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Helping Hands

ISSUES

Together We Can Achieve More

Ease Of Doing Business and Economic Growth

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There is a strong correlation between the ease of doing business and economic growth. Countries with a more business-friendly environment tend to have higher rates of economic growth. This is because a more business-friendly environment makes it easier for businesses to start and operate, which in turn leads to more investment, job creation, and innovation.

In 2022 California ranked 29th in the Top States for doing business in the United States, which was mainly driven by an F grade that we received in 3 areas - Cost of Doing Business, Business Friendliness, and Cost of Living. While our overall ranking moved up from 33 to 29th spot, our grades for these 3 areas have not improved and we moved from A to B- for the Workforce category. Source: America's Top States for Business 2022: The full rankings (cnbc.com)

 

All these 4 categories are tied to each other and go hand in hand. We have seen several large corporations moving out of the state due to unfriendly business environment or excessive regulatory challenges. We have also seen a drain in human talent as they move to other states for cheaper costs of living or the absence of jobs within the state, as businesses are moving out.

 

We need to build a business-friendly environment that can create and retain jobs within the State and promote economic growth. I believe in bringing together the Private sector to collaborate with the Public and People in solving problems that ensure there is a common understanding of the issues and solutions.

  • Collaborative Approach: We need to work together with businesses to understand their challenges and develop an approach that meets both the needs of the public by providing them with a safe and sound working environment and that also provides businesses an environment to run smoothly without undue burden.

  • Diverse industry: We need to bring in more business to California in diverse industry segments. We are either heavily dependent on the software industry in northern California and the movie industry in southern California. We need diversity in the businesses to ensure economic downturns in the one do not have a major impact on us overall.

  • Create an ecosystem where everyone succeeds in a collaborative way and supports each other.

  • Retain talent and skill set within the state by offering better pay and diversified employment opportunities.

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