SAN FRANCISCO-Data suggests that the state of California will not return to pre-recession employment levels until Dec 2015, but within the state there are some areas that face a steeper upward climb. That is according to Jones Lang LaSalle.
GlobeSt.com recently chatted with Amber Schiada, research manager of JLL-Northern California, on the subject, and she noted that Stockton, in the Central Valley, won’t get there until late 2020, thanks to its full-on exposure to the housing bust (see graph below).
To the north, she says, “Sacramento’s reliance on government employment means it will be the end of 2018 before the capital region returns to 2007 employment levels.”
Check back later today for more from Amber Schiada on the market, this time, Sunnyvale, CA in particular.