HOME INDUSTRY NO. 2 FORCE SECTOR CREATES 1 MILLION JOBS IN CALIFORNIA.Byline: Gregory J. Wilcox Staff Writer The housing industry ranked as the second most powerful economic force in California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). last year, generating $217.5 billion in output and nearly 1 million jobs, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a study released Wednesday. The sector also played a major role in keeping the state on course for recovery and accounted for 10 percent of its economy, said the report compiled by the Sacramento Regional Research Institute. An earlier study had ranked the housing industry the state's most powerful economic engine, but this one, based on a different methodology, concluded that the title goes to wholesale and retail trade. This sector generated $221 billion in economic output and 2.7 million jobs and also accounted for roughly 10 percent of the state's economy. Sherman D. Harmer Jr., president of the California Building Industry Association and a San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. builder, said his industry is critical to the state's continued prosperity. ``When you look at valuable jobs in our state we continue to be one of the most valuable industries. California is losing jobs from most of its industries; ours are jobs that are very stable, you can't export them to Utah, Mexico, Equador or China,'' he said. The new home-building sector contributed $59 billion to the gross state product last year, up from $51.67 billion in 2002, the report said. The Los Angeles/Long Beach region was the state's most robust industrywide in·dus·try·wide adv. & adj. Throughout an entire industry: sales that have decreased industrywide; industrywide cooperation. , with an economic output last year of $32.99 billion while creating 88,832 jobs. This year should be better, since builders are expected to construct nearly 200,000 new homes and apartments, the most since the late 1980s. However, it is still far short of demand. Harmer says the market has been under built by almost 1 million units since the early 1990s. Jack Kyser, chief economist The Chief Economist is a single position job class having primary responsibility for the development, coordination, and production of economic and financial analysis. It is distinguished from the other economist positions by the broader scope of responsibility encompassing the at the Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. County Economic Development Corp., said the sector should stay strong through 2006. And since supply won't catch up with demand the industry's economic impact will remain huge. ``When someone buys a home there are a lot of items they have to get - new appliances and new furniture. The reality of a home is that most of us are constantly tinkering tin·ker n. 1. A traveling mender of metal household utensils. 2. Chiefly British A member of any of various traditionally itinerant groups of people living especially in Scotland and Ireland; a traveler. 3. with it,'' he said. Gregory J. Wilcox, (818) 713-3743 greg.wilcox(at)dailynews.com |
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