11:00am | A new economic forecast study released today predicts the limited growth of business and employment in Long Beach, with an optimistic tone for the future.
The CSULB 2010-2011 Regional Economic Forecast predicts an outlook for Long Beach and surrounding regions from Orange County to Ventura County. The annual report is produced by professors from the Office of Economic Research at California State University, Long Beach.
After the local economy and workforce suffered mightily at the hands of the recession, researchers expect to see gradual improvement in Long Beach over the next few years.
“While we believe that the economic recovery is well underway, as indicated elsewhere, we do expect steady but modest growth throughout 2010 and through much of 2011,” the report reads in a section focusing solely on Long Beach.
The study expects employment gains in several industries, but says that they will likely not be great enough to offset the loss of jobs that took place earlier in 2010.
Industries expected to grow in the next year include educational and health services, professional and business services and the Federal Government. It’s not all good news, though. Losses are expected to continue in the logistics sector, although the return of trade to local ports will help ease the sting.
Sectors like manufacturing, public education, retail and hospitality are expected to experience continued losses, though the rate will likely slow.
Down the line, the study predicts overall gains of 2,100 jobs in 2011 and 1,700 jobs in 2012.
More information to come…