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Mission economy gaining ground in ’14

MEDC-logoA cross section of economic indicators in Mission are showing that the city is bouncing back from the recession with steady growth, job creation, stronger retails sales and more residential construction.

Through the first half of 2014, unemployment is down over last year and has dropped to its lowest point on average since 2008. Mission’s retail stores and restaurants are humming this year and the city stands to have its biggest year yet for retail. On construction, residential building is a bright spot and through the first six months, it’s the busiest in three years.

The Mission Economic Development Corporation and the City of Mission have worked together for years to draw more business to the city and to grow from within. In 2014, MEDC CEO Alex Meade, said that “as the economy begins to turnaround, businesses are seeking to expand”.

“The City of Mission is very pro-business and pro-growth, and with the economy getting stronger, we are perfectly situated to take advantage of it,” said Meade. “Due to the city’s quality of life and school districts, people keep choosing Mission to buy and build new homes.”

Meade said that Mission, the Valley’s third largest city (according to U.S. Census 2013 population estimates), is poised for more growth.

Through the first seven months of 2014, Mission is averaging 7.6 percent unemployment with June and July – typically the highest for the year – already done. It was the lowest first seven months for unemployment since 2008, six years ago.

In addition, in March, Mission topped more than 30,000 people employed in the City – the most ever.  Five years ago, Mission had about 5,000 fewer people employed in the city (25,309). In March 2005 just 22,900 were working in Mission. Every year, more jobs have been added in the city.

And while unemployment has fallen, retail sales are up. Through the first eight months of the year, Mission is averaging about $1.3 million in monthly retail sales tax allocations, which puts the city on track to improve over the last two years if sales continue at the same pace. May’s $1.579 million retail sales tax allocation was the city’s highest ever for a single month (actual sales took place in March).

Similarly, through the year’s first six months, the city’s $21.5 million in residential building is the highest since 2011.

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