Report: Valley still in sluggish economic growth

Source: The Business Journal

The Fresno area is expected to continue along the path of the slow recovery, but at a slower pace than the rest of the state, according to a study released by the University of the Pacific Business Forecasting Center on Tuesday.
The February edition of the California & Metro Forecast projects the state’s job growth will increase by approximately 2 percent, while the Fresno Metropolitan Statistical Area will grow by 1.2 percent in 2013.
The unemployment rate is expected to drop to 14.5 percent this year, compared to 15.3 percent in 2012.
The study projects the construction and mining sector will have the most growth, with an expected increase of 9.3 percent in the first quarter of the year and 7 percent in the second quarter.
The area’s real personal income is expected to rise by 2.1 percent this year and 3 percent in 2014.
The Fresno area’s population as a whole is expected to grow by 1.2 percent this year and 1.3 percent next year.
The gross state product for California is expected to grow by 2.2 percent, which is on pace with the rest of the country.
“There is no evidence that the California economy is significantly outperforming the U.S. economy,” said Jeff Michael, director of the Business Forecasting Center, in a release.

URL to the original article: http://www.thebusinessjournal.com/news/economy/4944-report-valley-still-in-sluggish-economic-growth

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