Methodology & Data Sources

The Shasta County Key Economic Indicators contain a broad group of measures that can be used to assess the economic performance and competitiveness of the County. Rather than the traditional leading, coincident, and lagging classification systems, the Economic Indicators are grouped under 4 broad categories measuring economic change in the County along with key factors gauging the area’s future competitiveness:

Productivity

Gross Regional Product

Data is from US Bureau of Economic Analysis, Gross Domestic Product (GDP) by Metropolitan Area, All Industry Total, current dollars. The change in this indicator is calculated from the prior year. Data is published annually generally about 9 months following the end of the year. Additional detail is available by industry and for real GDP.

GDP is defined by the Bureau as: Gross domestic product (GDP) by metropolitan area- Gross domestic product (GDP) by metropolitan area is the measure of the market value of all final goods and services produced within a metropolitan area in a particular period of time. In concept, an industry's GDP by metropolitan area, referred to as its "value added", is equivalent to its gross output (sales or receipts and other operating income, commodity taxes, and inventory change) minus its intermediate inputs (consumption of goods and services purchased from other U.S. industries or imported).

Unemployment Rate

Unemployment rate is for civilian labor force, age 16 and over. Data source is Employment Development Department. The data is not seasonally adjusted; the change in this indicator is calculated from the change from the same month in the prior year to adjust for seasonal factors.

The unemployment rate is calculated by the Department by dividing the number of unemployed by the total labor force, as defined by the Department:

• Civilian Labor Force is the sum of civilian employment and civilian unemployment. Civilians, as defined, are age 16 years or older, not members of the Armed Services, and are not in institutions such as prisons, mental hospitals, or nursing homes.
  
  
• Civilian Unemployment includes those individuals who were not working but were able, available, and actively looking for work during the week including the 12th of the month. Individuals who were waiting to be recalled from a layoff, and individuals waiting to report to a new job within 30 days were also considered to be unemployed.
  
  
• Unemployment Rate is the number of unemployed as a percentage of the labor force.
  
  

Non-Residential Permits

The Indicator shows the value of building permits issued for non-residential construction, consisting of hotels and motels, non-housekeeping shelter, recreational, churches, industrial, parking garages, service stations, hospitals, offices, public works, schools/education, retail, other non-residential buildings, structures other than buildings, non-residential alterations, and residential garages. This indicator consequently measures the expansion of business and community infrastructure within the county. Data is from California Homebuilding Foundation. The CHF data is derived from a comprehensive monthly survey of local building departments.

While the CHF data is available monthly, the Indicator value is shown quarterly to provide a more stable comparison base. The change in the Indicator value is calculated as the change from the same quarter in the prior year.

Labor Force per 100k

Provides a comparative measure of labor availability in the county. The indicator is calculated using the labor force data from Employment Development Department and monthly estimates derived from the annual Department of Finance population estimates and projections. Change in the indicator value is calculated as the change from the same month in the prior year.

Number of Establishments per 100k

As a measure of entrepreneurial and overall business activity within the county, this indication measures the number of total establishments within the county. Data is from the Quarterly Census of Employment & Wages and quarterly estimates derived from the annual Department of Finance population estimates and projections. Individual businesses may operate one or multiple establishments, either at different locations or at the same location. The change in the Indicator value is calculated as the change from the same quarter in the prior year.

Labor Force Participation

This indicator shows the extent to which persons aged 16 and over are entering or leaving the labor force. To the extent the participation rate is declining (i.e., persons are leaving the labor force), the official unemployment rate masks the extent of true unemployment. These are person-based measures, where a person is counted as based on their place of residence rather than place of work.

The data sources consist of the official participation rates published by the US Bureau of Labor Statistics for California, and the participation rates estimated for Shasta County based on the published labor force numbers and the most current population estimates (age 16+) from Department of Finance. Both data series are not seasonally adjusted. The participation rate estimated for Shasta is adjusted to account for institutional and Armed Forces population using factors derived from the California population numbers.

The change in the indicator value is calculated as the percentage change from the previous month.

Quality of Life

Home Price vs. CA Avg.

Average home price is shown as an index calculated from the ratio of the quarterly average home price to the quarterly average US home price. This index shows the relative cost of Shasta County homes (as percent above (+) or below (-) the California average) compared to the California average. For example, an Index number of 58.0 indicates that County homes on average were 58% higher than the California average during the specified period.

Data is from a subscription to the DQNews data base. The change in the indicator value is calculated as the absolute change (number of percentage points) from the previous quarter.

Average Annual Wage

Wage data is taken from the Quarterly Census of Employment and Wages, as the average annual wage for all employment. Data is shown as the equivalent annual wage based on weekly wages paid in each quarter. The change in the indicator value is calculated as the percentage change from the same quarter in the prior year.

Airport Passengers

Data shows the number of passengers through the Shasta Airport by quarter. Data is provided by by the Airport. To adjust for seasonal factors, the change is calculated from the same quarter in the prior year.

Zillow Home Value Index: Single Family Homes

Median value of single family homes from the Zillow Home Value Index (ZHVI). The value is based on sales prices and estimated sales price for all homes within the Zillow database. Provides a more consistent median value less affected by changing composition of homes actually sold. Change is calculated from the prior month. This data is updated frequently, including revisions to prior months.

Commute Time To Work

Percentage of commuters spending 30 minutes or more commuting (one way). Data is from the ACS 5-year survey results, generally published at the end of each year for the prior year. Change is calculated from the prior year.

Owner Occupied Housing

Percentage of all units that are owner-occupied. Data is from the ACS 5-year survey results, generally published at the end of each year for the prior year. Change is calculated from the prior year.

Local Industry

Data for the six Industry Clusters shows quarterly average employment and the equivalent average annual wage for each cluster, taken from the Quarterly Census of Employment & Wages data. To address seasonal factors, the change in each value is calculated from the same quarter in the prior year. The NAICS industries covered by each of the six clusters is shown below.

Travel & Tourism does not include the local government portion of NAICS 71, Arts, Entertainment, and Recreation due to data nondisclosure issues with the tribal gaming establishments.

Travel & Tourism

Health Care

Retail Trade

Forestry & Forestry Products

Manufacturing

Engineering & Design

Workforce Preparedness

K-12 Math Proficiency

The Indicator is the percent of county students in grades 2-11 testing at the proficient level or above on the Smarter Balanced Assessment System through the California Center for Jobs & the Economy analysis of the Department of Education. data. The change in the indicator value is calculated as the percentage change from the previous year.

K-12 English Proficiency

The Indicator is the percent of county students in grades 2-11 testing at the proficient level or above on the Smarter Balanced Assessment System through the California Center for Jobs & the Economy analysis of the Department of Education. data. The change in the indicator value is calculated as the change from the previous year.

UC/CSU Eligible Graduates: Total

The Indicator is the share of graduating seniors in the county who have completed the A-G coursework required for admission to UC and CSU. The data is from California Center for Jobs & the Economy analysis of the Department of Education data. The change in the indicator value is calculated as the change from the previous year.

Age 25+ Share: Some College (ACS 5yrs)

The indicator shows the educational attainment for the adult population age 25 and above, as the percentage with some college including an AA, but with no further degree. Data is taken from the American Community Survey, 5-year survey. The change is shown as the percentage change from the prior year.

Age 25+ Share: Bachelor's (ACS 5yr)

The indicator shows the educational attainment for the adult population age 25 and above, as the percentage with a BA, graduate, or professional degree. Data is taken from the American Community Survey, 5-year survey. The change is shown as the percentage change from the prior year.

High School Dropout Rate

Percent of the class cohort dropping out of school prior to graduation from high school for all students. Class cohorts are students who entered as freshman during one academic year who are tracked over four years until graduation. Data is from Department of Education.