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Economy

Joe Moore / Valley Public Radio

A report released today shows that Fresno's agricultural industry has slipped out of its first-place standing in the state.  The 2013 Fresno County crop report shows that its total gross value of agricultural products last year was $6.4 billion, over $1.3 billion behind Tulare County--the first time since 2002 that Tulare swung to the top of the list.

Drought Could Cost California Economy $2.2 Billion In 2014, Says Study

Jul 15, 2014
John Chacon / California Department of Water Resources

The California economy could lose $2.2 billion this year because of the drought. Max Pringle reports on a UC Davis study that shows the agriculture industry alone could lose $1.5 billion.

The study says California will have to make do with a third less water this year and that could lead to 430 thousand acres of fallow farmland. Former UC Davis Economist Richard Howitt says the pain won’t be spread evenly throughout the state.

Downtown Fresno is just 163 miles from Mountain View, the heart of Silicon Valley and the home of tech giant Google, but in many ways it's a world away. But while the San Joaquin Valley may be known more for its produce than its programmers a local competition has been working for the past five years to change that.

Report: Drought Won't Hurt California Economy

May 20, 2014
Joe Moore / Valley Public Radio

California’s drought may have a lot of negative consequences, but a new report out today says the state’s economy won’t be one of them. Katie Orr reports from Sacramento.

The report from Moody’s Investors Service finds, short term, California’s economy won’t suffer as a result of the drought. It finds the state’s reliance on income taxes and sales taxes will largely provide a buffer. H.D. Palmer with the governor’s Department of Finance, agrees the state’s economy has weathered the drought so far. 

Courtesy Creative Fresno

Back in the mid 1980’s writer and urban planner Charles Landry was the first to describe how creativity and specifically those involved in creative professions could transform a city – something he called the Creative Cities movement.

After Years of Deficits, Budget Surpluses Projected for California

Nov 20, 2013
Ben Adler / Capital Public Radio

  California’s structural deficit is history – and the legislature’s non-partisan budget analyst is projecting growing surpluses for the next several years.  But as Ben Adler reports from Sacramento, the welcome budget news still comes with words of caution.

Bill to Increase California's Minimum Wage Passes Legislature

Sep 13, 2013
Valley Public Radio

  A bill that would gradually increase the California minimum wage to $10-an-hour has passed the State legislature and is on its way to the governor. It would be the first increase in the minimum wage in six years.

Democratic Senator Bill Monning says if you’re a Californian subsisting on the current state minimum wage, you’re living a second class existence.

"You are in a second hand economy, second harvest food bank, second-hand clothing, second-hand hand-me-down everything," says Monning.

Minimum Wage Deal at California Capitol

Sep 11, 2013
Valley Public Radio

It looks like California’s minimum wage will go up next year for the first time since 2008.  Ben Adler reports from Sacramento on the deal announced today by Governor Jerry Brown and Democratic legislative leaders.

Under the deal, California’s $8-an-hour minimum wage would rise to $9 in July of next year, and then to $10 in January of 2016.  That’s a faster pace than the original bill that’s been moving through the legislature this year.  But it does not include automatic adjustments for inflation, as was previously proposed.

California Adds 38,000 Jobs in July

Aug 16, 2013
Andrew Nixon / Capital Public Radio

The latest California employment numbers are out, and on the surface, July’s 38,000 job gain looks great.  But as Ben Adler reports from Sacramento, a troubling trend in today’s report calls that gain into question.

The 38,000 job increase is the state’s largest monthly gain this year.  It’s also nearly a quarter of the nation’s total job growth in July.  But citing a flawed seasonal adjustment in teacher jobs, the state is revising June’s 30,000 job gain down to 12,500, and May’s 17,000 increase down to 9,500.

The Economist

Three years ago, The Economist published an article that chronicled the toll the great recession had taken on the people and the economy of the San Joaquin Valley, calling the region the Appalachia of the West.

State to Lose Federal Jobless Benefits Next Month

Jul 17, 2013
Valley Public Radio

California’s Employment Development Department says that come mid-August, an improving economy is expected to cost thousands of jobless workers the last 10 weeks of their federal unemployment benefits. Max Pringle reports from Sacramento.

California’s economic rebound means the federal government may soon cut-off assistance to the state’s long-term unemployed.

“We’re now nearing that point where we will no longer qualify for Tier 4 federal extension benefits," says  Loree Levy with the state’s Employment Development Department.

California Economy Inches Up in World Ranking

Jul 11, 2013

There’s new evidence that California’s economic outlook is improving. A new study shows the state is regaining its place as the world’s eighth-largest economy this year after falling to ninth during the recent downturn. 

Valley Public Radio

A new report that compares state finances finds California's budget revenues are soaring higher than all but one other state in the nation.  Its economy is growing at an above-average pace as well.  Ben Adler has more from Sacramento.

The study comes from the Tax Policy Center – a project of the Urban Institute and the Brookings Institution.  It compares state tax revenues, economic growth and other data for all 50 states.

Assembly Approves Minimum Wage Increase

May 30, 2013
Valley Public Radio

California’s minimum wage would go up for the first time in six years under a bill passed by the state Assembly today. Ben Adler has more from Sacramento.

Democratic Assemblyman Luis Alejo’s measure would raise the minimum wage from $8 an hour to $9.25 over the next three years – with cost-of-living adjustments each year after that.

“It’s been six long years – six long years - since we’ve raised the minimum wage here in California.  It’s been locked in at $8 an hour, when we know the price of rent, of clothing, of food, has all gone up during that time,” says Alejo.

Valley Public Radio

California now has one of the highest unemployment rates in the nation. As Amy Quinton reports from Sacramento, the latest figures from the California Employment Development Department show no improvement in the state’s jobless rate for January.

California’s unemployment rate remained at 9.8 percent in January. That ties the state with Rhode Island for the highest unemployment rate in the country. 

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