The average expected growth rate of California’s economy in 2006. For next year and 2008, California’s gross state product is seen growing 5.3%.
Jobs in the state could come in 1.4% higher in 2006. Job growth could slow to 1.2% in 2007 and come in at 1.3% in 2008.
Professional and business services, transportation, warehousing and utility, and leisure and hospitality are seen leading job growth this year and through 2008.
Professional and business services jobs are expected to grow 2.9% during the period. Transportation, warehousing and utility jobs are seen growing 2.1%. Leisure and hospitality could see a 1.9% growth rate.
New home construction is seen slowing this year and through 2008. Still, the number of new homes forecast to be built in 2008 could be 32% greater than 1998’s level.
Construction employment growth is expected to slow the remainder of this year and contract in 2007 and 2008.
Unemployment in California is expected to fall to 4.9% for 2006 and rise to 5.1% in 2007 and 2008.
Data from a report by Pacific Business Forecasting Center, along with the Eberhardt School of Business at University of Pacific in Stockton. The center produces quarterly economic forecasts of the U.S. and California.
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