California has an average jobless rate of 8.9 percent this year. Its gross domestic product is 2.7 percent. But if economists at the University of Pacific are right, the Golden State is about to experience a bit of dramatic growth.
Economist Jeff Michael at the UOP's Business Forecasting Center says in a quarterly report that California's economy will grow by 3.3 percent next year and will hit 3.9 percent in 2015. Unemployment, meanwhile, will dip to 8.2 percent next year and will drop to 6.3 percent in 2016. UCLA’s Anderson Forecast sees slower growth, but similar employment figures.
But just how real are these numbers? Where would the jobs come from? Which industry would lead growth?
Jeff Michael, Economist at the University of the Pacific
Jerry Nickelsburg, Senior Economist, University of California Los Angeles Anderson Forecast