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Figure 47:Employment in Redwood City <br />102.5 <br />107.6 <br />103.2 <br />113.5 <br />103.8 <br />114.2 <br />70 <br />80 <br />90 <br />100 <br />110 <br />Index = 100 in 20152000 2005 2010 2015 2020 <br />Year: Forecast Window - 2017 to 2021 <br />California - Actual Forecast <br />San Mateo County - Actual Forecast <br />Redwood City - Actual Forecast <br />Table 9. Employment Forecast (# of Jobs in Redwood City) <br />Forecast <br />2016 2017 2018 2019 2020 2021 <br />Total Employment 60,955 62,662 64,228 65,705 66,362 67,026 <br />Source: City of Redwood City, California Board of Equalization, <br />and CA Department of Finance <br />As can be seen in the figure, the San Mateo County and Redwood City estimates before 2014 <br />tracked each other closely. Matching the current forecast from EDD for Redwood City is a good <br />indicator of the employment level for the city’s economy. Given the recent increase in the per- <br />centage of the County’s employment that is Redwood City, notice that at the end of the forecast <br />window, Redwood City’s non-farm employment level rises slightly more quickly than the County <br />overall. <br />Summary <br />The forecasts show three key conclusions for Redwood City: <br />1.The employment and sales tax forecasts follow forecasts for the state and county economies, <br />and also show no recession as of 2021; <br />2.The property tax forecasts show no significant slowdown in home prices or commercial real <br />estate values between 2017 and 2021; and <br />3.These forecasts depend critically on a smooth path of national and state gross product/personal <br />income growth, interest rate stability during a slow escalation and continued demand for living <br />and working in San Mateo County tied to the greater Bay Area’s economic growth. <br />References <br />•Bureau of Economic Analysis: “Local Area Personal Income”, accessed at https://www.bea.gov/ <br />newsreleases/regional/lapi/lapi_newsrelease.htm <br />•Bureau of Labor Statistics: “Quarterly Census of Employment and Wages”, accessed at https: <br />//www.bls.gov/cew/ <br />30