03/29/2024

News

California: One State, Two Economies

“In many ways California’s economy these days resembles a Charles Dickens novel.

The state’s coastal areas are starting to resemble better times. Unemployment rates have plunged and housing prices have skyrocketed faster than anywhere in the country.

But inland areas can’t shake the worst of times. Unemployment remains in double digits. Central Valley farmers recently struggled through a bone-dry spring as state and federal authorities repeatedly cut their water deliveries. And incomes in the inland regions lag coastal parts of California.”

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Sacaramento’s Business Bankruptcy Rate is Worst in Nation

The Sacramento metro area had the highest business bankruptcy rate in the United States, global information service company Experian announced Wednesday. . . . Other California cities noted in the analysis: Bakersfield had thesecond highest business bankruptcy at 2.16 percent; San Francisco had the fastest businesses to pay bills after contracted terms at 3.2 days; and San Diego had the fourth lowest delinquency rate at 3.13 percent.

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Manufacturers Happy with State, for a Change

At least one business group is happy with Gov. Jerry Brown’s new economic plan. California’s manufacturers are delighted with the governor’s new reforms, especially the new statewide sales tax waiver for buying new industrial equipment.

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Tax Credits for Military Bases Saved by Lawmakers

In this Friday’s print edition, I take a closer look at whether Gov. Jerry Brown’s decision to kill the state of California’s enterprise zone program will actually work. The controversial decision to phase out the program and replace it with a range of other incentives was a hot topic last week when the California Legislature approved the governor’s reforms.

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Stricter Mortgage Standards May be Hurting Economy, Report Says

Citing research by Beacon Economics, the California Bankers Association warns that limited access to mortgage credit is hindering the economy.

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Where California’s Governor Ranks Based on Job Growth

A new national ranking for job growth has been released and — surprise — California is near the top.

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Another Public Company, Daegis, Moving to Texas

Daegis Inc., the Roseville-based information management and eDiscovery company, said it in its fiscal year-end financial release that it will move its headquarters to Texas to “optimize its cost structure.” It is the second publicly traded local company in recent years to move to Texas.

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Call Center to Bring 2,000 Jobs

Company: Advanced Call Center TechnologiesCA Net Job Gain/Loss: 2000Reason: Expand, From Out of StateCity/Region Losing Jobs: Berwyn, PACity/Region Gaining Jobs: Sacramento, CA

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Calfiornia’s Manufacturing Challenges Detailed in Report Card

California’s manufacturing sector received middling marks in an economic report released this week.

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New State Budget Offers Few Major Reforms for Business

California’s lawmakers agreed last week on a state budget that tackled issues like school funding and Medi-Cal, but had little in it for business.

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Clear Capital Hiring for 50 Jobs in Roseville

Company: Clear CapitalCA Net Job Gain/Loss: 50Reason: ExpandCity/Region Gaining Jobs: Roseville, CANotes: Company also adding 30 positions in Truckee and in Texas

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California jobless claims shoot up by 15,000

The number of people making new jobless claims across the country dropped by 23,000 to 340,000, according to the U.S. Department of Labor. California saw a huge increase in new claims.

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Apple will bring manufacturing to Texas. Sorry, Elk Grove

When Apple CEO Tim Cook announced late last year that the tech company wanted to bring some manufacturing back to the United States, it raised the question of where? Now we know: Texas.

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California leads tech sector payroll at $120 billion

California leads the nation in most technology sector rankings compiled by the Washington D.C.-based TechAmerica Foundation.

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Report shows slowdown in California job growth

A new private economic survey suggests California’s economic recovery may be slowing down. The monthly ADP Regional Economic Report found that California only added 2,690 nonfarm private sector jobs in April.

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