Business Activity

Modesto Economy Adapted through COVID19 and is Moving Forward

Modesto’s economy experienced the impacts of COVID19 and public-health based restrictions on business activity. By the end of 2021, Modesto had recovered much of its employment, matching the State of California as a whole on unemployment. Rising interest rates beginning in the latter part of 2022 have been associated with widespread increases in unemployment.

Despite a dips in the Spring of 2021 and 2024 which coincide with annual renewal, the total number of active Modesto business licenses has steadily increased.

June 2024, Source: Bureau of Labor Statistics Local Area Unemployment Statistics

Source: City of Modesto

Industry Characteristics

Modesto’s economic heart is manufacturing with a concentration of food and beverage processing and related industries. Modesto is a regional center for healthcare and social services, reflected in its above-average job counts. As established industries evolve and new industries move in, Modesto’s job base is gaining technical skills.

When looking up Modesto economic data, most resources report based on the Modesto Metropolitan Statistical Area (MSA) which includes all of Stanislaus County. The economic profile of Modesto is more industrial, whereas the profile of Stanislaus County overall is more influenced by Agricultural and related activities.

Courtesy Opportunity Stanislaus

Large Employers

The best summary of large employers in Modesto and Stanislaus County is the Stanislaus County Comprehensive Economic Development Strategy.

 

Additional Resources