Payroll Gains in Birmingham Expected to Double in 2016, Supporting Renter Demand

Southern California economy is worth $1,588 billion in Gross Metro Product and projected to grow to $1,676 billion in 2019. The area contributes to 55.3% percent of California state economy i.e. Gross State Product. The unemployment rate is at 4.2% percent this year, a 0.4 percent lower from 2017. The area has 58.7 percent labor force participation rate with low participation from Inland Empire and Riverside areas. Startup investments have increased in Los Angeles’ Silicon Beach, Irvine and San Diego areas, fueling entrepreneurship and innovation. Los Angeles has the largest technology workforce, with 446,000 jobs, followed by Silicon Valley and San Francisco, as of July 2018. Rising house and rental costs in Silicon Valley have triggered movement of technology jobs to Southern California creating rental demands.[…]

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