California's economy is above average and is primed to grow over the next six months, according to a report by the Tax Policy Center of the Urban Institute and Brookings Institution.
California?s economy passed its latest checkup, according to a new report out this month about each state?s economic health.
According to the Quarterly Appraisal of State Economic Conditions, from the Tax Policy Center of the Urban Institute and Brookings Institution, the state compares up well compared to the rest of the country in most categories and appears primed to grow over the next six months.
The report cites an index from the Philadelphia Federal Reserve tracking current and future economic activity by combining several figures, including nonfarm employment, manufacturing hours worked, unemployment rate and real wages. Not to get too wonky, but California scored 155.84 in the index, meaning the state experienced slightly above-average growth over the past year. That number increased by 3.3 percent over the past year. Just for perspective, Oregon had the highest score of 208.35 while Alaska scored the lowest with 117.80.
California also ranked above average in the report?s index for future economic activity, scoring 11th among all states.
In other statistics listed by the report, California?s economy grew by 3.5 percent between 2011 and 2012 as the unemployment rate dropped by 2.1 percentage points ? the biggest drop in the nation. California?s new housing permits also are up 41.3 percent, which is significantly higher than the national average of 31.2 percent.
Christopher Arns covers state legislation, regulation and contracts, as well as economic news, international trade and economic development for the Sacramento Business Journal.
Source: http://feedproxy.google.com/~r/vertical_26/~3/0MwVASKhDUg/california-economy-healthy-tax-policy.html
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