Strong Economic Growth Forecast for CA and the Nation
https://newsroom.ucla.edu/releases/anderson-forecast-anticipates-robust-growth-march-2021
Last year, the US economy fell by 3.5% -- the worst decline in 60 years. The Anderson School forecast is that due to growing vaccinations and public policy changes in 2020 and 2021 such as the PPP for small businesses, Unemployment Insurance expansion, and the stimulus checks, 2021 should see the fastest growth in the past 60 years – 6.3% in 2021, 4.6% in 2022 and 2.7% in 2023. Unemployment rates will fall from 6.7% in the last quarter of 2020 to 3.7% in the last quarter of 2023.
The forecast projects that California’s recovery will start slower and finish higher and farther than the national recovery. Unemployment in California will fall from 7.7% in the last quarter of 2020 to 4.1% by 2023. Recovery will be fastest in business, scientific, technical services and residential construction; it will be slowest in leisure and hospitality and international tourism.
Health care growth will be fastest in tele-medicine and home care. As our population ages, long term care will be increasingly important.
Lucien Wulsin
3/11/21