Business and Industry
The California Economic Strategy
Panel publishes annual
reports on business and industry measures for Caliornia's regions. The
5-county Southern California economic region is the largest in the state, with almost
half its population and jobs (48% and 47% in 2006 figures). Total employment including
farm jobs grew 7% and the average annual wage grew 22.9% in 2001-2007. Total nonfarm
jobs grew 19.7% from 1995-2008, but declined by 4.5% from March 2008-2009 with the
recent economic downturn. The number of establishments grew 28.9% (2001-2007) while
Gross Domestic Product for this region grew by 51.2% (2001-2006).
Small businesses (<50 employees) make up 96% of all businesses in the 5-county Southern
California economic region, and are vital to our region's economic sustainability.
This region received 84 Small Business Innovation Research grants worth more than
$24 million in 2008. In 2006 figures, firms with less than 100 employees represented
98% of all businesses, and provided 56% of all jobs in the region. By comparison,
firms with 500 or more employees made up 0.2% of all businesses and provided 17%
of all jobs. In terms of business growth by firm size, the smallest firms (0-4 employees)
experienced the most rapid growth in 2001-2006, with the number of jobs increasing
by 26% and the number of firms by 36% over this period.