Economic Forecast

In the latest economic forecast, Chapman University economists Tuesday predicted that Los Angeles County will create about 77,000 nonfarm payroll jobs this year, growing by 2% from 1997.

Chapman analysts say taxable sales in the county should increase by 4.7%, about the same as in 1997.

They note, significantly, that Los Angeles County is a more affordable place today, with lower mortgage rates, higher income growth and lower housing prices. But they also add that housing prices will rise this year by 4.4%.

The forecast by Chapman, a university in Orange, is in line with projections from the Los Angeles Economic Development Corp., which estimates that Los Angeles County will add 81,000 jobs this year.

*

Don Lee can be reached at don.lee@latimes.com