A Selectively Golden State Jobs Outlook
Orange County Register
Every year, I, along with Pepperdine’s Michael Shires, have what has become the often-dispiriting job – for a 40-year California resident – of evaluating the nation’s metropolitan regions in terms of both short-term and midterm job growth. Yet, this year, the results for our state’s metros are somewhat improved, as California’s post-recession job-growth rate now equals, and could surpass, the still-somewhat insipid national average.
After years of subpar growth, California is reaping the advantages of a fortuitous economic alignment of ultralow interest rates, high stock values and growing investments in high-end residential real estate. Vast sums are pouring into the state for new tech ventures, speculative hotel and residential developments. Low borrowing rates allow the state to keep pace with its massive debts, while buoyant stocks help the massive government pension plans, which invest in the market.
