New Jobs and Recovering Real Estate Market Boosts California’s Economy
A recent article reported by the Los Angeles Daily News, discusses California’s hopeful return to past splendor. “California is on track to reclaim its status as the Golden State.”
A look at the Los Angeles County Economic Development Corp.’s 2014-2015 Economic Forecast & Industry Outlook suggests that California’s unemployment rate is falling, the recovering real estate market is improving and budget surpluses are ahead.
“The state has regained 70 percent of the more than 1.3 million jobs it lost as a result of the Great Recession, the report says…”
The Los Angeles region has seen year-over-year job gains of 1.7 percent. “Los Angeles County — boasting the largest county economy in the nation — saw its population surpass the 10 million mark last year and the region is expected to see nonfarm job growth of 1.6 percent this year with another gain of 1.2 percent in 2015.”
Where are the job gains coming from? “The county’s biggest job gains in 2014 are expected to come in health services with 12,800 new jobs. That will be followed by employment gains in leisure and hospitality (8,900), professional, scientific and technical services (8,800), administration and support (7,700) and construction (5,800) and manufacturing (4,700 jobs), the report said.”
With these new jobs, “L.A. County and the Inland Empire are both poised for significant growth in residential housing, the study said. L.A. County saw 15,700 housing unit permits issued last year and that number is expected to rise 34.4 percent to 21,100 permits this year, with another 28 percent gain in 2015. That would bring the total number of permits issued next year to 27,000.”
With new job growth and a positive real estate market outlook, Los Angeles residents (buyers and sellers) are headed for good news this year.
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