After a COVID downturn, California economy ready to rebound
California’s strict public health measures during the pandemic protected its economy, setting the stage for an even faster recovery in the state than nationwide, UCLA economists reported.
The Golden State’s strong technology and white-collar business sectors, along with a relatively rapid boost in home building, will buoy its economy, offsetting a slower return of tourist-dependent leisure and hospitality jobs, according to the UCLA Anderson quarterly forecast.
In the nation and in California, “we are about to have one of the best years of economic growth that we’ve had since World War II,” said Leo Feler, the UCLA Anderson Forecast’s senior economist. “We’re looking at a boom time for the U.S. economy.”
Emerging from a severe downturn caused by the COVID-19 pandemic, the nation’s gross domestic product will spike 7.1% this year, tapering to 5.0% in 2022, and 2.2% in…