Sheraton Hotel Redding At Sundial Bridge - Redding Record ...

Unemployment
Statistics
increased unemployment, growth in residential foreclosures, the closure of three
major retailers, and the decline in construction all affected hotel performance.
The largest non-governmental employers in the area are the Mercy and Redding
Medical Centers; Redding serves as the healthcare center for Northern California.
Both hospitals enjoy an excellent reputation for quality healthcare, with Redding
Medical Center having a nationally recognized heart surgery program. Other major
employers include enterprises involved in wholesale, government, and gaming.
Bethel Church supports close to 360 employees and is one of the major employers
in Shasta County. The church draws thousands of worshippers each year to regular
services and conferences. In 2011, the church is planning to expand from two to
ten conferences. The Church also runs an international ministry school and a
television studio.
The following table presents historical unemployment rates for the proposed
subject property’s market area.
FIGURE 5-4 UNEMPLOYMENT STATISTICS
Year
County MSA
2000 6.1 % 6.1 % 4.9 % 4.0 %
2001 6.3 6.3 5.4 4.7
2002 7.2 7.2 6.7 5.8
2003 7.6 7.6 6.8 6.0
2004 7.6 7.6 6.2 5.5
2005 7.3 7.3 5.4 5.1
2006 6.6 6.6 4.9 4.6
2007 7.5 7.5 5.3 4.6
2008 10.0 10.0 7.2 5.8
2009 14.8 14.8 11.4 9.3
Recent Month - December
2009 15.7 % 15.7 % 12.2 % 10.0 %
2010 16.0 16.0 12.3 9.4
Source: U.S. Bureau of Labor Statistics
The unemployment rate for the U.S. fluctuated within the narrow range of 4% to
6% in the period spanning 1997 to 2007. The recession that began in late 2007,
and the subsequent financial crisis in 2008, forced many businesses to downsize
or cease operations. Over seven million jobs were lost between 2008 and 2009; as
a result, the national unemployment rate reached 10.0% in the fourth quarter of
February-2011 Market Area Analysis
Sheraton Hotel Redding At Sundial Bridge – Redding, California 39
State
U.S.