California?s economy is on comeback trail

Last week we saw even more good news that shows California?s economic recovery is gaining steam: the state?s employers created another 30,200 jobs in June, lowering our unemployment rate to 8.5 percent. Hiring kept pace in the trade, transportation, and utilities sectors, including wholesale retailers. The leisure and hospitality sector, no stranger to San Diego, remained one of the brightest sectors in the state, adding 9,700 jobs.

So to answer skeptics, yes, California is on the comeback trail. And not only have we recovered, California is leading the recovery.

The Center for the Continuing Study of the California Economy reported that California?s economy has moved up to once again be ranked eighth globally. Our economy is growing faster than the economies of 44 other states, and our revenues have rebounded better than all but one, according to the Tax Policy Center. Our gross domestic product (GDP) has grown a full percentage point higher than the country?s.

But we?re not done yet. More prosperity is on the horizon because California?s industries are expanding, pushing boundaries, innovating new solutions and leading the way forward ? with strong partnership from a Democratic Legislature and governor focused on restoring opportunity to every Californian.

The results of our effort so far have been clear. The deficit is gone. Surpluses are in sight. Our budgets are being passed on time ? three years in a row for the first time in 30 years.

The budget we just passed has a strong reserve of more than $1 billion. And I am leading my colleagues in an effort to put a genuine rainy day fund on the ballot that will put the days of budget boom and bust permanently to rest.

The budget followed through on the Assembly?s action in the spring to permanently cut the processing time for the secretary of state to process business filings from more than 60 days to no more than five days.

We also provided $4 million for local coastal plans to be updated to streamline and improve coastal zone changes in accordance with the Coastal Act.

California?s credit rating is up while the federal government?s is down. So while there are billions more in borrowing costs for the U.S. Treasury, our smart fiscal policies have driven down borrowing costs in California by nearly half a billion dollars.

We?ve reformed regulations. A regulation that doesn?t reflect the world we live in is a drag on our economy ? and on the business that has to comply with it.

One of the best tools we have created to help more businesses flourish is the Governor?s Office of Business and Economic Development, or GoBiz. I wrote the law establishing GoBiz, and am proud we are already seeing good results.

GoBiz has put forward policies to help remove barriers to business expansion and is re-establishing California?s overseas presence locating offices within some of our most important trading partners.

GoBiz will be aggressive in fighting to ensure that California is home to one of the advanced manufacturing hubs President Obama has proposed. We want that hub, and we know it belongs in California.

Source: http://www.utsandiego.com/news/2013/jul/24/californias-economic-recovery-on-comeback-trail/

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