California’s housing crisis, water problems and gaps in workforce skills are hampering the state’s economy, which has typically ranked among the strongest in the world. These three challenges took center stage at this year’s California Economic Summit, December 13 – 14 in Sacramento.
According to McKinsey Senior Partner Dr. Jonathon Woetzel, California is second to last in the country in per capita housing units. It’s become simply unaffordable for many to live in the state and the crisis, said Woetzel, is “not a low-income problem—it’s everyone’s problem.”
At the Summit, more than 500 of California’s civic and business leaders will review how the lack of affordable housing jeopardizes the state’s economy as it impacts would-be middle-income and skilled workers. By some estimates, California could be losing up to $140 billion in economic activity as its residents struggle to rent or buy homes.
Stanford economics professor Raj Chetty also spoke at the conference, addressing causes of poverty and diminishing earnings for young Americans.
To read more, go here, and also click on the overall Summit program at the bottom of the article: http://caeconomy.org/reporting/entry/challenges-of-housing-workforce-and-water-take-spotlight-on-day-one-of-2016