The following are the factual facts regarding why California will continue to lead in technology, entertainment, agriculture, and other critical areas.
Unless you live in San Francisco, paying $3,150 a month for a one-bedroom apartment is ludicrous. Living in this 49-square-mile technology paradise by the Bay was worth it for computer engineer David Berrios and his wife. They could walk down the hill to Haight-Ashbury or to a beloved jiu jitsu studio — or anywhere else in the city — from their position near Mount Olympus in the Corona Heights area.
That changed a year ago, when San Francisco became the country’s first big city to declare a pandemic emergency. Berrios, a former NASA computer scientist, moved to California from the east coast because he wanted to work in a challenging environment — the kind where two people are trapped inside a small apartment with nothing to do, not the kind where two people are trapped inside a small apartment with nothing to do. They wanted to establish a family as well.
As a result, Berrios and his wife packed their belongings in November and joined the 80,000 households expected to leave San Francisco by 2020. However, according to some stories, they did not travel to Austin, Miami, or Wyoming. They did not, in fact, depart the state of California. Instead, they acquired a five-bedroom house in Yucca Valley, near Joshua Tree National Park, and moved there. “We considered relocating to another state,” Berrios says. “However, California ticks all the boxes.”
Growth in Gross Domestic Product
California, with the world’s fifth-largest economy, has outperformed the US economy in terms of GDP growth for the past ten years, including the pandemic year of 2020, when California GDP growth was lower than the US overall.
Every time the state of California experiences a downturn, obituaries are written. People are fleeing the Golden State because of the pandemic; taxes are too high, driving companies and billionaires away; wildfires make life in California untenable; and the long reign of the western paradise that Don Henley of the Eagles dubbed “The Last Resort” is finally coming to an end. However, data from the US Postal Service and the California Policy Lab at UC Berkeley demonstrate that while some people fled metropolitan areas during the pandemic, the vast majority remained in California. Meanwhile, California’s GDP has grown faster than the rest of the US in each of the last ten years, including during the pandemic.
According to the California Policy Lab, the percentage of Californians moving at all, either within or outside the state, has remained consistent at around 4% each quarter since the end of 2014. Residential mobility in the third quarter of 2020 was actually 9% lower than it had been a year before. The number of individuals departing California tended to match the number of people entering the state throughout time, but that pattern altered in the fourth quarter of 2020, when 267,000 people left the state (out of a total population of 39.5 million) while only 128,000 entered.
The Total Number Of Ceos
California’s entrepreneurial spirit means that it far outnumbers all other states in terms of total chief executive officers.
Silicon Valley has fueled the San Francisco Bay Area’s economy for the past 80 years, attracting a highly skilled talent pool from top universities and research institutions, providing easy access to venture capital (half of all VC dollars go to Bay Area companies), and cultivating a culture that encourages serendipitous ideas and a high tolerance for failure. “In other places, a failed enterprise may become a badge of shame that follows you around for the rest of your life,” said Russell Hancock, president of Joint Venture Silicon Valley, a non-profit group based in the Bay region. “But that isn’t the situation here.”
According to data from the yearly Silicon Valley Index, the pandemic has had little effect on Silicon Valley’s trajectory. With more than $46 billion invested in 108 firms in the Bay Area last year, it was a record year for venture capital. While news of Oracle Corp. and Hewlett Packard Enterprise moving their headquarters out of California made headlines, the Bay Area still houses a quarter of the country’s unicorns (companies valued at $1 billion or more) and two-thirds of the country’s decacorns (companies valued at $10 billion or more). There were 24 new publicly traded companies in Silicon Valley at the end of last year. Many more early-stage businesses strive to take the place of each late-stage digital company that exits.
Job Opportunities in Technology
California is the undisputed global leader in technical innovation, from artificial intelligence to software services and tech manufacturing.
“There are 17 unicorns in the entire southern United States.” “That’s less than California produced in the first three months of the year,” Mendonca said. “It’s just that we’re on different scales.” But I’m hoping Miami expands.”
Although some tech employees and founders have relocated to Southern California, the region appears to have enough room for two dominant industries. In Los Angeles, Hollywood and technology giants are increasingly collaborating, resulting in a slew of streaming services ranging from Netflix and Apple TV+ to Paramount+, Disney+, and Hulu. “You can create an amazing film in Des Moines and win an Academy Award,” said Jerry Nickelsburg, director of the UCLA Anderson Forecast. “And technology is fusing with entertainment at a rate it has never seen before.”
Art, Design, Entertainment, Sports, And Media Occupations Art, Design, Entertainment, Sports, And Media Occupations
Hollywood is just the beginning of California’s diverse arts and entertainment economy. In California, entertainment and technology are merging to create ground-breaking streaming and music-sharing businesses.
Manufacturing, which includes everything from zero-emission vehicles to aerospace, is another field in which California is a leader. In terms of manufacturing output, business, and employment, California leads the nation. While Elon Musk moved to Texas at the end of 2020 to take advantage of the state’s low-tax environment, the majority of Tesla’s zero-emission automobiles are still produced in Fremont, California. Musk’s Hawthorne-based aerospace business SpaceX is moving into a 6.5-acre facility at the port of Long Beach, according to the mayor of Long Beach in Southern California.
While remote work arrangements may have encouraged technology business employees to work from home during the epidemic, Hancock of Joint Venture Silicon Valley points out that it was California industry that permitted such mobility. “Don’t forget, these technologies were created to enable remote work, and we intended for them to be used,” he says. “If anything, it simply adds to the allure of Silicon Valley because we’re allowing you to reimagine your life.”