The economy and job growth will continue to gather strength over the next year, in Sacramento and the rest of the state, according to a forecast released today by the University of the Pacific.
While the Bay Area will continue to lead the state, and the drought will hurt the recovery in the Central Valley, the UOP quarterly forecast says job gains will ripple throughout the state. Soon, California will have recovered all of the jobs lost to the recession, a year earlier than previously forecast, the forecast says.
The California economy has continued to gain momentum despite the fact that construction and homebuilding remain sluggish, the forecast adds. With the recent recovery in home prices, inventories of existing homes for sale remaining low, and the economic recovery spreading to inland areas, homebuilding is posed to begin growing again soon. We forecast significant recovery in housing starts in 2015 and 2016.
Call The Bees Dale Kasler, (916) 321-1066. Follow him on Twitter @dakasler.