Californians can expect a slight increase in job growth, according to Chapman University
\neconomists. During the presentation of the 47th annual Economic Forecast on Dec. 12, President
\nEmeritus Jim Doti predicted that, nationwide, there would be slow economic growth and an
\ninflation rate hitting 3% by year-end 2025.<\/p>\n
\u201cWhile inflation is expected to rise, the Federal Reserve will likely hold off on substantial
\nrate cuts,\u201d Doti said. \u201cThe effects of earlier rate hikes will persist, but we anticipate a stable
\neconomic environment.\u201d<\/p>\n
Doti said there will continue to be slow economic growth in Orange County. Advanced jobs, which pay two or three times the average wage rate, are practically flat in Orange County at .4% growth. However, one strength in Orange County is in the medical technology industry, with the county being ranked the highest of 50 different metropolitan areas that Doti\u2019s team tracked.<\/p>\n
Doti also made a number of forecasts for Orange County\u2019s 2025 housing market, including that home sales would only slightly increase from 22,400 in 2024 to 23,100 next year. This is a steep decline from the 38,600 sales in 2021.<\/p>\n
\u201cPeople are not putting their homes up for sale and for good reason, we calculated the present value of a mortgage at 3% for 30 years versus what they are at 6%, and the present value of that asset is $800,000,\u201d he said. \u201cPeople don\u2019t want to lose that.\u201d<\/p>\n
Doti is also projecting a slight drop in Orange County home prices.<\/p>\n
Visit economicforecast.chapman.edu to view the entire presentation.<\/p>\n","protected":false},"excerpt":{"rendered":"
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