Sluggish Local Growth Predicted for 2012
The economic forecast was issued by the National University System Institute for Policy Research.
City News Service, CORONADO PATCH
Friday, December 16, 2011
The institute predicts that housing construction will increase by 15 percent to 5,700 units. But since the industry is recovering from depression-era levels, the impact on the labor market is not expected to be strong.
“The basis of the increase forecast is largely upon the population growing 0.9 percent, and employment rising 1.8 percent,” said Kelly Cunningham of the NUSIPR. “The ratio of new construction to population gain remains very low.”
Demand will also increase because many young adults have been living with their parents since the recession started, Cunningham said.