The report shows the state’s housing affordability rate has fallen to 18%.
California’s economy will see modest growth this year but a rebound is expected in 2024, according to a newly releasedThe report says the Golden State is moving beyond a pandemic-related recovery and will instead be impacted by global supply chain instability and the Federal Reserve’s interest rate hikes, which have created “real concerns that a policy overcorrection may lead the United States into a recession.
The state’s economy is expected to see 0.3% growth this year. That falls below 2022’s rate of 0.5%, but the report predicts next year’s GDP — the value of all goods and services produced during the year — will grow by 1.5%. On the downside, the LAEDC predicts manufacturing will shed 27,300 jobs over that two-year period, while trade, transportation and utilities will lose 17,400 jobs and construction and mining payrolls will be off by 13,400 jobs.
The report also shows the state’s housing affordability rate — the percentage of households that can afford to by a median-priced, single-family home — has fallen to 18%. L.A. County’s unemployment rate is expected to average 6.4% this year and 6.7% next year — considerably higher than California’s jobless rates of 4.9% and 5.5% for the same period.
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