It wasn’t so long ago that economic growth in California and Los Angeles far surpassed that of the nation. Those days are coming to an end, according to the Los Angeles County Economic Development Corp. margotroosevelt reports:
Wage inequality has risen more in California cities than in the metropolitan areas of any other state, with seven of the nation’s 15 most unequal cities located in the Golden State.
“The population is rapidly aging, which also reduces economic growth as the share of prime working age population declines.”. But Trump’s crackdown on immigrants and refugees has affected the state. “With an uncertain immigration policy environment emanating from Washington, immigration has not provided this supplement,” the report noted.and “should be grounds for grave concern regarding sustainable economic growth,“ the LAEDC said.
The forecast suggested California housing permits will fall from 107,433 in 2019 to roughly 92,000 in 2021. In L.A., where officials say 60,000 new housing units a year are needed, LAEDC forecast 21,000 permits a year for 2020 and 2021.“This means that housing costs are likely to stay high in the near term, driving continued out-migration to the Inland Empire, as well as to more affordable states.
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