California will experience faster economic growth in 2014 and 2015, according to the latest projection from the Business Forecasting Center at the University of the Pacific. The Center forecasts real gross state product will grow 3.3% in 2014, and accelerate to 3.9% in 2015 as the housing recovery begins to fuel new construction and job growth. The nearly 4% growth rate in 2015 will be the highest California has experienced since 2005.
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