California is on track to meet pre-recession job levels sometime this summer.

The latest forecast out of the University of the Pacific predicts that the state will be home to 15.4 million jobs by July, eclipsing what was last seen in 2007, nearly a year earlier than expected.

Regionally, and locally...

"We're in our third year of over 2 percent employment growth," said Jeff Michael, who directs the Business Forecasting Center at UOP. 

Michael says San Francisco still leads the way in gains, but Sacramento's arena project could have a ripple effect in construction downtown especially when it comes to housing starts.

The drought will cost the Central Valley jobs, maybe upwards of 14,000, but: 

"It's not something that's going to spark a recession or downturn," he said.