CALIFORNIA ECONOMY BY THE NUMBERS
LEADING JOB CREATION:
California added over 230,000 new jobs in 2013 and over a million new jobs since the end of the recession.
TOP 5 GDP GROWTH:
California's GDP growth rate was 3.5 percent in 2012 – fifth best in the nation.
MULTIPLE NATION LEADING SECTORS:
Where other states have one or two main economic sectors, California has several -- all of which lead the nation. California is first in high tech, biotech, agriculture, entertainment, manufacturing, tourism and more.
MANUFACTURING JOB INCREASE:
After ten plus years of manufacturing job losses, California posted three consecutive years of manufacturing job gains in 2011, 2012 and 2013.
In trade, California merchandise exports grew to $164 billion last year -- a record export high for the state. Our nation leading tourism sector boasts over 200 million visitors in 2012 with direct travel spending of more than $106.4 billion.
BALANCED BUDGETS IMPROVE CA CREDIT RATING:
In a landmark for the state, California ended 10 years of budget deficits as Governor Brown not only signed his third consecutive balanced budget but one that included more than a billion dollar surplus. As a result, the ratings service Fitch changed the state's outlook from "stable" to "positive," Moody's upgraded their ratings for California's Economic Recovery Bonds and Standard & Poor's raised California's credit rating for the first time since 2006.
INCREASING FOREIGN INVESTMENT
: In April Governor Brown led a trade mission to China where he announced over $1.8 billion dollars in deals and opened a California foreign trade office in Shanghai -- the first in over a decade.
NEW BUSINESS INCENTIVES:
Earlier this year, Governor Brown enacted a new Economic Development Initiative. The initiative brought together business leaders, labor interests and legislators from both sides of the aisle to help create a more flexible, more competitive set of economic development tools for California. The new tools include a Sales and Use Tax Exemption for Manufacturing, Biotech and R&D equipment; a Hiring Credit, and the CA Competes Tax Credit designed to incentive companies to locate or expand in CA.
CALIFORNIA ECONOMIC LEADERSHIP BY INDUSTRY
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.
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.
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 percent of the state's employers and employ 52 percent 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).
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