The latest economic forecast released by UCLA Anderson School of Management has found that California’s economy is likely to grow at a much faster rate than the rest of the country over the next two years. With the growing economy, it just might be possible for the city of Los Angeles to address some much needed issues within the city.
The Economic Outlook
According to the UCLA Anderson Forecast, economic growth is likely to continue throughout the United States, though at a slightly slower pace. During this same time period, inflation is expected to increase to more than the target 2 percent that has been established by the Federal Reserve Board. Nonetheless, an increase in consumer spending and housing will drive national economic growth.
In California, the economic forecast has been downgraded slightly due to slower-than-expected national economic growth. Nonetheless, the current forecast calls for a steady decrease in unemployment in the state of California through 2018, with the rate expected to drop down to just 5 percent by the end of the year. UCLA Anderson senior economist Jerry Nickelsburg credits much of this growth to the important role that technology innovation plays in the state’s continued economic recovery. The forecast further calls for a 1.9 percent increase in total employment growth in 2016, a 1.6 percent increase in 2017 and a 1 percent increase in 2018. Payrolls are expected to grow at the same rate while real personal income growth is expected to be 3.6 percent in 2016, 3.2 percent in 2017 and 3.0 percent in 2018.
L.A. Makes Plans to Fix Sidewalks
In response to a lawsuit that the city lost last year, Los Angeles is making plans to move forward with fixing its busted up sidewalks. While the city has looked at many options for getting the sidewalks fixed, the one that seems to be the winner is a plan that involves turning the newly repaired walkways over to businesses and private citizens so they can provide upkeep. Already approved by the LA City Council, the plan now has to be placed in a new ordinance that will also involve repealing a city law requiring the city to pay for repairs to sidewalks that have been damaged by city trees. The new plan is expected to be put into place in July.
Searching for Water
In addition to repairing sidewalks, the county is also looking for ways to get the area’s water problems under control. One proposal put forth by the LA County Board of Supervisors involves creating an ordinance that would attempt to block new developments from increasing regional demands on the water supply. This may be accomplished through the use of fees or recycled water programs. The Board is also reaching out to stakeholders in an effort to get input into the development of a water conservation plan that might include things such as stormwater capture projects.
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(all data current as of 11/20/2017)
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