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STOCKTON — Look for steady economic growth in California for the rest of the decade. That’s the message from University of the Pacific economists in the California and Metro Forecast released Tuesday.
This economic recovery, never a barn-burner, is settling in for the next few years, according to the study. Gross state product is expected to grow at a rate of 2.5 percent. Job growth has gone as low as it’s going to in this cycle. Unemployment is projected to stabilize between 5.5 and 6 percent through 2020.
“California has continued to add jobs at an over 2 percent pace throughout 2016, but we expect job growth will slowly recede to a 1 percent pace over the next two years,” wrote the report’s authors.
Job growth is projected to be a bit stronger in San Joaquin County, however, thanks to growth in the distribution and transportation sectors.
“Employment growth is on track for a 3.7 percent gain in 2016 and is projected to remain above 3 percent in San Joaquin County for 2017, the fastest of all Northern California metro areas,” the report said.
The California and Metro Forecast is produced quarterly by the Center for Business and Policy Research at the University of the Pacific’s Eberhardt School of Business.
Other highlights from the report: