Sacramento Economy Slowly Begins to Grow
SacTV.com "Video of the Day" review by
Alex Cosper on Feb. 14, 2012
Sacramento's economy is slowly pulling out of a deep recession in 2012. This California Forward montage of business
leaders gives stats and details on the turnaround. Between 2007 and 2011 the Sacramento region lost 150,000 jobs, according
to this video. Much of the economic collapse was due to government downsizing, since government is the biggest
employer in the region. Another factor was the fall of the real estate and construction markets. By the end of
2011 unemployment had fallen to 10.9% from the high of 12.5% as job growth finally reversed the slump.
Part of Sacramento's turnaround has been an effort by business leaders and the community to just go for making
Sacramento a more culturally developed destination. Private investors have helped expand the Crocker Art Museum
with $80 million in funding to make it the 26th biggest museum in America. Businesses are also being developed
on the K Street Mall. In 2011 local entrepreneur Mark Otero sold his multi-million dollar video game business
KlickNation to Fortune 500 company Electronic Arts. Otero stayed as CEO for the company, which changed its name
to Bioware Sacramento. Otero looks for talented young developers from his alma mater, UC Davis, as well as Sac State
and University of the Pacific.
California Forward is a think tank that works with SARTA, a local non-profit organization working to create
new businesses in the region. It stands for Sacramento Area Regional Technology Alliance. Their CEO, Meg Arnold, is part of a team working on a plan called
The Next Economy, which seeks
to create new jobs and wealth for the region. SARTA guest speakers offering words of inspiration for entreprenuers at events in recent years have
included Apple co-founder Steve Wozniak and 49er legend Steve Young.
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