California Economy - Economy Essay Example
The article “California Economic Challenges” presents critical outlook at the California economy during the last years of the century - California Economy introduction. It is necessary to note that in many respects California has been transformed an economy has been improved. California’s economy became more diversified by industrial sector and region. Such new economic policy will be “springboard for the Year 2000 and beyond”. The article presents opinions of several guest authors. Nevertheless the main topic of the article is dramatic changes in California’s industrial profile. It is known that manufacturing is still playing a vital role in the economy of California, but the state represents a serious decline in total jobs offered. In the sphere of manufacturing there is an expansion and growth of new high tech sectors, although aerospace industry has shrunk as well as defense-oriented industries. The article takes into consideration the increasing role of the services-producing sector and the problem of generating new job opportunities. The author pays attention to broad range of activities such as health care, information technology, recreation and motion picture production. A new important sector of California’s economy is international trade. (Connell 2006)
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It is a matter of fact that last years in economy saw a sharp between wage gaps. It means that wages grew more at the top and bottom of the income scale. It is reported in the article that wage trends reflect the economic well-being of families. The article provides clear concerns about California’s families’ living conditions. The number of families with low incomes has increased. The business environment in California has also changed over the past years. The article deal with the question: how the state has become more proactive in retaining business. The positive moment in economy is the fact that construction has the highest rates of employment growth in both public and private sectors. The losses are told to occur in manufacturing, electronic equipment and industrial machinery. The decrease was concentrated mainly in Northern California. (Connell 2006)
Connell, Kathleen. California Economic Challenges. Controller’s Quarterly, May 2006.