California’s economy will add approximately 320,000 jobs in 2019 and again in 2020, according to a forecast released this week.
That job growth will result in the state’s unemployment rate declining to 3.7 percent and 3.4 percent, respectively, according to the Los Angeles County Economic Development Corporation’s 2019 Economic Forecast and Industry Outlook.
Job growth is predicted for all sectors, with the largest gains expected in construction, logistics, utilities, business services, education, health and tourism.
Housing demand, especially in the coastal counties is expected to stay up, with housing permits expected to increase 8,000 in both years. Home values are also expected to rise through 2020, to a statewide average of more than $593,000 by the end of 2020.
The Inland Empire will continue the economic growth it’s experienced since the end of the recession, mostly because the logistics industry should remain strong and housing is more affordable here than in other submarkets, according to the forecast.