Perhaps no sector in the U.S. economy generates more angst than manufacturing. Over the past quarter century, manufacturing has hemorrhaged over 5 million jobs. The devastation of many regional economies, particularly in the Midwest, is testament to this decline. If the information sector has been the golden child of the media, manufacturing has been the offspring that we pity but can’t comfortably embrace. Read more
Orange County Register
Over the past decade, Southern California has lagged well behind its chief rivals – New York and the Bay Area, as well as the fast-growing cities of the Sun Belt – in everything from job creation to tech growth. Yet, in what the late economist Jack Kyser dubbed “the creative industries,” this region remains an impressive superpower. Read more
Arguably the most critical industry in the new economy, information is also often the cruelest. It is the ultimate disruptor of jobs and growth, blessing some regional economies but leaving most in the dust. Overall, the sector accounts for almost 3 million jobs, but it has only added a paltry net 70,000 jobs over the last five years. Read more
Where is America’s tech and software industry thriving? In a new study conducted for the San Diego Regional Economic Development Corp., researchers took an interesting stab at that question, assessing which metro areas have the strongest concentrations of software developers, spread across a broad array of industries, as well as the best compensation and job growth, and access to venture capital funding. Read more
The Daily Beast
Yes, wealth concentration is insane. But the ways in which wealth is shifting are surprising—and give reason for a little optimism.
In an age of oligarchy, one should try to know one’s overlords—how they made their money, and where they want to take the country. By looking at the progress of the super-rich — in contrast with most of us — one can see the emerging and changing dynamics of American wealth. Read more
The Daily Beast
The rising cost of housing is one of the greatest burdens on the American middle class. So why hasn’t it become a key issue in the presidential primaries?
There’s little argument that inequality, and the depressed prospects for the middle class, will be a dominant issue this year’s election. Yet the most powerful force shaping this reality—the rising cost of housing—has barely emerged as political issue.
As demonstrated in a recent report (PDF) from Chapman University’s Center for Demographics and Policy, housing now takes the largest share of family costs, while expenditures on food, apparel, and transportation have dropped or stayed about the same. Read more
Orange County Register
Is California the most conservative state?
Now that I have your attention, just how would California qualify as a beacon of conservatism? It depends how you define the term.
Since the rise of Ronald Reagan, most conservatives have defined themselves by pledging loyalty to market capitalism, supporting national defense and defending sometimes vague “traditional” social values. Yet in the Middle Ages, and throughout much of Europe, conservatism meant something very different: a focus primarily on maintaining comfortable places for the gentry, built around a strong commitment to hierarchy, authority and a singular moral order. Read more
Which cities have the best chance to prosper in the coming decade? The question is a complex one, and as the economy changes, so, too, will the best-positioned cities.
To identify the cities most likely to boom over the next 10 years, we took the 53 largest metropolitan statistical areas in the country (those with populations exceeding 1 million) and ranked them based on eight metrics indicative of past, present and future vitality. We factored in, equally, the percentage of children in the population, the birth rate, net domestic migration, the percentage of the population aged 25-44 with a bachelor’s degree, income growth, the unemployment rate, and population growth. Read more
Average pay varies widely among U.S. cities, but those chasing work opportunities would do well to keep an eye on costs as well. Salaries may be higher on the East and West coasts, but for the most part, equally high prices there mean that the fatter paychecks aren’t necessarily getting the locals ahead.
To determine which cities actually offer the highest real incomes, Mark Schill, research director at Praxis Strategy Group, conducted an analysis for Forbes of the 53 largest metropolitan statistical areas, adjusting annual earnings by a cost factor that combines median home values from the U.S. Census (20%) with a measure of regional price differences from the U.S. Bureau of Economic Analysis (80%). Read more
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