Overview of the California Economy (2013)

On Tuesday, February 5, 2013, the Assembly Committee on Jobs, Economic Development, and the Economy held the Committee's first informational hearing of the 2013-2014 Legislative Session.  The objective of the hearing was to provide Members an overview of the California Economy which they would use later to oversee and evaluate state programs and legislative proposals for the upcoming legislative session.

During the course of the hearing, Members heard from financial and economic forecast experts, a federal government official, and a small business owner.  Discussions between the Members and the speakers focused on: 

  • Better understanding the current economic trends shaping California's economy;
  • The real-world needs of businesses and workers; and
  • Recommendations for moving the state towards a more prosperous post-recession economy.  

Among other things, Members noted significant shifts have been occurring in finance, technology, and our economic social structure.  These shifts are making California and the global economy a meaningfully different place to do business.  Key trends discussed at the hearing include:

  • Businesses will be more globally connected;
  • Regional economies will serves as our next economic catalysts;
  • Small size businesses will dominate;
  • Entrepreneurs and our workforce will be more diverse; and
  • New technology and innovation will be increasingly called upon to simulate production.

Members will use testimony and the proposed recommendations from the hearing as a reference tool as they consider legislative actions for the 2013-2014 Legislative Session.

Here is a copy of the Briefing Memorandum and Appendices.

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