Aspects of the disclosure are directed to genetically modified yeast cells and methods for use. Certain aspects are directed to recombinant yeast cells comprising exogenous nucleic acid sequences encoding phosphotransacetylase and/or phosphoketolase proteins, including a phosphoketolase protein from Clostridium acetobutylicum. Also disclosed are methods for generating recombinant yeast cells and methods of use of such cells for production of one or more products, including lipids, oils, fatty acids, and triacylglycerides.