High Housing Costs, Scarcity of Skilled Workers Slow Economic Growth
By Steve Milne
California’s economic growth will continue to expand at a steady rate over the next couple of years. That’s according to the latest forecast from economist Jeff Michael who heads the Center for Business and Policy Research at the University of the Pacific. He says a growing scarcity of skilled workers and extreme housing costs will prevent faster economic growth.
“But we don’t thin it’s going to decline much from where it is right now,” says Michael. “And we’re projecting job growth to remain at about a two percent rate in the Bay Area and a little bit better than that in Sacramento and the North San Joaquin Valley.”
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