California and San Diego, in particular, will continue to grow and add new jobs according to Dr. Lynn Reaser, a Chief Economist at the Point Loma Nazarene University’s Fermanian School of Business. Dr. Reaser gave her report at the Fermanian Institute’s 2016 Economic Outlook Forum on February 12, 2016.
“We actually seem to be doing better than most countries in the world,” said Dr. Reaser. “We will see growth of 2.5 percent this year, which is more than last year.” Dr. Reaser estimated that San Diego would gain 35,000 new jobs in 2016, just a few thousand less than 2015.
The 2016 Economic Outlook Forum was held at the Hyatt Regency La Jolla at Aventine and welcomed more than 200 local business leaders. During Dr. Reaser’s presentation, she answered questions from the audience and addressed a variety of issues from global economic challenges to the U.S. stock market and the new football stadium in San Diego.
There were a few key points, according to the Times of San Diego.
- San Diego housing costs will continue to rise in 2016, though 9,500 permits for new housing units will be issued.
- The state of California has and will continue to outperform the nation regarding growth. California has grown faster than the rest of the U.S. for 46 consecutive months and currently boasts three of the world’s four largest companies. “Everyone is, in fact, not leaving the state,” Dr. Reaser said.
- Though California’s unemployment remains above the U.S. average, California will add a total of 405,000 new jobs in 2016.
- As for the global economy, there are five challenges: slowing growth in China, oil price plunge, easy money policies by central banks, a rising dollar, and the migrant crises.
- The stock market had a horrible start in 2016. However, Dr. Reaser expects stocks to increase later this year.
To learn more about the Fermanian School and the various events for MBA applicants to attend, visit the school website.