California set to become 4th largest world economy, but why can few afford to live here?
A report published by Bloomberg shows the state is on track to surpass Germany as the fourth-largest economy in the world. Gov. Gavin Newsom's office points to the booming renewable energy industry, job creation, falling unemployment rates, and growing market values for companies as factors that are driving California's economic growth. While the numbers seem great on paper, one economic expert tells CBS13 they do not tell the whole story about the state's economy.