BAKERSFIELD, Calif. (KERO) — Hundreds gathered in downtown Bakersfield Thursday for the annual Kern Economic Development Corporation summit, where economists and business leaders outlined the county's economic trajectory amid global uncertainty.
The four-hour event at the Marriott brought together leaders from across Kern County's major industries, including agriculture, aerospace, entertainment, and recreation.
Richard Gearhart, chair of the CSUB Economics Department, said that while the county's economy has grown slowly in recent years, some of the lowest earners in Kern County have seen the biggest jumps in wage gains.
Gearhart cautioned, however, that the ongoing global oil shock could push conditions lower before they improve. He pointed to the 2022 oil shock triggered by Russia's invasion of Ukraine as the closest comparison.
"Where you saw inflation peak for one year, about 8% cut in half to about 4% in the next year, and then fell after that. So that's the — probably the closest analog. We're going to see high inflation in 2026, but it will peter out over the next four years," Gearhart said.
He said local spending habits can play a direct role in sustaining economic momentum.
"The best way for us to grow our economy is: continue to spend," said Gearhart. "Because that will attract businesses and employers here."
Entertainment and recreation were highlighted as sectors generating significant outside investment in Kern County. Chris Kelly, president of the Hard Rock Tejon, said the property has surpassed early expectations for drawing visitors from outside the region.
"Our ability to bring business in from LA was a huge part of what we were hoping to do. What we're actually seeing is expectations that we are exceeding and exceeding by a wide margin," Kelly said.
Despite population and industry growth across the county, most available jobs remain concentrated in agriculture, energy, and healthcare. CSUB Economics Professor Nyakundi Michieka said workers looking to enter or transition through the workforce should focus on expanding their skill sets.
"Be able to diversify their skills, diversify in the sense that learn a new skill, get into some of the new software programs out there, and also get into an area that complements some of the industries that we have," Michieka said.
The Kern Economic Development Corporation publishes an annual market overview on its website for those who want a deeper look at the county's economic data.
This story was reported on-air by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.
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