'81 boom forecast for California
Los Angeles — California is heading for a hefty $352 billion gross state product (GSP) next year. That represents a tripling in the value of goods and services produced in the nation's most populous state in the last decade. The projected 1981 figure would rank California, if a separate nation, as ninth largest in the world, just behind Italy and ahead of Canada.
That's the word from Dr. Raymond Jallow, senior vice-president and chief economist with United California Bank, Los Angeles.
He estimates California GSP for 1980 at $310.5 billion, up from $280.7 billion last year. He points out the Golden State next year will account for 12 .3 percent, or nearly $1 of every $8, of output produced in the United States.
He sees defense contracts, long a primary source of strength in the state, pushing aerospace employment to a record 660,000 jobs, a 43,000 gain from 1980. Also contributing punch to the economy, he adds, will be the high-technology industry, including computers and electronics.
Meanwhile, officials at Bank of America, in San Francisco, feel electronics and high technology in California will be aided next year by the nation's efforts to boost overall industrial production.