Cutting Through the Hype
California’s economic developers work hard to create a positive climate in which their businesses can thrive and local economies can grow. CALED is committed to promoting why California is a good place to be in business and how our members make a difference. Below are some points from our recent article “Cutting Through the Hype” that appeared in Site Selection Magazine’s September 2016 issue.
A large and productive workforce: California’s workforce is approximately 19 million. While the size of California’s economy is similar to that of France, it required 9 million more workers in France to produce the same economic output as California in 2015, according to data from the US Bureau of Economic Analysis and the International Monetary Fund.
A culture of supporting new business: The five largest MSAs in California contributed 36,945 patents in 2015, according to the U.S. Patent and Trademark Office. That accounts for more than one of every four patents in the all US metropolitan regional areas last year.
Demonstrated business profitability: California’s Fortune 500 companies, according to Fortune itself, are 144 percent more profitable than Texas companies and 28 percent more profitable than New York companies.
Most venture capital investment: As reported by PricewaterhouseCoopers and the National Venture Capital Association, California received more venture capital than all other states combined in the second quarter of 2016.
Best business survival rate: A recent study by SSTI analyzing data from the Bureau of Labor Statistics determined California had more business starts than any other state with nearly 80,000 new businesses in 2007 (Texas was second with 46,304). Seventy-one percent of these businesses survived the next six years, and California was the only state to have a 10-year survival rate over 50 percent, at 54.8 percent.
Click here to read the article.
View Site Selection Magazine’s September 2016 issue at: siteselection.com