Fresno County is anticipating economic growth in 2024 despite facing various challenges and uncertainties. The construction of the Reyes Coca-Cola Bottling center in Fresno is underway, with an expected opening in June 2024. The industry, however, is likely to face similar issues as in 2023, including regulation, higher costs, and interest rates.
Housing construction in the Fresno-Madera area has been declining since its peak in 2006, with only a few thousand units being built annually in recent years. The Southeast Development Area (SEDA) in Fresno has the potential to add 45,000 housing units, but the development timeline depends on infrastructure funding and the resolution of tax-sharing disagreements between the City of Fresno and Fresno County.
The Fresno County Economic Development Corp. is optimistic about three routes towards economic growth in 2024. The promise of semiconductor manufacturing, supported by the Fresno CHIPS Incentive Act, aims to attract businesses with tax breaks and job creation incentives. A Wyoming-based corporation recently received a $15 million state grant to relocate its headquarters to Fresno, creating 500 new jobs and making significant capital investments.
Renewable energy production and waste management are also expected to contribute to Fresno County’s economic growth. New company announcements in the energy sector, including hydrogen production facilities and battery storage projects, are anticipated. Additionally, the implementation of SB 1383 will drive innovative waste management approaches, leading to the emergence of companies utilizing waste materials for the production of valuable goods.
While uncertainties such as interest rates and regulatory compliance remain, Fresno County remains hopeful for economic progress in 2024.