CALIFORNIA RECOVERY BY INDUSTRY
ACROSS THE BOARD JOB GAINS:
California’s construction industry came roaring back and grew by 5.0 percent in just the last year. Leisure and Hospitality enjoyed the second largest gain in employment (4.1 percent); followed by Professional and Business Services (2.5 percent), Education and Health (1.9 percent), Financial Activities (1.9 percent) and Trade and Transportation (1.3 percent).
SHRINKING THE SIZE OF GOVERNMENT:
The government sector decreased by 0.5 percent.
IT JOBS EXCEED PRE-RECESSION LEVELS:
Information technology jobs have rebounded and exceeded pre-recession levels. California remains the top state for information technology jobs which drives venture capital investment, patents, innovation and ultimately the strength of our workforce.
NO. 1 STATE FOR MANUFACTURING:
California is by far the number one state for manufacturing jobs, firms and output – accounting for 11.7 percent of the total output, and employing 9 percent of the workforce. CA manufacturing generates $229.9 billion, more than any other state.
HEALTHCARE SECTOR GROWING:
California healthcare jobs maintained consistent growth through the recession, adding 27,500 jobs per year.
NATION LEADING BIOTECHNOLOGY SECTOR:
California’s 2,324 biomedical companies employ 269,976 people. This industry accounts for $115 billion in annual revenues – which is more than the annual Gross State Product of 18 U.S. states.
SMALL BUSINESS BACKBONE:
3.4 million California small businesses account for 99% of the state's employers and employ 52% of the workforce.
TOP GROWTH STATE:
California’s GDP growth in 2012 was 5th best in the nation and California had the 6th fastest growing economy - based on figures published by the U.S. Bureau of Economic Analysis (BEA).
NATION LEADING DECLINE IN UNEMPLOYMENT:
California’s unemployment rate decreased by 2.1% in the last year – the largest decrease of any U.S. state. California’s unemployment rate decline is over twice as large as majority of U.S. states.
CALIFORNIA GROWTH OUTPACES NATION:
Senior UCLA economist Jerry Nickelsburg notes the state has been one of the bright spots in the U.S. employment picture, with California consistently among the top 10 states in employment growth. For the 12 months ending in April 2013, only Utah's employment growth rate rose faster. While the increase in California jobs has been widespread, the economy's strength lies in the state's technology and knowledge-laden sectors, which use technology and information more heavily, accounting for more than half the job growth.
FASTEST IMPROVING AREAS:
The Labor Department released data on unemployment rates by metropolitan area, and the numbers show that California home to all 10 of the 10 metropolitan areas with the fastest-improving unemployment rates.
CONSUMER CONFIDENCE INCREASING:
Forty-nine percent of registered voters said the economy is starting to improve, up 3 percentage points from the last poll in March. Just 26% said they expected the economy to worsen, down three points in the same time period.
FOREIGN DIRECT INVESTMENT:
California is the No. 1 state for attracting foreign direct investment.
MAJOR GROWTH AREAS:
Four of the top 20 U.S. regions for job growth are in California. They include the Los Angeles-Long Beach-Santa Ana Region, San Francisco-Oakland-Fremont Region, San Diego-Carlsbad-San Marcos Region, and the Riverside-San Bernardino-Ontario Region (according to the WP Carey School at ASU). Additionally the US Census Bureau recently published the fastest growing cities by both aggregate numbers and by percentage. Several California cities show up on both categories. By Aggregate, Los Angeles was #2 and San Diego was #9 from a percentage basis, Irvine was ranked #8 at 4.21 percent.
AWARDS AND LISTS
LEADING THE FORTUNE 500:
California is once again on top of the 2013 year’s list as the state with the most Fortune 500 companies. California has 54 companies up one from the 2012 list. It is just ahead of Texas and New York both with 52.
AREA DEVELOPMENT MAGAZINE AWARDS CALIFORNIA OUR FIRST SILVER SHOVEL AWARD FOR JOB CREATION:
“Silver Shovel winner California has had remarkable success in growing high-wage jobs in recent years, which has propelled its economic output at a rate faster than the nation’s as a whole for the past two decades, according to a report published by the San Francisco Federal Reserve Bank. In 2011, the most recent calendar-year results available, the state’s gross domestic product was up by 2 percent, beating the national growth rate by a third. Analysts expect even greater things for the future. For example, the Anderson Forecast expects nonfarm jobs to grow by 1.4 percent this year, 2.1 percent next year, and 2.3 percent in 2015. And economists note that technological developments are likely to fuel growth well into the future in this tech-heavy state.”
AREA DEVELOPMENT MAGAZINE RECOGNIZES SAMSUNG EXPANSION AS ONE OF THE BEST ECONOMIC DEVELOPMENT PROJECTS OF THE YEAR:
“The Samsung Semiconductors presence in San Jose is making a giant leap forward, thanks to a $300 million investment that is expected to translate into 2,000 jobs where about 300 exist presently. The San Jose project is not the only Samsung investment in Silicon Valley. Also in the works is a major Mountain View project that will house Samsung Information Systems America.”
GOVERNOR BROWN RECOGNIZED AS TOP 10 ‘JOB CREATING GOVERNOR’:
On Numbers, a blog from parent company American City Business Journals, ranked U.S. governors according to their records for private-sector employment growth. Gov. Jerry Brown, who’s signing a budget Thursday that assumes a fiscal surplus for the state of California, came in 10th for keeping a steady hand on the Golden State’s steady economic recovery over the past three years.
HOME TO MOST FASTEST GROWING COMPANIES:
California leads Fortune’s 2012 list with 24 of the 100 Fastest Growing companies, more than double our next closest competitor Texas.
TOP STATE FOR TRADE:
In Global Trade Magazine’s 50 city ranking of US cities for Global Trade, California has two of the Top 10 cities and four of the Top 20 – more than any other state in both metrics.
The publication Under30CEO has released its annual rankings of the “Best Cites for Young Entrepreneurs” for 2013. San Francisco was ranked #2.
SF IS BLOOMBERG’S BEST CITY IN 2012:
The financial magazine Bloomberg BusinessWeek picks San Francisco as the top city in America.
Sources included in the PFV version of the full report available here