Source item
Open original source ↗Quoted context
These are the quoted author’s words.
California's "anchor" firms are growing fast - but they're doing it in other states. With @LincGerstner we looked at 23 large public companies with strong CA employment presence: Alphabet / Google, Amazon (incl. AWS), Apple, Applied Materials, AT&T, Broadcom, Charles Schwab, Charter Communications, Chevron, Cisco Systems, Hewlett Packard Enterprise, IBM, Intel, Intuit, Meta Platforms, Microsoft, NVIDIA, Oracle, Qualcomm, Salesforce, ServiceNow, Tesla, and Western Digital. On a headcount-weighted basis, the 23 firms employed 27.6 percent of their US workforce in California in 2015 and 24.1 percent in 2026. On an equal-weighted basis, the decline is steeper, from 39.5 percent to 34.6 percent. If those 23 firms kept their CA state share from 2015, California would have 62,900 more jobs in 2026. But these firms only employ 2.2% of the 18 million nonfarm workforce. Extrapolating in BLS subsectors tech and manufacturing, there are 243,000 missing jobs in California that have gone to other states. But this is a massive understatement because it doesn't consider what has happened in many other sectors, nor companies that started up elsewhere instead of dysfunctional California. Time for California voters to vote in politicians who will seriously try to fix what is destroying jobs in the state - high taxes, high regulation, obstacles to building housing, waste in government spending - and not keep trying to tax the living daylights via wealth taxes out of people who actually create jobs. Link to full piece below.
joshrauh ↗