Economic Briefing
In brief, Union City is tough to beat.
Steady Growth
Union City has experienced steady growth in new businesses, number of jobs, and annual payroll over the last five years.
Union City is home to over 3000 businesses, employing nearly 21,000 persons, with an annual payroll of over $900 million. The annual payroll figure reflects a 68% growth rate.
A slower growth rate in the number of jobs (19%) and the rapid growth rate of the annual payroll, indicates a steady growth of quality jobs over the quantity of jobs, over the last five years.
Employment Trends
Union City’s employment base is concentrated in the following job sectors:
- Scientific
- Professional and Technical Services
- Manufacturing
- Accommodations and Food Services
- Wholesale and Retail Trade
It is noteworthy that Union City is leading the way with a very high growth in Professional, Scientific, and Technical Services (34.2%) - the industrial areas that are expected to show the highest growth rate in the region over the next 10 years.
It is reasonable to expect that businesses that generate Professional, Scientific and Technical Services employment will play an integral role and constitute an important part of the City’s current and future job base.
Business-to-Business Sector
The city’s business-to-business sector accounts for a major portion of Union City’s growth in sales tax revenue and employment growth over the last two years. The increase in the business-to-business category was approximately 46% over the two year period.
Continued growth in the business-to-business sector over the next five years due is expected, in light of plans for expanding businesses, favorable market lease rates, availability quality space, and the development of the Intermodal Station District.
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