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UCLA Anderson Forecast: California Economy to Grow Slowly

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(Sacramento, CA)
Wednesday, June 20, 2012

The forecast predicts the state's unemployment rate will drop to 9-point-7 percent next year and 8-point-3 percent in 2014. Right now it's 10-point-8 percent.  Jerry Nickelsburg is a Senior Economist with the school:

Nickelsburg: "Some of California is doing quite well, and some of California's really not doing well at all."

He says the state's economic recovery is being driven largely by a strong tech sector, found in the San Francisco Bay area and other parts of coastal California.  But Nickelsburg says the inland parts of the state are still struggling with higher unemployment and the effects of the housing bust.

Nickelsburg:"That East-West divide is really something of a new divide.  It's not a north-south divide as it used to be."

On the positive side, Nickelsburg expects the state's housing market to grow more rapidly than the national housing market in 2013 and 2014.

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