Optimistic View of California Economy Presented

(March 18, 2014) - Kevin Klowden, director of the California Center at the Milken Institute, gave a positive overview of recovery of the California economy at an Encino chamber of commerce event that the Tseng College attended.

The get-together drew dozens of representatives from businesses, nonprofits, education and other organizations throughout the local area.

"California came out of the recession stronger than the rest of the country, even though we lost jobs faster than the rest of the country," said Klowden, co-author of the Milken Institute’s report, “California’s Position in Technology and Science".

He noted the strength the technology industry, manufacturing and agriculture as driving the economy, but he also emphasized the state is not limited to those industries.

"One of the single largest engines of economic activity is imports and exports, which create jobs. When international trade slows down and people don’t buy as much, it affects our economy."

Despite the economic upheaval of recent years, Klowden remains optimistic for California. "California is expected to grow faster than the rest of the country. California has the greatest public university system in the world. Its state university system does incredibly well."

While acknowledging unemployment, growing costs of higher education and difficult regulatory demands, he said the Greater Los Angeles area and the San Fernando Valley have a thriving business setting. "Despite the problems, people want to start businesses here. There is a significant, impressive entrepreneurial environment."