By Dennis Meyers
On April 30, a new California state and metro forecast was released by the Business Forecasting Center at the University of the Pacific. It projects a continuing, but very slow recovery. Real California GDP is projected to grow 2.5% on average during 2012 and 2013, and nonfarm employment will grow 1.4% and 1.5% in 2012 and 2013 respectively.
According to Dr. Jeff Michael, the Center’s Director, “The Stockton area was one of the hardest hit areas in the nation, but leads the state in job growth over the past 12 months”
Other significant projections include:
“Payroll jobs continue to grow at a steady rate, but the state has still only recovered one of every four jobs lost in the recession. “
“Despite sluggish job creation, real personal income is expected to approach and exceed its 2008 peak in the second quarter of 2012 due to stronger recovery in non-wage income and higher wage industries such as technology. “
“295,000 new Construction jobs are expected to be created over the next five years”
Read the official news release here for more insights and details. (Full forecast available with subscription)