A UCLA economic forecast out today predicts California will see some income growth over the next two years, despite a national recovery the authors of the report call “bad.”
The new UCLA Anderson Forecast says the strength of California’s economy lies in technology and knowledge-based industries, although construction has also rebounded in coastal markets.
But the report casts doubt on whether the economy – statewide or nationally – is even in the position to recover fully from the Great Recession.
The report says unemployment in California is likely to fall to an average 9.1 percent this year and 8.1 percent next year, before dropping another point by the end of 2014.
The report says GDP growth nationwide will continue to be anemic.
KCRW’s Steve Chiotakis spoke with Ed Leamer, director of the UCLA Anderson Forecast.