For the past decade, the soaring stock prices and nosebleed valuations of Silicon Valley’s IPOs and unicorns has been a boon for California, helping create a record budget surplus of almost $22 billion.
Yet this bonanza has occurred just as the state’s overall job creation, once among the country’s leaders, has slowed to a more middle of the road status, well below the rates for key competitors such as Nevada, Arizona, Washington State and Texas. On a GDP basis, according to the most recent federal data, Texas by the last quarter of 2018 was growing nearly three times as fast.
Image: http://www.newgeography.com
