Economic Update: The Optimists Club

Russ Steele

Site Selection Magazine has a article they are calling "The Optimists Club".
According to the article, high-tech, cleantech, bio and logistics are currently providing economic momentum for our beleaguered state.  John McCurry writes:

Could it be that there is finally some reason for optimism regarding the California economy? The technology sector is displaying some job-creating power, and exports and overall container traffic are up at the huge ports of Los Angeles and Long Beach. Also, more than 40 percent of the state's biotech CEOs say they will increase manufacturing in the state in 2011.

Several Internet and tech companies are certainly up to something big with a flurry of major real estate moves in late 2010 and early 2011. Facebook, Apple and Google are among the firms acquiring huge amounts of space to accommodate growth.

Read the rest of this very positive article here.  At the end of the article Economist Steve Levy director and senior economist at the Center for Continuing Study of the California Economy (CCSCE), a private research organization in Palo Alto has this to say: 

"Economic activity is picking up in tech, trade and tourism," Levy says. "The ports are reaching record levels in terms of exports and total trade. Tech sales, profits and stock prices are booming and a small amount of job growth has started."

Let's us hope that the "Optimists Club" knows their stuff. We could use some good news. However, I am going to wait and see the jobs numbers. So far, there is no proof that his economic activity is producing the need jobs. Yes, we saw a jump in job growth last month, but we have seen jumps before, only to fall back. I am looking for some sustained jobs growth, then I think we can be optomistic.