Stockton, CA– California’s economic outlook has been revealed in a new report.
The Business Forecasting Center at the University of the Pacific says that Real Gross State Product is forecast to grow 1.5% in 2012 and 2.2% in 2013. It is expected to pick up to 3.5% to 4% after housing begins to significantly contribute to growth in 2014 and 2015.
Job growth will remain at a 1 to 1.5% annually through 2013, enough to keep pace with the labor force but too slow to bring the California unemployment rate below 10% until the end of 2014.
The Business Forecasting Center at the University of the Pacific was founded in 2004. The Center produces quarterly economic forecasts of California and 10 metropolitan areas in Northern and Central California.