California Economic Drivers Report – Q3 2026
Resilient growth, a softening September payroll report and persistent inflation shape housing demand
Category: Economic Drivers / Housing Demand | Report Period: Q3 2026 | Prepared by: RadZ Real Estate Consulting
Executive Summary
California entered Q4 with a mixed but generally resilient economic foundation.
The state's unemployment rate remained 5.1% in September, but California lost 9,300 nonfarm payroll jobs during the month. Despite the monthly decline, payroll employment remained 129,300 jobs above September 2025.
National economic activity was stronger. Real U.S. GDP expanded at a 3.4% annualized rate during Q3, accelerating from 2.2% in Q2. Consumer spending, investment and government spending contributed positively to growth.
However, inflation remained elevated. September CPI increased 3.7% year-over-year, while core CPI excluding food and energy incre...
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