Not what you expect to hear out there in the “Eyore media” but, according to the Business Forecasting Center at The University Of the Pacific, the state of California remains on a steady but slow economic recovery.
Based on the study, for this year and next the state’s GDP is projected to grow at an average pace of 2.5%. With job growth projected at 1.8%.
The state’s unemployment rate, currently sitting at 10.7%, is projected to slowly shrink but stay about that magic number of 10.0% though 2013. Going into 2014 and beyond they forecast the unemployment rate to continue to shrink into single digits as the rate of economic recovery increases with construction/housing again making a positive effect on the economy for the first time in over half a decade.
Here is a link to the report: LINK