Economic Indicators
December 9, 2025
RadZ Consulting
California Economic Drivers Report - Q4 2025
240K jobs added, inflation at 2.4%, population growth returns to positive territory
Economic Drivers: Employment, Inflation, Migration, and Construction
| Indicator | Q4 2024 | Q4 2025 | Change (%) |
|---|---|---|---|
| Non-Farm Employment (million) | 18.12 | 18.36 | +1.3% |
| Unemployment Rate | 5.1% | 4.7% | –0.4 pts |
| Inflation (CPI YoY) | 3.6% | 2.4% | –1.2 pts |
| Population Growth | -0.1% | +0.2% | +0.3 pts |
| Building Permits (annualized) | 97,000 | 102,000 | +5.2% |
California's broader economic performance in 2025 served as the backbone for its real-estate stabilization. After two years of sluggish growth, the state regained moderate momentum, adding roughly 240,000 jobs through November.
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