Panel, Conference Presentation
California's Future Economy
- A massive new stadium in Inglewood, expected to be privately financed by Stan Kroenke, will serve as a catalyst for a 300-acre development project comprising 8.5 million to 15 million square feet of mixed-use space including retail, housing, and parks, with the stadium occupying less than 10% of the land; the project intends to function as a "smart city" utilizing micro-cities to generate revenue and support the Olympic opening ceremony, utilizing technology to allow individuals to control experiences via phone without requiring personal vehicles.
- The California Center and Center for Regional Economics will host sessions addressing the future of the state's economy by focusing on education, work locations, commuting, skills, and quality of life, with specific goals to reinvigorate Inglewood and set a precedent for the rest of the United States and the world.
- High employment and broad real wage growth are predicted to require increased productivity, which is currently hindered by the healthcare sector growing at 18 percent over the last decade while acting as a drag on efficiency; healthcare benefit costs are expected to rise at two to three times, or sometimes four times, the inflation rate, which may squeeze employee wages if productivity does not improve.
- Productivity is anticipated to be increasingly driven by automation, robotics, and AI, reducing reliance on human capital; consequently, traditional designer roles are expected to disappear in favor of engineers designing in a hypersphere, and jobs of today in sectors facing automation displacement may not exist in the future economy, necessitating a basic level of technological proficiency from cradle to grave.
- California's current tax structure is projected to become unsustainable without updates to reflect rapid economic shifts, creating a funding gap for infrastructure protection against cyber attacks by nation-states or terrorist organizations; public-private partnerships are deemed essential as the public sector lacks sufficient excess capital to fund infrastructure alone, with private companies expected to deliver such infrastructure more effectively and rapidly.
- Telecommuting is expected to expand to mitigate California's severe commuter culture, which currently includes two of the three most stressful commutes in the United States, while employers like Blue Shield are already implementing walking workstations and standing meeting rules to increase employee activity.
- The Inglewood project aims to train over 1,700 local residents for apprenticeship jobs and 2,500 workers for game day positions, while the 3 million square foot stadium, currently used 50 days a year, is expected to be utilized as a community teaching ground for 300 days a year to help NFL players extend careers into their 40s and secure apprenticeships during the nine-month off-season.
- Future city planning must account for infrastructure and human capital needs 20 years down the road to ensure quality of life for future generations, focusing on drivers of convenience, efficiency (lower energy costs, increased mobility), and safety (autonomous vehicles, security), while the healthcare sector must be brought into the digital age where automation of claims and eligibility opens new roles for navigating complex social systems.