California Poised for Economic Growth; Housing Affordability Challenge Emerges

Economic Advisory Council Report – May 27, 2016

The U.S. economy started off on a down note in 2016, with gross domestic product (GDP) growth slowing to a paltry 0.4%, even as the financial and commodity markets have continued their wild ride. The global commodity glut and the slowing world economy are the proximate drivers of the weak numbers.

The good news is that these shocks have already inflicted their maximum damage on the U.S. economy, and core drivers of growth, such as consumer spending, are more than strong enough to push the economy through these problems. As such, most economic forecasters continue to forecast growth in the 2% to 2.5% range for the rest of the year.

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The California Chamber of Commerce is the largest, broad-based business advocate to government in California, working at the state and federal levels to influence government actions affecting all California business. As a not-for-profit, we leverage our front-line knowledge of laws and regulations to provide affordable and easy-to-use compliance products and services.