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Interesting that of the top 5 economies by GDP, Texas saw the least amount of growth in Q3. It kinda flies in the face of conventional wisdom and center-right media narratives. Despite many people's desire to poo poo on California, it remains steadfast in growth and economic output.
I was thinking the same thing. We're almost there.
Pennsylvania is one of only three Northeastern states with quarterly GDP growth that was above the national average (Massachusetts, New Jersey), so it could pretty soon. In fact, here's how all 50 states and the District of Columbia break down:
+8.7% Wyoming
+7.4% Kansas
+5.9% Nebraska
+4.9% Texas
+4.8% Alaska
+4.5% Oklahoma
+3.7% New Mexico
+3.7% North Dakota
+3.6% West Virginia
+3.2% Louisiana
+2.9% Massachusetts
+2.9% Washington
+2.8% California
+2.6% Colorado
+2.6% Kentucky
+2.4% Utah
+2.4% Montana
+2.3% Florida
+2.3% New Jersey
+2.3% Pennsylvania
+2.2% Michigan
+1.9% Ohio
+1.8% Nevada
+1.8% South Carolina
+1.7% Oregon
+1.6% District of Columbia
+1.6% Maryland
+1.5% Arizona
+1.4% Indiana
+1.3% Virginia
+1.1% Illinois
+1.1% North Carolina
+1.0% Iowa
+1.0% South Dakota
+0.9% Idaho
+0.8% Connecticut
+0.7% Minnesota
+0.7% New Hampshire
+0.7% Rhode Island
+0.7% Tennessee
+0.6% Hawaii
+0.6% Maine
+0.4% New York
+0.3% Alabama
+0.3% Georgia
-0.1% Missouri
-0.1% Wisconsin
-0.4% Arkansas
-0.7% Delaware
-1.8% Mississippi
-1.9% Vermont
And here's how the 12 states with at least 8,000,000 population break down:
+4.9% Texas
+2.8% California
+2.3% Florida
+2.3% New Jersey
+2.3% Pennsylvania
+2.2% Michigan
+1.9% Ohio
+1.3% Virginia
+1.1% Illinois
+1.1% North Carolina
Not really cause that would be pretty devastating. Californias power comes from being in a fiscal and monetary Union that’s massive. California somewhat outperforms the US generally but not excessively so.
Wells Fargo, Tesla, Hollywood etc are totally reliant on being in America
Just like New York wouldn’t be New York if it wasn’t part of America. In fact one of the main reasons Montreal isn’t New York is Montreal is in Canada
A bank, a car company and TV/movies? I use Santana.Bank (Spain), drive a Japanese car and watched many movies time in Vancouver or Toronto.
Its GDP per capita is way behind the next state above it (WV) and is almost $10k behind its neighbor Alabama. Like seriously how bad can Mississippi gets?
Quote:
Originally Posted by garyjohnyang
The truth is probably somewhere in the middle. I for one lose brain cells anytime someone says Miami is going to be the “next” Silicon Valley (although it’s a fine city…)
I always laugh when people talk about California and how it's failing when the numbers just don't come anywhere close to that narrative. It literally could break off and become its own economy and would still be incredibly powerful.
Not that I disagree with you, but GDP growth doesn't necessarily mean an improvement on the ground for the average person.
In most cases the rich are getting richer while the middle class disappears.
If there's one thing I hope Texas doesn't copy from California is the culture of Millionaire Middle Class.
I tend to believe GDP growth in a state like Pennsylvania means more. More upper middle class growth.
I would even Take Florida's over California.
LA is still expensive, but at least a large chunk of it's GDP is Manufacturing, agriculture and logistics which fuel more everyday man jobs.
But the May area has accounted for a huge chunk of California's GDP growth the last ten years, and what I take from that is the rich just got more Uber rich.
When you hear complaints about California, its usually because it is struggling to keep a middle class. A growing GDP doesn't tell you that.
A bank, a car company and TV/movies? I use Santana.Bank (Spain), drive a Japanese car and watched many movies time in Vancouver or Toronto.
Japan is a massive domestic market but its companies generally don’t compete with American ones.
Being in a massive political, fiscal, monetary Union with 300,000,000 other rich people allows frictionless scale up that you don’t see anywhere else. Take that away, and California would be Canada.
California isn’t unique. We have the exact same thing on the other side of the country. It’s similarly wealthy (more so actually) and populous and it’s because you can frictiinkesslh serve the rest of the country. Of wealthy consumers. Like Texas is twice as rich as Spain. Having no tariffs or customs or regulatory gaps between NJ and Texas makes economic growth much stronger.
This is the same reason Brexit caused the British economy to stagger. Only for CA it would be worse cause it’s much more ingrained in the US than the Uk was in the EU.
Japan is a massive domestic market but its companies generally don’t compete with American ones.
Being in a massive political, fiscal, monetary Union with 300,000,000 other rich people allows frictionless scale up that you don’t see anywhere else. Take that away, and California would be Canada.
California isn’t unique. We have the exact same thing on the other side of the country. It’s similarly wealthy (more so actually) and populous and it’s because you can frictiinkesslh serve the rest of the country. Of wealthy consumers. Like Texas is twice as rich as Spain. Having no tariffs or customs or regulatory gaps between NJ and Texas makes economic growth much stronger.
This is the same reason Brexit caused the British economy to stagger. Only for CA it would be worse cause it’s much more ingrained in the US than the Uk was in the EU.
it isn't even remotely the same. There is a Silicon Forest, Silicon Beach, Silicon Alley, Silicon Prairie, Silicon Slopes etc.---they are actively seeking to take away business from here or build their own homegrown tech ecosystem, which is very cool, but it's no secret where they are seeking to emulate.
On the flip side, no one is seriously trying to challenge NYC in finance, or maybe they are? I dunno but there are Silicon__________(fill in the blank) all over.
one of the most recent names is a VC zone called "New Palo Alto"(lol)---which actually includes London, Paris and Amsterdam.
it isn't even remotely the same. There is a Silicon Forest, Silicon Beach, Silicon Alley, Silicon Prairie, Silicon Slopes etc.---they are actively seeking to take away business from here or build their own homegrown tech ecosystem, which is very cool, but it's no secret where they are seeking to emulate.
On the flip side, no one is seriously trying to challenge NYC in finance, or maybe they are? I dunno but there are Silicon__________(fill in the blank) all over.
one of the most recent names is a VC zone called "New Palo Alto"(lol)---which actually includes London, Paris and Amsterdam.
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