LOS ANGELES-California's coastal cities show the strongest employment gains, according to the fourth quarter UCLA Anderson Forecast. In total, California has nearly regained the jobs lost during the downturn, gaining over 1 million jobs through October 2013. The report determined that new enterprises are fueling the growth and occurring more rapidly than businesses are hiring additional employees.
The Inland Empire lagged behind somewhat in the growth. This is expected to change in the coming year, however, with the addition of a new medical center at the University of California, Riverside. Specifically, the medical center will add higher education jobs to the inland region. Kern County's energy boom is also expected to augment higher education jobs in the region.
GlobeSt.com recently reported that the Inland Empire has several big box industrial facilities coming online early next year, which should fuel some job growth. These big box locations, over 500,000 square feet, are in high demand by major corporations. A CBRE report reveals that industrial supply will continue to fall as demand for these spaces picks up.
Overall, unemployment this year will drop to 8.9%, a total growth of 2.4%. In 2014 and 2015, UCLA Anderson anticipates that will slow somewhat to 1.5% of employment growth in 2014 and 2% of growth in 2015. This means unemployment overall for these years should drop to 8.2% and then 7.3%.
The report also took a close look at economic performance and human capital in Los Angeles County, specifically. Overall, Los Angeles human capital is trailing behind other major cities; however, certain submarkets of Los Angeles are leading the nation in human capital. These submarkets, in turn, perceive a more positive economic situation with higher income levels, employment and home values. On the other hand, Los Angeles has submarkets with the nation's worst human capital rates, and similarly these submarkets have a negative economic outlook.
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Kelsi Maree Borland
