California’s economy, the fifth largest in the world, has seen its luster tarnished in recent years according to a report from the Los Angeles Area Chamber of Commerce and Inland Empire Economic Partnership. The report noted a slowdown in population growth relative to other states as well as an “endless stream” of businesses leaving California. Titled “California’s Competitiveness: A Regional Approach,” it makes five key recommendations for attracting and retaining businesses within state borders.
These include developing an economic strategy that capitalizes on regional expertise by identifying industry hubs across California; creating partnerships between higher education institutions and industries that promote occupational skill upgrading; defining business attraction/retention strategies at a regional level with support from statewide plans; addressing high cost-of-living issues while ensuring community amenities are competitive with those found elsewhere; building entrepreneurial infrastructure/support systems for both new firms entering the market as well as homegrown talent looking to start their own ventures.
