This article analyzes California's economic performance over the past 25 years, highlighting major events like the Y2K scare, the dot-com bubble burst, the 9/11 attacks, the 2008 financial crisis, and the COVID-19 pandemic. It compares California's growth to other states and examines key economic indicators such as population growth, job creation, and government expansion.
It’s hard to fathom that 25 years have passed since the world worried if computers would work after a year with two zeros began. If you forgot, California’s tech-centric economy was booming in late 1999 even as “ Y2K ” fears swirled about what might happen to software that never considered the year 2000. That tech glitch was solved, but it was quickly followed by another technology headache – the dot-com stock crash.
This market debacle slashed the values of fledgling internet companies, a fast-growth slice of California’s economy.Next came the 9/11 terror attacks of 2001 that shook the world’s economy and fueled a mild recession. Novel mortgage making, pioneered in California, powered a swift economic revival, statewide and nationally. Unfortunately, these unsound lending practices created a real estate bubble that soon exploded into 2008-09’s Great Recession. Its economic rebound ran to 2020, when coronavirus upended the global business scene.To judge California’s performance, my trusty spreadsheet examined 10 business yardsticks for the 50 states going back 25 years. It measured these metrics using percentage gains, so California’s size doesn’t alter much of the equation., but this was below the 25% increase seen nationwide. The state’s high cost of living clearly made living elsewhere look better. Nevada saw the biggest population gains, up 81%, Utah, up 65% and Idaho, up 60%. Golden State rival Texas was No. 5, at 56%, and Florida was No. 6, at 55%., the 14th largest increase and outpacing the nation’s 24% growth. Business leaders like to complain about the Golden State, but they still do plenty of business here. The largest hiring sprees were in Utah, up 71%, Idaho, up 70%, and Nevada, up 63%. Texas was No. 4 at 59% and Florida was No. 6 at 51%. Think what you want about government work, but California’s additions pale compared with Nevada’s 57%, Utah’s 53%, or Colorado’s 50%. Texas was No. 4 at 35% and Florida was No. 14 at 19%.ranked N
CALIFORNIA ECONOMY Y2K DOT-COM BUBBLE RECESSION COVID-19
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