HOW CALIFORNIA ECONOMY RECOVERED AGAINST THE PANDEMIC NEGATIVE EFFECTS
The golden state recovery from the pandemic defiles predictions
At the start of the pandemic, headlines signaled the end of days for the Golden State; “California doom: Staggering $54 billion deficit looms,” the AP declared. Yet that's not what the data shows. California’s economy is the opposite of doom.
No one anticipated the latest round of data showing that California has no peers among developed economies fo; Expanding GDP, Creating jobs, Raising household income, Manufacturing growth, Innovation, Clean energy.
But now, the golden state is recovering excellently well against the ruinous effects of the pandemic in a way no other states can emulate.
By adding 1.3 million people to its non-farm payrolls since April 2020, equal to the workforce of Nevada, California easily surpassed Texas & New York. Household income increased $164 billion, almost as much as Texas, Florida & Pennsylvania combined.
If anything, Covid-19 accelerated California's record productivity. Quarterly revenue per employee of the publicly-traded companies based in the state climbed to an all-time high of $1.5 million in May
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