California a Bright Spot in US Economic Recovery
August 22, 2013
The U.S. economy is slowly improving from the recession of 2008-2009. Industries like construction are doing well, but unemployment remains stubbornly high throughout the United States. California is a bright spot, growing at a rate above the national average, but as in other states, the recovery is uneven.
Realtor Rosalie Andersen adjusts the "for sale" sign in front of a white stucco home in a quiet neighborhood near Los Angeles. She hopes the house will sell for more than a million dollars, and says the real estate market is on an upswing.
“It's kind of puzzling. We talk in the office, and we're just wondering, where are these people getting all this cash from? But I think what a lot of people are doing is that they're finally realizing that your best investment for money is a home," said Andersen.
California grew last year at 3.5 percent, a full percentage point above the national average.
But the reality on the ground varies from place to place.
The ports, one of the drivers of the local economy, are busier, says economist Robert Kleinhenz of the Los Angeles County Economic Development Corporation.
“We're still well below the pre-recession peak levels of port activity that we had seen in 2007," he said. "We've seen some slight gains with each passing year, but there still is quite a ways to go."
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