LOS ANGELES—According to the latest BeaconEconomics report, California's metropolitan areas are allexperiencing job growth. The report forecasts jobs will continue togrow, settling at a growth rate of 2.5% in 2016 withunemployment dropping to 6% in mid-2017. Overall,the states economy will continue to see growth through 2019. Theseresults show quantitative and continual economic improvementsthroughout the state.

Although this is great news, the report did show that the stateis experiencing some challenges, specifically with the rising costof housing. Limited supply of new housing is driving costs up, andthis higher cost is pushing the labor force out of the state andhindering the state's growth. According to JordanLevine, Beacon Economics director of economic research,“You can't add jobs if there is no growth in the labor forcebecause people are leaving because they can't afford housing.” Thereport found that home prices in California would rise bydouble-digit percentages next year

Helping to fuel the state's economy, tourism isup throughout the state, and hotel occupancy is at73.4%, 10% higher than the national average. In Los Angeles, thishas driven an increase in hotel development as well, especially inDowntown Los Angeles, which is in need of new hotel rooms fortourists. Recently, the $172 million dual-branded Hilton Marriottopened its doors in after two years indevelopment.