This, from UOP:
“California will experience a 4th year of sluggish recovery in 2013, according to the latest projection from the Business Forecasting Center at the University of the Pacific.
“The Center forecasts real gross state product will grow 2.2% in 2013, a similar pace to the three previous years, before accelerating to 3% in 2014 and near 4% in 2015.
“While the overall state (recovery) is tracking the national economy, the Bay Area is definitely surpassing it. Employment has already recovered to pre-recession levels in the San Jose and San Francisco metro areas. The Bay Area will continue to lead the recovery in 2013 with both the San Francisco and Oakland MSAs posting job growth over 3%, and the San Jose MSA just below 3%. In 2014, Bay Area growth will slow to below 2% as the regional economy fully recovers and high housing costs and other constraints to growth become more binding.”
And what of Stockton?
“Beginning in 2014, the fastest pace of job growth will shift inland to the Sacramento and Stockton MSAs. The forecast projects over 2% job growth primarily driven by construction, the improving real estate market, and gradual recoveries in state and local government.”
2014. Where’s the fast forward button?