Written by The Business Journal Staff
Fresno’s economic recovery is expected to be a slow and steady affair for the next few years, with construction poised to lead local job growth, according to a new forecast from University of the Pacific.
The University’s Center for Business and Policy Research metro forecast finds that California overall is maintaining solid growth after a slight slowdown at the beginning of the year.
Fresno’s leading sectors for employment growth next year are construction and mining with 7.8 percent and professional and business services with 4.8 percent. In fact, all sectors are expected to increase employment next year except for information, manufacturing, federal government and the “other services” sector.
Real personal income in Fresno is expected to grow 2.7 percent between this year and next year and 3 percent between 2017 and 2018, for growth of $31.6 billion and $32.6 billion, respectively.
The forecast says the Fresno region’s population is expected to grow upwards of 1.3 percent every year through 2020, when it will reach about 1.03 million.
Next year’s unemployment rate is expected to decrease to 9.8 percent from 10.2 percent last year. It is expected to once again hit 10.2 percent in 2020.