This document summarizes an economic presentation given by Robert A. Kleinhenz, Chief Economist at the Kyser Center for Economic Research. It provides an overview of the U.S., California, and Southern California economies, including statistics on GDP, employment, unemployment, and other indicators. It also includes a forecast projecting continued moderate economic growth in the U.S. and California through 2014.
Kisan Call Centre - To harness potential of ICT in Agriculture by answer farm...
Economic Statistics and Forecasts from the Kyser Center
1. Economic Statistics
Kyser Center for Economic Research
Real Estate Educators’ Conference
October 18, 2013
Robert A. Kleinhenz, Ph.D.
Chief Economist, Kyser Center for Economic Research, LAEDC
3. Due to the lapse in government funding, census.gov
sites, services, and all online survey collection
requests will be unavailable until further notice….
4.
5. Special Notice:
This website is currently not
being updated due to the
suspension of Federal
government services….
7. U.S. Unemployment Rate
12%
Seasonally Adjusted, Aug. 2013: 7.3%
10%
8%
6%
4%
2%
Jan-13
Jan-12
Jan-11
Jan-10
Jan-09
Jan-08
Jan-07
Jan-06
Jan-05
Jan-04
Jan-03
Jan-02
Jan-01
Jan-00
Jan-99
Jan-98
Jan-97
Jan-96
Jan-95
Jan-94
Jan-93
Jan-92
Jan-91
Jan-90
0%
Source: US Bureau of Labor Statistics
Kyser Center for Economic Research
8. Employment
Fell Faster and
Longer than
in Prior
Recessions...
…and
Recovered
More Slowly!
108
11/1973 - 3/1975
1/1980-7/1980
106
7/1981-11/1982
7/1990-3/1991
104
3/2001-11/2001
12/2007-6/2009
102
100
98
96
94
92
0
Source: Bureau of Labor Statistics
5 10 15 20 25 30 35 40 45 50 55 60 65 70
9. U.S. Nonfarm Job Growth
600
MTM Changes in Thousands, Seasonally Adjusted
MTM Job Changes
3 per. Mov. Avg. (MTM Job Changes)
400
200
0
-200
-400
-600
Recession Job Losses: 8.7 million
Since December ’09: +6.8 million
Jul-13
Apr-13
Jan-13
Oct-12
Jul-12
Apr-12
Jan-12
Oct-11
Jul-11
Apr-11
Jan-11
Oct-10
Jul-10
Apr-10
Jan-10
Oct-09
Jul-09
Apr-09
Jan-09
Oct-08
Jul-08
Apr-08
Jan-08
-800
Source: US Bureau of Labor Statistics
Kyser Center for Economic Research
10. Gross Domestic Product
Annual % Change, Chain-Type (2005) $
Annual
Quarterly
12.0%
10.0%
Averaging ~2% YTY, need 3.5-4% YTY
8.0%
6.0%
4.0%
2.0%
0.0%
-2.0%
-4.0%
13-Q2
12-Q4
12-Q2
2012
2010
2008
2006
2004
2002
2000
1998
1996
1994
1992
1990
1988
1986
1984
1982
1980
1978
1976
1974
1972
1970
-6.0%
Source: US Bureau of Economic Analysis
Kyser Center for Economic Research
11. Consumer Price Index
% Change from a Year Ago, 100 = 1982-1984
Aug. 2013: All Items +1.5%; Core +1.8%
15.0%
All Items
Core
10.0%
5.0%
0.0%
Jan-80
Jan-81
Jan-82
Jan-83
Jan-84
Jan-85
Jan-86
Jan-87
Jan-88
Jan-89
Jan-90
Jan-91
Jan-92
Jan-93
Jan-94
Jan-95
Jan-96
Jan-97
Jan-98
Jan-99
Jan-00
Jan-01
Jan-02
Jan-03
Jan-04
Jan-05
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
-5.0%
Source: US Bureau of Labor Statistics
Kyser Center for Economic Research
12. U.S. Total New Vehicle Sales
18
Millions of Vehicles
16
14
12
10
2008
2009
2010
2011
2012
2013
8
6
4
2
0
Jan
Feb
Mar
Apr
May Jun
Jul
Aug Sep
Oct
Nov Dec
Kyser Center for Economic Research
13. U.S. Retail Trade & Food Sales
YTY % Change – Aug. 2013: +4.6%
Jul-13
Jan-13
Jul-12
Jan-12
Jul-11
Jan-11
Jul-10
Jan-10
Jul-09
Jan-09
Jul-08
Jan-08
Jul-07
Jan-07
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
-2.0%
-4.0%
-6.0%
-8.0%
-10.0%
-12.0%
-14.0%
-16.0%
Source: US Bureau of the Census
Kyser Center for Economic Research
14. Receipts
Outlays
2005
2008
Federal Budget Receipts and
Outlays as % of GDP
26.0
24.0
22.0
20.0
18.0
16.0
14.0
12.0
2015
2014
2013
2012
2011
2010
2009
2007
2006
2004
2003
2002
2001
2000
10.0
Source: Office of Management and Budget
Kyser Center for Economic Research
16. U.S. Economic Forecast
2010
2011
2012
2013f
2014f
GDP - Annual %
Chg.
2.4%
1.8%
2.2%
1.8%
2.4%
Nonfarm Jobs Annual % Chg.
-0.7%
1.2%
1.7%
1.6%
1.7%
Unemployment Rate
9.6%
8.9%
8.1%
7.6%
7.2%
Consumer Prices Annual % Chg.
1.6%
3.2%
2.1%
1.4%
1.7%
Forecast Source: LAEDC
Kyser Center for Economic Research
17. U.S. Recap
Labor Market
Quality of jobs
Healing Consumer Sector
Housing continues to improve, Durable goods up
Business Sector
Investment spending interest sensitive
Government
Federal budget cuts = drag; but will cut deficit
State/local fiscal situation improving
International Trade
Trading partner economies improving
Kyser Center for Economic Research
19. California Growth Tracks U.S.
US GDP
CA GSP
4.0%
3.0%
2.0%
1.0%
0.0%
-1.0%
-2.0%
-3.0%
-4.0%
-5.0%
2007
2008
2009
2010
2011
2012
2013
2014
Source: US Bureau of Economic Analysis; forecasts by LAEDC
Kyser Center for Economic Research
20. California Unemployment Rate &
Nonfarm Jobs
4.0%
Unemployment Rate in %
YTY % Change, Nonfarm Jobs
14.0%
Aug. 2013: 14.7 million jobs, +1.5% YTY; U.S.: +1.7% YTY
2.0%
12.0%
0.0%
10.0%
-2.0%
8.0%
8.9%
-4.0%
6.0%
Nonfarm YTY % Change
-6.0%
4.0%
Unemployment Rate
2013.07
2013.01
2012.07
2012.01
2011.07
2011.01
2010.07
2010.01
2009.07
2009.01
2008.07
2008.01
2007.07
2.0%
2007.01
-8.0%
Source: CA EDD, Labor Market Information Division
Kyser Center for Economic Research
21. Job Trends by Industry – CA
Aug. 2013: +223,900, +1.5% YTY
Construction
Leisure & Hospitality
Wholesale Trade
Administrative & Support & Waste…
Educational Services
Management of Companies &…
Real Estate & Rental & Leasing
Transportation, Warehousing & Utilities
Professional, Scientific & Technical…
Health Care & Social Assistance
Finance & Insurance
Retail Trade
Nondurable Goods
0.0%
Durable Goods
-0.1%
Information
-0.4%
-0.5%
Government
-2% -1%
0%
5.0%
4.1%
3.1%
3.0%
2.9%
2.8%
2.6%
2.3%
2.0%
1.7%
1.5%
0.2%
1%
2%
3%
4%
5%
6%
Source: CA EDD, Labor Market Information Division
Kyser Center for Economic Research
22. Job Trends by Industry – CA
Aug. 2013: +223,900, +1.5% YTY
Leisure & Hospitality
Construction
Administrative & Support & Waste…
Health Care & Social Assistance
Professional, Scientific & Technical…
Wholesale Trade
Transportation, Warehousing & Utilities
Educational Services
Finance & Insurance
Real Estate & Rental & Leasing
Management of Companies &…
Retail Trade
Nondurable Goods
-0.1
Durable Goods
-1.1
Information
-1.8
Government -12.4
-30
-10
66.2
29.1
27.8
26.4
22.5
21.2
11.4
10
7.9
6.7
5.6
2.8
(thousands)
10
30
50
70
90
Source: CA EDD, Labor Market Information Division
Kyser Center for Economic Research
23. California Professional and Business
Services Employment
Aug. 2013 YTY: +55,900, +2.5%
2,700,000
2,200,000
1,700,000
1,200,000
700,000
Jul-13
Jan13
Jul-12
Jan12
Jul-11
Jan-11
Jul-10
Jan10
Jul-09
Jan09
Jul-08
Jan08
200,000
Source: CA EDD, Labor Market Information Division
Kyser Center for Economic Research
24. California Private Education &
Health Services Employment
Aug. 2013 YTY: Health Svcs. +26,400, +1.7%; Education: +10,000, +2.9%
2,500,000
Education Services
Health Services
2,000,000
1,500,000
1,000,000
500,000
Jul-13
Apr-13
Jan-13
Oct-12
Jul-12
Apr-12
Jan-12
Oct-11
Jul-11
Apr-11
Jan-11
Oct-10
Jul-10
Apr-10
Jan-10
Oct-09
Jul-09
Apr-09
Jan-09
Oct-08
Jul-08
Apr-08
Jan-08
0
Source: CA EDD, Labor Market Information Division
Kyser Center for Economic Research
25. California Leisure and
Hospitality Employment
Aug. 2013 YTY: +66,200; +4.1%
1,800,000
1,600,000
1,400,000
1,200,000
1,000,000
800,000
600,000
400,000
Jul-13
Jan-13
Jul-12
Jan-12
Jul-11
Jan-11
Jul-10
Jan-10
Jul-09
Jan-09
Jul-08
Jan-08
200,000
Source: CA EDD, Labor Market Information Division
Kyser Center for Economic Research
26. California Manufacturing Employment
Aug. 2013 YTY: Durable -1,100; -0.1%; Nondurable -100; -0.02%
1,600,000
Durable Goods
Nondurable Goods
1,400,000
1,200,000
1,000,000
800,000
600,000
400,000
200,000
May-13
Jan-13
Sep-12
May-12
Jan-12
Sep-11
May-11
Jan-11
Sep-10
May-10
Jan-10
Sep-09
May-09
Jan-09
Sep-08
May-08
Jan-08
Sep-07
May-07
Jan-07
0
Source: CA EDD, Labor Market Information Division
Kyser Center for Economic Research
27. Value of Manufacturing Output –
California
250
$ Billions
Durable Goods
225
Nondurable Goods
200
175
150
125
100
75
50
25
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
0
Source: BEA, Global Insight
Kyser Center for Economic Research
28. California Transportation and
Warehousing Employment
Aug. 2013 YTY: +11,400, +2.3%
540,000
490,000
440,000
390,000
340,000
290,000
240,000
190,000
140,000
90,000
Jul-13
Apr-13
Jan-13
Oct-12
Jul-12
Apr-12
Jan-12
Oct-11
Jul-11
Apr-11
Jan-11
Oct-10
Jul-10
Apr-10
Jan-10
Oct-09
Jul-09
Apr-09
Jan-09
Oct-08
Jul-08
Apr-08
Jan-08
40,000
Source: CA EDD, Labor Market Information Division
Kyser Center for Economic Research
29. Job Trends by California Metro Area
Annual % Change in Nonfarm Jobs
Aug. 2013 – California: +223,900 jobs, +1.5% YTY
San Jose
Orange County
San Francisco
Stockton MSA
Ventura
Fresno MSA
Bakersfield
LA
Modesto
San Diego
Oakland
Riverside-San…
Sacramento
0.0%
2.9%
2.2%
2.1%
2.1%
1.8%
1.7%
1.7%
1.7%
1.3%
1.1%
0.8%
0.6%
0.2%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
Source: CA EDD, Labor Market Information Division
Kyser Center for Economic Research
30. Unemployment Rates by MSA
Bay Area
MSA
Aug. '12 Aug. '13
Chg.
Napa
7.4
5.8
-1.6
San Francisco-Oakland-Fremont
7.1
5.4
-1.7
San Jose-Sunnyvale-Santa Clara
8.7
6.8
-1.9
Santa Rosa-Petaluma
8.6
6.6
-2.0
Vallejo-Fairfield
10.1
8.2
-1.9
Source: US Bureau of Labor Statistics
Kyser Center for Economic Research
31. Unemployment Rates by MSA
Central Valley
MSA
Aug. '12 Aug. '13
Chg.
Bakersfield-Delano
12.3
10.9
-1.4
Chico
12.1
10.0
-2.1
Fresno
14.2
11.9
-2.3
Merced
15.8
13.3
-2.5
Modesto
14.2
11.9
-2.3
Sacramento--Arden-Arcade--Roseville
10.4
8.5
-1.9
Stockton
14.6
12.2
-2.4
Visalia-Porterville
15.3
13.1
-2.2
Source: US Bureau of Labor Statistics
Kyser Center for Economic Research
32. Unemployment Rates by MSA
Central Coast
MSA
Aug. '12 Aug. '13
Chg.
Salinas
9.3
7.8
-1.5
San Luis Obispo-Paso Robles
8.2
6.6
-1.6
Santa Barbara-Santa Maria-Goleta
7.8
6.3
-1.5
Santa Cruz-Watsonville
9.8
7.9
-1.9
Source: US Bureau of Labor Statistics
Kyser Center for Economic Research
34. Employment Rates by MSA
Southern California
MSA
Aug. '12 Aug. '13
Chg.
Los Angeles-Long Beach-Santa Ana
10.9
10.1
-0.8
Oxnard-Thousand Oaks-Ventura
9.5
7.8
-1.7
Riverside-San Bernardino-Ontario
12.6
10.4
-2.2
San Diego-Carlsbad-San Marcos
9.2
7.4
-1.8
Source: US Bureau of Labor Statistics
Kyser Center for Economic Research
35. Local Unemployment Rates
20%
Aug. 2013
LA - 10.2%
OC - 6.2%
IE - 10.4%
20%
May-13
0%
Jan-13
0%
Sep-12
2%
May-12
2%
Jan-12
4%
Sep-11
4%
May-11
6%
Jan-11
6%
Sep-10
8%
May-10
8%
Jan-10
10%
Sep-09
10%
May-09
12%
Jan-09
12%
Sep-08
14%
May-08
14%
Jan-08
16%
Sep-07
16%
May-07
18%
Jan-07
18%
Source: CA EDD, Labor Market Information Division
Kyser Center for Economic Research
36. Orange
Inland Empire
2007
2009
1,200
Los Angeles
Thousands
2004
Southern California Professional &
Business Services Employment
Ventura
1,000
800
600
400
200
2013 YTD
2012
2011
2010
2008
2006
2005
2003
2002
2001
2000
0
Source: CA EDD, Labor Market Information Division
Kyser Center for Economic Research
37. Southern California Leisure &
Hospitality Employment
2013 YTD
Ventura
2012
2011
San Diego
2010
2009
2008
Inland Empire
2007
2006
Orange
2005
2004
2003
2002
2001
2000
1,000
900
800
700
600
500
400
300
200
100
0
Los Angeles
Thousands
Source: CA EDD, Labor Market Information Division
Kyser Center for Economic Research
38. SoCal Manufacturing Employment
Durable Goods
Nondurable Goods
1,200,000
1,000,000
800,000
600,000
400,000
200,000
2013 YTD
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
0
Source: CA EDD, Labor Market Information Division
Kyser Center for Economic Research
39. Orange
Inland Empire
2009
300
Los Angeles
Thousands
2007
Southern California Transportation and
Warehousing Employment
Ventura
250
200
150
100
50
2013 YTD
2012
2011
2010
2008
2006
2005
2004
2003
2002
2001
2000
0
Source: CA EDD, Labor Market Information Division
Kyser Center for Economic Research
40. International Trade-Related
Employment in LA 5 County Area
Los Angeles County
Orange County
Inland Empire
Ventura County
157,200
7,500
44,500
35,000
Source: LAEDC 2010 Cluster Analysis Project
Kyser Center for Economic Research
41. Annual TEU Throughput
San Pedro Bay Ports
millions of TEUs
August 2013: +2.4% YTD
18
16
15.8
14
14.3
14.2
11.8
14.3
14.1
14.0
14.1
2010
2011
2012 2013F
13.1
12
10
15.7
11.8
8
6
4
2
0
2003
2004
2005
2006
2007
2008
2009
Source: Ports of Los Angeles and Long Beach; forecast by LAEDC
Kyser Center for Economic Research
42. L.A. County Motion Picture & Sound
Recording Employment
Aug. 2013 YTY: -6,800 jobs, -5.6%
160,000
140,000
120,000
100,000
80,000
60,000
40,000
20,000
Jul-13
Apr-13
Jan-13
Oct-12
Jul-12
Apr-12
Jan-12
Oct-11
Jul-11
Apr-11
Jan-11
Oct-10
Jul-10
Apr-10
Jan-10
Oct-09
Jul-09
Apr-09
Jan-09
Oct-08
Jul-08
Apr-08
Jan-08
0
Source: CA EDD, Labor Market Information Division
Kyser Center for Economic Research
43. Where is the Motion Picture & Sound
Industry Located?
Share of employment in U.S.
LA
34.6%
59.3%
Rest of CA
Rest of US
6.1%
Source: CA EDD, Labor Market Information Division
Kyser Center for Economic Research
44. On-Location Film Production
Days by Type
60
50
Production Days,1000s
Feature Films
Television
Commercials
Other
2012: + 1.7% YTY
2013: +11.9% YTD (Q3)
40
30
20
10
0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2012 2013
YTD YTD
Source: Film LA
Kyser Center for Economic Research
45. Home Sales & Median Prices – CA
Existing Detached Homes – September 2013
Price: $428,810 +24.4% YTY - - - Sales: 412,880 -2.6% YTY
Sales (000s)
700
Price ($000s)
600
500
400
300
200
100
Source: California Association of Realtors
2013.01
2012.01
2011.01
2010.01
2009.01
2008.01
2007.01
2006.01
2005.01
2004.01
2003.01
0
46. Home Sales & Median Prices
Los Angeles County
New and existing, single-family homes and condos
12,000
$600
Sep. 2013: $425,000, +25.0% YTY, Sales: 5.0% YTY
10,000
$500
8,000
$400
6,000
$300
4,000
$200
2,000
$100
Home Sales
Median Home Price
0
Jan-06 Jan-07 Jan-08 Jan-09 Jan-10
Source: CA Real Estate Research Council; DataQuick
$0
Jan-11
Jan-12
Jan-13
Kyser Center for Economic Research
47. Home Sales & Median Prices
Orange County
New and existing, single-family homes and condos
(Sales)
(Price, Thousands)
5,000
4,500
$700
Sep. 2013: $550,000, +22.2% YTY, Sales: +8.9% YTY
$600
4,000
$500
3,500
3,000
$400
2,500
$300
2,000
1,500
$200
1,000
Home Sales
500
0
Jan-07
Jan-08
Jan-09
Jan-10
Source: CA Real Estate Research Council; DataQuick
$100
Median Home Price
$0
Jan-11
Jan-12
Jan-13
Kyser Center for Economic Research
48. Home Sales & Median Prices
Riverside County
New and existing, single-family homes and condos
(Sales)
(Price, Thousands)
7,000
$450
Sep. 2013: $269,000, +26.6% YTY, Sales: 7.6% YTY
6,000
$400
$350
5,000
$300
4,000
$250
3,000
$200
$150
2,000
$100
1,000
0
Jan-06 Jan-07 Jan-08 Jan-09 Jan-10
Source: CA Real Estate Research Council; DataQuick
Home Sales
Median Home Price
$50
$0
Jan-11
Jan-12
Jan-13
Kyser Center for Economic Research
49. Home Sales & Median Prices
San Bernardino County
New and existing, single-family homes and condos
(Sales)
(Price, Thousands)
5,000
4,500
$400
Sep. 2013: $225,000, +32.4% YTY, Sales: 15.4% YTY
4,000
$350
$300
3,500
3,000
$250
2,500
$200
2,000
$150
1,500
$100
1,000
Home Sales
Median Home Price
500
0
Jan-06 Jan-07 Jan-08 Jan-09 Jan-10
Source: CA Real Estate Research Council; DataQuick
$50
$0
Jan-11
Jan-12
Jan-13
Kyser Center for Economic Research
50. Home Sales & Median Prices
Ventura County
New and existing, single-family homes and condos
(Sales)
(Price, Thousands)
1,400
$700
Sep. 2013: $445,000, +18.8% YTY, Sales: +0.2% YTY
1,200
$600
1,000
$500
800
$400
600
$300
400
$200
200
0
Jan-06
Home Sales
Median Home Price
$100
$0
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Source: CA Real Estate Research Council; DataQuick
Kyser Center for Economic Research
51. Unsold Inventory (Months)
Existing Single Family Homes
County/Region
Los Angeles
Aug-12
3.0
Jul-13
2.9
Aug-13
2.9
Orange County
3.6
3.0
3.3
Riverside County
3.2
3.1
3.2
San Bernardino
3.4
3.1
3.0
San Diego
3.7
3.3
3.4
Ventura
4.0
3.5
3.2
Source: CA Association of Realtors
Kyser Center for Economic Research
52. 16,000
Southern California Unsold
New Housing
Total Units
Ventura
14,000
San Bernardino
12,000
Riverside
10,000
Orange
Los Angeles
8,000
6,000
4,000
2,000
0
07Q1
08Q1
09Q1
10Q1
11Q1
12Q1
13Q1
Source: CA Real Estate Research Council
Kyser Center for Economic Research
53. L.A. Five-County Region Apartment
Vacancy Rates & Average Rental Rates
Vacancy Rates
Rental Rates
9.0%
$1,500
8.0%
$1,450
7.0%
6.0%
$1,400
5.0%
$1,350
4.0%
3.0%
$1,300
2.0%
$1,250
1.0%
$1,200
1Q07
2Q07
3Q07
4Q07
1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
0.0%
Note: For Apartments with > 100 units
Source: Real Facts; CA Real Estate Research Council
Kyser Center for Economic Research
54. Office Vacancy Rates in
Southern California
26.0
% Vacant, Quarterly Averages
22.0
18.0
14.0
10.0
6.0
2.0
07Q1
08Q1
Los Angeles
09Q1
Orange
10Q1
Inland Empire
11Q1
Ventura
12Q1
13Q1
San Diego
Source: Grubb and Ellis Research Services; CA Real Estate Research Council
Kyser Center for Economic Research
55. Industrial Vacancy Rates –
Southern California
% Vacant, Quarterly Averages
14.0
12.0
10.0
8.0
6.0
4.0
2.0
Los Angeles
Orange
Inland Empire
Ventura
2Q13
1Q13
4Q12
3q12
2q12
1q12
4q11
3q11
2q11
1q11
4q10
3q10
2q10
1q10
4q09
3q09
2q09
1q09
4q08
3q08
2q08
1q08
4q07
3q07
0.0
San Diego
Source: Grubb and Ellis Research Services
Kyser Center for Economic Research
56. Residential Building Permits
Issued in California
250
Permits issued, Thousands
Multi-Family
Single-Family
200
61.5
53.7
56.9
150
43.9
56.3
100
50
54.5
44.6
123.9
155.3
138.8 151.4
41.0
108.0
31.9
33.5
19.5
33.1
11.0
25.5
25.1
21.8
26.1
'08
'09
'10
'11
'12
68.4
0
'02
'03
'04
'05
'06
'07
25.6
66.6
41.0
'13f
'14f
Source: CIRB; CA Homebuilding Foundation; forecast by LAEDC
Kyser Center for Economic Research
57. Residential Building Permits
Issued in Orange County
14.0
Permits Issued, Thousands
Multi-Family
12.0
Single-Family
10.0
5.6
8.0
3.7
2.7
6.5
4.9
6.0
5.9
3.1
4.6
4.9
4.0
5.9
6.4
5.6
2.0
2.9
4.4
4.1
1.9
3.7
2.2
0.0
'01
'02
'03
3.8
'04
'05
'06
'07
0.8
1.7
3.8
1.3
1.4
1.5
1.9
'09
'10
'11
'12
'13f
'14f
2.3
'08
4.3
Source: CIRB; CA Homebuilding Foundation; forecast by LAEDC
Kyser Center for Economic Research
59. Residential Building Permits
Issued in Ventura County
5.0
Permits Issued, Thousands
Multi-Family
4.5
Single-Family
4.0
3.5
1.9
0.3
3.0
1.3
2.5
0.3
0.9
2.0
1.5
0.9
3.2
2.2
1.0
2.6
2.3
1.7
1.1
1.6
0.5
0.7
0.0
'01
'02
'03
'04
'05
'06
'07
0.5
0.2
0.2
0.5
0.4
0.2
0.2
0.2
0.1
0.3
0.3
'12
'13f
0.3
'08
'09
'10
'11
0.3
0.4
'14f
Source: CIRB; CA Homebuilding Foundation; forecast by LAEDC
Kyser Center for Economic Research
60. Residential Building Permits
Issued in San Diego County
20.0
Permits Issued, Thousands
Multi-Family
18.0
Single-Family
16.0
14.0
12.0
8.9
6.3
6.0
7.8
7.4
10.0
8.0
6.0
4.0
5.2
6.0
9.3
9.7
9.5
9.6
4.4
3.9
7.9
4.8
2.0
3.5
'02
'03
'04
'05
'06
'07
4.2
6.0
1.1
2.3
1.2
1.8
2.2
2.4
2.2
'08
'09
'10
'11
'12
0.0
'01
2.9
2.8
3.9
'13f
'14f
Source: CIRB; CA Homebuilding Foundation; forecast by LAEDC
Kyser Center for Economic Research
61. Southern California Construction
Employment
600
Los Angeles
Thousands
Orange
Inland Empire
San Diego
Ventura
500
400
300
200
100
2013 YTD
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
0
Source: CA EDD, Labor Market Information Division
Kyser Center for Economic Research
63. California Economic Forecast
2010
2011
2012
2013f
2014f
Nonfarm Jobs Annual % Chg.
-1.1%
1.2%
2.1%
1.7%
1.7%
Unemployment Rate
12.4%
11.8%
10.5%
9.1%
8.7%
Personal Income Annual % Chg.
3.1%
5.2%
4.0%
2.3%
5.0%
Taxable Retail Sales % Chg.
5.0%
8.8%
6.6%
4.5%
3.1%
Housing Permits thousands of units
44.8
47.3
59.6
82.0
121.0
Forecast Source: LAEDC
Kyser Center for Economic Research
64. California Employment
Annual average in thousands, 2012 benchmark
15,400
Total Nonfarm Employment
Unemployment Rate
14.0%
15,200
12.0%
15,000
14,800
10.0%
14,600
8.0%
14,400
14,200
6.0%
14,000
4.0%
13,800
13,600
2.0%
13,400
13,200
0.0%
'00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13f '14f
Source: CA EDD, Labor Market Information Division; forecast by LAEDC
Kyser Center for Economic Research
65. California Personal Income
& Retail Sales
Total Personal Income
2,000
Taxable Retail Sales Growth
15.0%
Billions of $
1,800
10.0%
1,600
1,400
5.0%
1,200
1,000
0.0%
800
-5.0%
600
400
-10.0%
200
0
-15.0%
'01
'02
'03
'04
'05
'06
'07
08
'09
'10
'11
'12 '13f '14f
Source: CA Board of Equalization, Department of Commerce; estimate & forecast by LAEDC
Kyser Center for Economic Research
66. California Recap
Faster growth than US
But more ground to make up
Silicon Valley/Bay Area Leading
Driving up housing prices
Southern California Mixed
OC in the lead
Housing
Supply-constrained home prices up sharply
Slower gains in 2014 as supply increases
Construction recovering from steep decline
Kyser Center for Economic Research
67. THANK YOU
For Further Insight into the
Local Economy
find our Mid-Year Economic
Forecast & Industry Outlook
online at
www.LAEDC.org/reports
•
Keep up with economic news
and major developments by
subscribing to e-EDGE, our
free weekly economic
newsletter. Check out the
current issue at
www.LAEDC.org/eEdge
URL: http://www.census.gov/retail/ Create your own time seriesGE 9/13/13
RAK_9/18/13
RAK 10/15/13
RAK4/15/13RAK_9/18/13: CA GSP updated with Sept 2013 CA LTT, US historical updated w July 2013 revisions
KRM/KL 7/9/13GE 9/26/13
Note: Education Services refers to private education (e.g. USC, DeVry). Public education (K-12, community colleges, CSULB, CSU) are included in Government.RAK_4/11/13CaliforniaLabor Market Information Division, All Data ARE Adjusted for SeasonalityGE 08/19/13GE 9/26/13
Note: Education Services refers to private education (e.g. USC, DeVry). Public education (K-12, community colleges, CSULB, CSU) are included in Government.RAK_4/11/13CaliforniaLabor Market Information Division, All Data ARE Adjusted for SeasonalityGE 08/19/13
GE 8/19/13GE 9/26/13
GE 8/19/13GE 9/26/13
GE 9/26/13
GE 8/23/139/26/13
RAK 10/15/13 Real GSP, Manufacturing (Millions 2005$)Real GSPDurables Manufacturing (Millions 2005$)Real GSPNon-Durables Manufacturing (Millions 2005$) Real GSP rescaled to $ Billions for figurePeaksDurable – new peak in 2012Nondurable – peak in 2008