Location California: Diversifying Economy Shows Promise
California is experiencing an economic resurgence, riding on growth in key sectors including energy, clean technology, ICT, electronics, and the booming import/export trade.
Mark Crawford (April 2012)
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Located between Los Angeles and San Diego, Orange County is known for its medical, life science, medical device, ICT, and electronics industries. The ICT sector employs nearly 25,000 workers and continues to add jobs. Major companies in this region include Broadcom, Allergan, Western Digital, AMO, Edwards Lifesciences, Newport Media, Masimo, and QLogic.
According to LAEDC's 2012-2013 report, "Information technology will be the big winner as spending increases for smartphones, tablet computers, mobile networks, social networking, and big data analytics." At the forefront of this research is Broadcom Corp., a leader in semiconductor solutions for wired and wireless communications. The company just announced a new dual-band combo chip that transforms whole-home, high speed Wi-Fi.
"The key features and applications that are driving the popularity of smartphones and tablets rely upon consistent, high-speed Wi-Fi and fast wireless synchronization speeds with low power consumption," states Michael Hurlston, senior vice president and general manager for Broadcom. "Our new chips meet these needs and will accelerate the adoption of dual-band Wi-Fi in mainstream mobile devices."
Twenty-two companies in San Diego County made Deloitte's 2011 Technology Fast-500 list of the fastest-growing technology companies in the United States - proof that San Diego is an innovation leader, especially in software, biotechnology, and electronics. LAEDC indicates "job creation in San Diego will continue to improve as expansion accelerates in key industries, especially tourism, healthcare, and high tech."
Look no further than Soitec, a world leader in manufacturing revolutionary semiconductor materials for the electronics and energy industries. In December 2011 Soitec dedicated its new North American solar headquarters in San Diego, which will employ 450 people and support an additional 1,000 indirect jobs in the region.
"Bringing Soitec's solar manufacturing business here has been an example of successful collaboration among the city, the nonprofit CleanTECH San Diego, the San Diego Regional Economic Development Corp., and the University of California," states San Diego Mayor Jerry Sanders. "Soitec's new facility will create hundreds of well-paying jobs and build on San Diego's growing reputation as one of the world's leading clean-technology clusters."
Pacific Rim as Center of World Economy
With economic indicators on the rise - especially job growth in key sectors like energy, clean technology, ICT, and electronics, and the booming import/export trade - the future looks bright for the Golden State. In February 2012 Governor Edmund G. Brown announced plans to open a new trade and investment office in China - a move that will bring even more trade through California's ports and its strategically located logistics/warehousing centers.
"The Pacific Rim has become the center of the world economy, presenting California with countless opportunities to grow alongside our neighbors across the ocean," says Governor Brown. "This office will encourage direct investment and further strengthen the existing ties between the world's second- [China] and ninth-largest economies."