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After Decades of Historic Growth, California Faces Chronic Stagnation
Manage episode 374878837 series 3504501
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By Tom Sheehy
Ever since California became a state 173 years ago in 1850, every time there was a census taken the population of this great state grew larger. Indeed, for most of the 20th and 21st centuries, California led all states in the country in population growth. The state’s economy has grown to $3.6 trillion, placing it in the top five largest in the world. However, California’s population growth trend has ended. The state’s population has been decreasing for several years, and the state Department of Finance recently projected that it would remain unchanged at 38 – 40 million residents until 2060 — a huge change from earlier predictions that it would top 50 million by then. In fact, in 2021 and 2022 combined, a record 800,000 people left California for other states including Nevada, Arizona, Idaho, Utah, Texas Florida and Tennessee. After the 2020 census, California lost a congressional seat for the first time in its history! Following the stagnant/declining population, the state’s labor force is also stagnant, according to the state budget’s projections, which explains why employers are having such great difficulty filling positions. A chronic lack of workers discourages employers from expanding operations with a negative effect on the overall economy.
#caexit #caexodus #cabudget #caleg #cagov
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