California and Texas Job Growth: Surprising Results.Business Editors PALO ALTO Palo Alto, city, California Palo Alto (păl`ō ăl`tō), city (1990 pop. 55,900), Santa Clara co., W Calif.; inc. 1894. Although primarily residential, Palo Alto has aerospace, electronics, and advanced research industries. , Calif.--(BUSINESS WIRE)--July 9, 2003 (For More Materials Including Graphics, Contact CCSCE CCSCE Center for Continuing Study of the California Economy ) The Palo Alto based Center for Continuing Study of the California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). Economy (CCSCE) completed an analysis of California and Texas job trends. The results are surprising.
1) Since May 2000, California has lost 20.7% of computer and
electronic product manufacturing jobs slightly less than the
nationwide 21.8% decline and below the 25.4% drop in Texas.
Hard hit Silicon Valley lost 29.3% of these high tech
manufacturing jobs but Austin lost an even greater 32.4%.
2) The results were similar for total manufacturing jobs.
California lost 14.2% of the state's manufacturing jobs during
the past three years compared to 14.8% for the nation and
13.8% in Texas. Silicon Valley, again, was hard hit with a
24.6% drop but Austin lost an even greater 26.0% of that
region's manufacturing base
3) In terms of total job growth, California and Texas were
similar, each slightly better than the nation.
Stephen Stephen, 1097?–1154, king of England (1135–54). The son of Stephen, count of Blois and Chartres, and Adela, daughter of William I of England, he was brought up by his uncle, Henry I of England, who presented him with estates in England and France and Levy To assess; raise; execute; exact; tax; collect; gather; take up; seize. Thus, to levy a tax; to levy a Nuisance; to levy a fine; to levy war; to levy an execution, i.e., to levy or collect a sum of money on an execution. A seizure. , CCSCE's Director, commented, "The current downturn Downturn The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. is primarily caused by three factors: 1) a very weak national recovery, 2) weakness in the economies of our export partners and 3) very high productivity growth in high tech. California and Texas should be allies in pushing for stronger national growth and the reduction of trade barriers in tech." As shown below, today's national recovery stands way behind the recovery of a decade ago. Nearly two years after the recession supposedly ended, the nation is still close to 3 million jobs below the previous peak. The comparison with Texas was done after a slew of news reports that California was doing much worse than other states. Levy commented, "The one area where California does stand out today is political gridlock Gridlock A government, business or institution's inability to function at a normal level due either to complex or conflicting procedures within the administrative framework or to impending change in the business. . There is a clear compromise to move our economy forward consisting of budget cuts, temporary tax increases and workers comp comp See comparison. reform. We solved this same problem ten years ago. We need to reach agreement again before gridlock makes California a state that would rather fight than compete." CCSCE has published annual reports on California's economic outlook since 1977. CCSCE prepares independent analyses of the California economy and is not supported by any interest group or political party. |
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