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56 alifornia's housing sector generates $328 billion in direct and indirect economic output, according to the California Building Industry Association. e trade group's data show housing contributes 10 percent of the state's total economic output, making it California's leading industry. ere are 42,650 state-licensed loan officers in California and more than 400,000 agents and brokers licensed by the California Bureau of Real Estate. Some 770 lending entities are registered with California's Department of Business Oversight, and HUD has bestowed its stamp of approval on 145 of the state's housing counseling agencies. Housing is big business in the Golden State, and according to Mike Winn, president and CEO of the California Building Industry Association, "e housing industry will lead California's economic recovery." e state's housing industry is not only a dominant driver of local economies and an integral part of California's culture, but for the rest of the country, it's a real estate nexus. Industry experts and analysts from Seattle to Manhattan closely track movement in California's real estate markets, whether home prices, foreclosures, or even legislation. Historically, the "Golden State" has led the nation in terms of housing health and market trends, serving as a barometer for communities across the United States. AN ELECTION WORTH FOLLOWING California's predominance on the housing front makes its 2014 gubernatorial race one to watch, especially given the different directions local real estate conditions could drift under each candidate's policy views. e incumbent, Democratic Gov. Edmund "Jerry" G. Brown Jr., says he's both "prepared" and "excited" to tackle the next four years' challenges. "In fact, there's nothing I'd rather do," the 75-year-old Yale grad stated to the New York Times upon announcing his run for re-election. Brown garnered 46 percent of likely primary voters' support in a poll conducted by the Public Policy Institute of California in mid-April. Assemblyman Tim Donnelly, a Republican legislator representing the Twin Peaks community of San Bernardino County since 2010, is the public's No. 2 pick, claiming 9 percent of the poll's preference. Donnelly describes housing as a "hugely significant industry" for California. Despite the affordability issues straining many markets across the state, Donnelly doesn't believe the "American Dream" is fading for Californians. He says homeownership is "something that everyone aspires to," and from his vantage point, "government is the greatest threat" to that ideal. "For me, it's real simple," Donnelly said. "e single best thing we can do to help the housing market, the mortgage industry, and every other Candidates for the California governorship advance/harbor starkly different outlooks for the state's real estate and mortgage markets over the next four years. I N D U S T R Y I N S I G H T / C A R R I E B A Y GOVERNING HOUSING'S ANTECEDENT STATE

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