Of the 100 firms on the newest America’s Most Promising Companies ranking, 34 are from California, and two dozen of those are technology companies.
For the all the hits that California has taken on its business climate, it’s important to remember that it still has an abundance of assets, a huge concentration of talent and a critical mass of innovation that makes it attractive, both as a place to grow businesses and a place to recruit them away.
Large states with major economies are also adding jobs. California, at $1.7 trillion, the capo di tutti capi of state GDPs, added nearly 300,000 of them in that one-year span. New York and New Jersey added a combined 171,000 jobs and manufacturing-heavy Heartland states Ohio (98,000), Indiana (65,000) and Michigan (46,000) also gained momentum.
The retail job growth numbers are significant on several fronts. California added 25,000 retail jobs in a 12- month study period, the most among states, followed by New York, Florida, Texas and Ohio. While it stands to reason large population states would add the most jobs in raw numbers, given how the overall economies were lagging in California, New York and Ohio, job gains in a sector tied so closely to consumer spending are certainly encouraging.
Texas and California share a number of economic and demographic traits, but what they don’t share is a road to recovery out of the national recession. Fortune magazine notes how Texas has plowed its way through the downturn, creating jobs and investment, while California remains mired in an economic malaise not forecast to end anytime [...]