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A McKinsey Global Institute report estimates that the housing shortage is costing the California economy between 143 and 233 billion dollars per year, from lost construction activity (at least $85 billion annually), lower consumption of consumer goods because of high housing costs (at least $53 billion annually) and the costs of providing ...
The Southern California housing market is downshifting. ... Inflation and economic growth play a major role in the direction of mortgage rates. In May, mortgage rates were above 7%, but then ...
California, though, should continue to have an unemployment rate higher than the national average, the forecast said. That rate averaged 4.2% last year and is expected to climb to 4.6% this year ...
The data from the California Department of Finance show statewide housing production in 2022 increased 0.85%, the highest figure since 2008. That growth could eventually help combat the high cost ...
U.S. states and D.C. by median home price, February 2024 (in February 2024 dollars) [1] State rank State or territory Median home price in US$; 1 Hawaii $839,013
Rapid economic growth of the high tech industry in San Francisco and nearby Silicon Valley created hundreds of thousands of new jobs. The higher demand for housing, combined with the lack of supply, (caused by severe restrictions on the building of new housing units) [21] caused dramatic increases in rents and extremely high housing prices.
California has long faced one of the largest housing deficits in the United States. In December 2022, CNN reported California had the largest deficit in the nation. A combination of inflation ...
According to the California Department of Food and Agriculture, "California agriculture is a $42.6 billion dollar industry that generates at least $100 billion in related economic activity." [ 37 ] The state's agricultural sales first exceeded $30 billion in 2004, [ 33 ] making it more than twice the size of any other state's agriculture industry.