California ranks at the back of the pack when it comes to economic outlook, according to a recent study.
Rich States, Poor States is an annual report published by the American Legislative Exchange Council Center for State Fiscal Reform, and it rates all 50 states according to 15 different state policy variables.
When it comes to the forward-looking forecast, California ranks 47th in the nation for economic outlook. Contributing variables include a $10.50 minimum wage, an overbearing state liability system, and high average workers’ compensation costs, among other variables.
The news comes as other national surveys reveal similar poor economic performance for the state.
“Many small cities in California are still struggling from an economic standpoint and have not fully recovered from the recession,” Jill Gonzalez, an analyst with WalletHub, told Inc. “While some northern cities are still recruiting top talent, many Southern California cities are not as fortunate in the startup department. The businesses in these small cities have declining revenue and little to no industry variety,” she added.
