If you’re searching for a sunny spot with a solid economic forecast, look no further than that diverse state on the West Coast known for its cuisine and distinct dialect. According to the UCLA Anderson Forecast, California is likely to see steady economic growth and maintain a pace of good employment numbers for the next two years.
Cited in the UCLA Anderson School of Management report, Californians can anticipate personal income growth around or over three percent for this year, 2017, and 2018. During that time, the employment numbers statewide will likely grow at two percent this year, and then hover around one percent for the next two years. Those trends will make California’s unemployment rate match the current national average of 5.1 percent by the end of 2018 — even though it has one of the largest populations in the country, having grown by almost 10 percent since 2007.
One of the more interesting challenges that the state faces consists of the “two Californias.” The differences between the traditional agricultural, manufacturing, and government interior of the state and the technology, information, and trade section on the coast create challenges for moving forward. Like many other states, the traditional sectors lag behind tech and trade in job creation and economic recovery.
The darkest spot in the forecast came from the frustration of the middle class that is shared across the country. Like other states, high housing expense rubs against a linear income. This lowers the flexibility of dollars inside middle class households and has created shrinking numbers from that population. Since 2000, the middle has been stuck in a hamster wheel of flat income and high household costs that won’t see much improvement without greater investment in human capital.
On the whole, Californians can expect moderate, but consistent, growth across the board. This is good news for job seekers and employers, alike, despite the frustration of the middle.
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