San Fernando Valley is hotspot amid California's staggering economic growth, forecast shows

SAN FERNANDO VALLEY, LOS ANGELES (KABC) -- Money and jobs in the San Fernando Valley are booming, according to a recent economic forecast.

The forecast released Wednesday by the Center for Economic Research and Forecasting at Cal Lutheran University shows that the Valley's economic growth averaged more than 4% over the past five years.

The Los Angeles metropolitan area, by comparison, had an average growth of 3.1%, while the nation averaged just 2.5%, according to the forecast.

The region's "strong outlook" was attributed to more jobs in fastest growing sectors such as construction, transportation, warehousing and information and technology. Information and technology, a sector that includes software engineering and internet development, was responsible for a 5.9% increase in output over the past year.

Jobs in the San Fernando Valley have also been experiencing relatively strong growth for a third straight year.

Over the past three years, job growth has averaged 2.2% in the Valley, while averaging 1.6% for the nation and only 1.4% for the LA Metro area.

"The San Fernando Valley is a true economic hotspot, whose performance compares favorably to almost any other geography," the forecast said.