.94%).
• Solano County median wages for local workers increased in 2025 from 2024 by $1.76 and $0.11 more than the statewide median wage.
• Poverty rates among Solano County residents increased in 2023 (the latest data) based on five-year averages, to approximately 9.7 percent of residents (9.0 percent in 2022).
• Cost of living in Solano County was estimated to rise by 2.2 percent in 2023 (the latest data), slightly less than state and national averages.
• Agricultural values for Solano County farmers increased quickly in 2023 (the latest data) by 17.7 percent to a record-high level (over $460 million).
• Social equity metrics were mixed in 2023 based on five-year averages due to continued inflation effects, affecting Solano County’s African American communities more than others.
Our Changing Community:
• Solano County’s population decreased by 127 in 2024 (-0.03 percent from 2023) to 449,839 after revisions in April 2025.
• In the 2023-2024 academic year (AY), Solano County’s high-school graduation rate decreased from the previous AY to 87.7 percent; Solano County’s graduation rate remained slightly higher than the state average (which also increased).
• In 2024, Solano County’s median housing price increased 1.1 percent to just over $602,000; housing affordability increased slightly in 2023.
• As of March 2025, housing prices were forecast to fall approximately 3.2 percent in Solano County through March 2026.
• 1,670 building permits were issued for new houses in fiscal year 2023-24, more than in fiscal year 2022-23 and continued progress toward regional goals.
• Approximately 565,000 square feet of commercial space was permitted during fiscal year 2023-24, a quick decrease after a record fiscal year in 2022-23.
• In 2023, the estimated average commute time in Solano County was 31.8 minutes, nearly a minute shorter than 2022 based on five-year averages; Solano County still ranks among the highest in the state for commute duration, with the 49th longest median travel time to work out of California’s 58 counties.
• The total assessed property value in Solano County increased to over $73.9 billion in fiscal year 2023-24, while taxable sales decreased after inflation adjustments in calendar year 2024 by -2.3 percent.
ALTERNATIVES:
The Board could choose not to receive this report; however, this is not recommended as this is an opportunity for the Board to learn about the economic indicators shaping the local economy.
OTHER AGENCY INVOLVEMENT:
The Index was prepared by the County Administrator’s Office in partnership with the Solano Economic Development Corporation (Solano EDC).
CAO RECOMMENDATION:
APPROVE DEPARTMENTAL RECOMMENDATION