The U.S. production economy comprises high-tech sectors like Agriculture, Manufacturing, and Professional, Scientific, and Technical Services. These industries employ cutting-edge practices, including precision farming, advanced manufacturing techniques, and innovative research and engineering services, driving technological progress.
The production economy encompasses a dynamic spectrum of high-tech industries, characterized by cutting-edge advancements and innovative practices. These industries span diverse activities, ranging from precision crop cultivation and advanced livestock management to the sophisticated manufacturing of goods. Moreover, they encompass a wide array of professional services that revolve around technology, including pioneering research and development initiatives aimed at pushing the boundaries of innovation.
Key industries within the production economy include Agriculture, Forestry, Fishing, and Hunting; Manufacturing; and Professional, Scientific, Technical and Research and Development.
Occupations within the production economy are diverse, ranging from farmers and fishers to Robotics Engineer, Manufacturing Engineer, Process Engineer, Industrial Designer, Materials Scientist, Supply Chain Manager, Quality Control Inspector, CNC Machinist, Additive Manufacturing Specialist, Data Analyst, Lean Manufacturing Specialist, Maintenance Technician, Production Planner, Automation Engineer, Environmental Engineer.
Ventura County hosts a diverse range of businesses within the production economy, with a significant presence in the Agriculture, Forestry, Fishing, and Hunting sector, the Manufacturing sector, and the Professional, Scientific, and R&D sector.
Manufacturing and government services each contribute 14% to the county’s GDP. The next largest contributing sectors are Finance/Insurance/Real Estate (13%), Wholesale/Transportation/Warehousing (11%), and Professional/Technical/Information Services (10%).
The production economy in Ventura County is substantial, with thousands of employer establishments and non-employee firms across various sectors. Ventura County's production economy thrives with numerous employer establishments and non-employee firms spanning various sectors. The region's Agriculture sector embraces cutting-edge practices, optimizing crop yields sustainably. The Manufacturing sector boasts advanced facilities, contributing to global supply chains. Additionally, a vibrant community of non-employee firms fuels innovation and entrepreneurship, offering specialized services. Ventura County's production economy serves as a catalyst for job creation, stability, and community development, positioning the region for sustained prosperity and a bright future.
The county is home to 79 employer establishments and 435 nonemployer firms in the Agriculture, Forestry, Fishing, and Hunting sector, 847 employer establishments and 1,070 nonemployer firms in the Manufacturing sector, and 2,941 employer establishments and 13,821 nonemployer firms in the Professional, Scientific, technology and R&D sectors.
Ventura County's production economy thrives with Agriculture, Forestry, Fishing and Hunting, and Mining employing approximately 24,930 individuals. The Manufacturing sector contributes around 43,379 jobs, while Professional, Scientific, and Management, and Administrative and R&D Services employ about 51,580 individuals. These statistics showcase the region's robust economic landscape, driving job creation, innovation, and community development. Ventura County's production economy is a catalyst for sustained prosperity.
Demographics, Wages, and Economic Impact
Ventura County has a diverse workforce, with a nearly equal gender distribution and a racial and ethnic composition that includes White, Hispanic, Asian, and individuals identifying as two or more races.
Ventura County has a total population of 845,255, with a nearly equal gender distribution. The racial and ethnic composition is diverse, with 70.13% White, 43.33% Hispanic, 7.25% Asian, and 12.52% identifying as two or more races. The workforce is highly educated, with 85.6% having a high school degree or higher and 34.0% possessing a Bachelor's degree or higher.
The average monthly earnings in Ventura County are $6,143, with the Professional, Scientific, and Technical Services including Research and Development offering the highest average payroll per employee. The workforce is highly educated, with a majority having a high school degree or higher and a significant portion possessing a Bachelor's degree or higher.
The production economy significantly contributes to Ventura County's economy, with a total annual payroll of over $15 billion and a total revenue of nonemployee firms exceeding $4 billion. The Manufacturing sector stands out with a total annual payroll of over $1.6 billion.
The production economy in Ventura County is projected to grow, with a 3.6% increase in the number of establishments from 2021 to 2022. Employment is also expected to rise, with a 5.3% increase in the first month of the quarter from 2021 to 2022. The total wages are projected to increase by 5.3%, indicating a positive economic outlook for the production economy in Ventura County.
Ventura County's production economy, particularly in the sectors of Agriculture, Forestry, Fishing, and Hunting, Manufacturing, and Professional, Scientific, and Technical Services, plays a significant role in the region's economic health. With a diverse and educated workforce, robust business activity, and promising growth projections, the production economy is poised to continue its vital contribution to Ventura County's prosperity.
