Seemingly nothing trumps Sacramento’s economic misery. The latest statewide forecast released Tuesday by the Business Forecasting Center at the University of the Pacific in Stockton took special note that “the government and housing-dependent Sacramento economy remains the only area in Northern California still mired in recession.”
“The gap between Sacramento and other areas that appeared in 2010 is deepening in 2011,” said Jeff Michael, director of the UOP forecasting center. Michael’s grim assessment was nothing new. In February he said, “If there’s anywhere in California that’s still in (recession), Sacramento’s the place.”
Still, Tuesday’s forecast was a painful reiteration of the Sacramentoarea’s sputtering real estate market, compounded by high unemployment, state government debt and a loss of nearly 5,000 construction jobs last year alone.
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