Report: State Economy Improving
A new report says CaliforniaÂ´s economy is improving and should continue to do so gradually over the next year, but the state wonÂ´t see a significant recovery in terms of new jobs until 2005.
The quarterly UCLA Anderson Forecast projects it will take two years for the stateÂ´s economy to generate a combined 3.2 percent job growth. ThatÂ´s compared with the 3.5 percent job growth in 2000.
Anderson Forecast senior economist Tom Lieser projects California will see a one percent gain in job growth in 2004, followed by a 2.2 percent jump in 2005.
For the year, the stateÂ´s unemployment is projected to average 6.7 percent, the same as last year.
Lieser also says CaliforniaÂ´s hot real estate market is not likely to slow down anytime soon.