Monterey County:
Industries & Economic Trends 2024
One county, many economies
A Changing Employment Landscape
Monterey County’s economy is powered by world-class agriculture, tourism, and a diverse network of local businesses. But employment trends vary significantly across the region. In this comprehensive analysis, Beacon Economics examines the industries, employment patterns, wages, and business activity shaping Monterey County’s cities, unincorporated communities, and five supervisorial districts. Using detailed establishment-level employment data, the study offers a rare, localized look at economic conditions that countywide statistics alone cannot capture.
The findings reveal both resilience and emerging challenges. Monterey County supported approximately 163,600 private-sector jobs in the third quarter of 2023, with agriculture accounting for more than one-third of employment. While locally serving industries have shown greater resilience, agriculture and other industries serving outside markets have experienced job losses. Meanwhile, population growth, tourism activity, and coastal employment gains point to important areas of strength. The report provides policymakers, business leaders, and economic development organizations with detailed evidence to guide investments, workforce strategies, and long-term regional planning.
Key Highlights
Agriculture’s Outsized Role
Approximately 54,800 private-sector jobs were in agriculture, making it Monterey County’s largest employment sector.
A Diverging Job Market
Locally serving industries grew 1.0% between early 2019 and the third quarter of 2023, while externally oriented industries declined 1.8%.
Local Differences Matter
Employment and wage trends across 12 incorporated cities, unincorporated areas, and all five supervisorial districts, reveal substantial differences in economic performance.
Expert Insights
Justin Niakamal
“Monterey County is not a single economy. Its communities have different industry strengths, workforce needs, and growth challenges. Understanding those differences is essential to developing economic strategies that work at the local level.”
~ Justin Niakamal, Research Manager, Beacon Economics
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