11/23/2020

L.A. Forecast: Moderate Job Growth, Continued Rapid Rise in Home Prices

Los Angeles County will see moderate job growth of just over 1 percent for the rest of this year, but the median home price will rise as much as 10 percent.

. . . The forecast notes that nonfarm employment in Los Angeles County increased by 1.4 percent between February 2017 and February 2018, a slower growth rate than in both neighboring Orange County (1.9 percent) and the Inland Empire (3.5 percent). The forecast projects the growth rate for the next 12 months will fall in the same range: between 1 percent and 1.5 percent. That translates to an increase of between 45,000 and 67,000 jobs.

. . . “Both the nation and state are experiencing a remarkably long economic expansion and it’s good news that fundamental drivers such as employment continue to trend positively,” Kleinhenz said in the statement. “However, we are concerned an extremely tight labor market and a lack of housing supply may slow or hinder future growth as well as the general vitality of the California economy.”

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