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California’s economy will see tepid growth

LOS ANGELES (AP) __ A report says California´s economy will see tepid growth in the next few years as the state´s housing boom wanes.

The author of the quarterly U-C-L-A Anderson Forecast says “We´re basing growth on the real estate bubble and that real estate bubble is going to end and so is that driver for growth.” Of the 243-thousand net private payroll jobs added by the state´s economy in the last two years, 122-thousand of them were jobs directly related to the real estate market.

Economist Christopher Thornberg says the San Francisco Bay area, which has lost 400-thousand jobs since the tech sector bubble burst in 2000, appears past the worst of the downturn and should fare better as demand for information technology grows.