Statewide, average gas prices rose 69 cents to $6.39 per gallon, the highest price recorded so far this year. In Northern California, the average per-gallon price increased 62 cents to $6.44 per gallon, according to the Index.
Meanwhile, the average cost of a home in Humboldt County was unchanged from the previous month at $425,000. Over the past five years, housing prices have trended sideways—or stayed stagnant—says Erick Eschker, director of the Humboldt Economic Index and chair of Cal Poly Humboldt’s Department of Economics.
The Index is produced by Economics students and faculty every month. It measures activity across six sectors and combines data into a single number, known as the Composite Index. The Index uses 100 as its baseline, based on economic activity in January 1994. This month, the Composite Index was 94, down from 96.5 last month.
The Index tracks three leading indicators: new unemployment insurance claims, building permits, and help wanted ads. The indicators send a mixed message in September. New unemployment claims were down by 11.8%, which points toward a growing economy. But building permits fell by 45.9% and help wanted ads fell by 3.2%, which signals a slowing economy.
First published in September 1996, the Humboldt Economic Index has tracked changes in the local economy using data from local businesses and organizations. The Index is seasonally adjusted to account for normal fluctuations—which can be triggered by weather and even holidays—to help identify underlying economic trends.
When it began, the Index surveyed businesses in four sectors: retail, energy, hospitality, and lumber manufacturing. A decade ago, the Index replaced its lumber survey with a broader manufacturing sector.
The Index also adapted as information sources have changed. As fewer people turned to newspapers for job listings, Eschker says, the Index shifted from newspaper help-wanted advertisements to Craigslist. Following the housing bust 20 years ago, a dedicated real estate section was added.
Over three decades, the Index has provided paid internships to numerous students. “It’s given more than three dozen students hands-on experience with economic data and opportunities to conduct special research projects,” he adds. “The Index also provides valuable insight into our local economy, and we’re grateful to our community partners and sponsors who continue to support this work.”
Cal Poly Humboldt plans to celebrate the Index’s 30th anniversary with an event featuring a look back at the region’s economic history and a forecast for the future.
For more information about the Humboldt Economic Index Report and research project, visit www.humboldt.edu/economic-index.
About the Economics Major at Cal Poly Humboldt
With a focus on environmental economics and regional economic development, the Department of Economics prepares students to tackle real-world challenges like sustainability and local economic growth. Hands-on research opportunities include participation in the Economic Index report, internships, and community-based projects that immerse them in the local economy. Students majoring in Economics can customize their degree by choosing an emphasis and adding a minor in Business, Environmental Policy, Applied Statistics, and more. For more information about the Economics major, email econ@humboldt.edu.