IE Business Daily Business news for the Inland Empire.
Employment in California is expected to grow during the next two years, as the state’s economy continues to make steady improvement, a report released Wednesday predicted.
Employment will increase 2.2 percent this year and 2.1 percent in 2016, while the state’s unemployment rate will fall to 6.7 percent by the end of this year and to 6.3 percent by the end of 2016, according to the 2015-’16 Economic Forecast and Industry Outlook, which was compiled by the Los Angeles County Economic Development Corp.’s Kyser Center for Economic Research.
The report paints a generally optimistic picture of California’s economy, with steady job growth and more confidence expressed by businesses and consumers. The report also noted that the state budget is now more stable following years of deficits, and the state’s general fund had a cash surplus at the end of the 2013-’14 fiscal year.
Many regions have regained nearly all of the jobs they lost during the recession, the report stated.
On the negative side, crucial infrastructure projects throughout the state continue to be neglected, health care costs for state retirees are growing dramatically and there is not enough affordable housing.
