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The Economic and Fiscal State of the West with an Emphasis on California and the Bay Area

The Economic and Fiscal State of the West with an Emphasis on California and the Bay Area. Stephen Levy Center for Continuing Study of the California Economy November 15, 2012 Stanford Symposium of the State of the West. It’s the Industry Mix, Stupid!!.

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The Economic and Fiscal State of the West with an Emphasis on California and the Bay Area

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  1. The Economic and Fiscal State of the West with an Emphasis on California and the Bay Area Stephen Levy Center for Continuing Study of the California Economy November 15, 2012 Stanford Symposium of the State of the West

  2. It’s the Industry Mix, Stupid!!

  3. Average Annual Real GDP Growth 2005-2011

  4. Real GDP Growth 2010-2011

  5. Tax Foundation Business Tax Climate Rankings • Wyoming – 1 --Montana -- 8 • South Dakota –2 --Texas -- 9 • Nevada – 3 --Utah -- 10 • Alaska – 4 --Colorado -- 18 • Florida – 5 --North Dakota --28 • Washington – 6 --California -- 48 • New Hampshire – 7 --New York -- 50

  6. Housing was a Critical Part of Industry Mix During the Recession

  7. CA Construction Decline Finally Ending After Huge Losses

  8. Job Losses Dec 2007—Dec 2009

  9. What is a better explanation of the poor recent job growth in Florida and Nevada—their high favorable tax ranking or the fact that they were with California the three hardest hit states in the housing crash?

  10. California’s current recovery is led by the application of creativity to the production of goods and services that attract worldwide demand and by foreign trade and tourism/entertainment benefiting from our Pacific Rim location. The Bay Area is leading the charge.

  11. California Venture Capital Funding

  12. CA Share of Fast Growing Tech Sectors

  13. SoCal Share of Motion Picture Sector

  14. CA Share of U.S. Manuf. Jobs

  15. An Economic Competitiveness Agenda for California Public Foundations to Attract Private Investment ---A World-Class Workforce ---World-Class Infrastructure ---Communities that are great places to live and work ---Great Customer Service

  16. If Talent is the Key Competitive Advantage Then competing for entrepreneurs includes competing for workers and their families The SVLG CEO Survey reported “a deteriorating state infrastructure in areas ranging from public education to public transportation has added to the difficulties of recruiting the best workforce, finding them housing and educating their children to be tomorrow’s world-class workforce”

  17. Promises that are hard to keep. Retirement benefits and health care costs at the federal level.A “perfect storm” at the local level—slow growing revenues meet rising retirement costs and a need to invest to create communities that are great places to live and work.

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