The 19th annual edition of the LAO's Fiscal Outlook--a forecast of California's state General Fund revenues and expenditures over the next six years--reflects continued improvement in the state's finances. A restrained budget for 2013-14, combined with our updated forecast of increased state revenues, has produced a promising budget situation for 2014-15. Our forecast indicates that, absent any changes to current laws and policies, the state would end 2014-15 with a multibillion-dollar reserve. Continued caution is needed, however, given that these surpluses are dependent on a number of assumptions that may not come to pass. For example, as we discuss in this report, an economic downturn within the next few years could quickly result in a return to operating deficits. In this report, we outline a strategic approach for allocating potential surpluses that prepares for the next economic downturn while paying for past commitments, maintaining existing programs, and making new budgetary commitments incrementally to address other public priorities.
Sept. 26, 2013
The following tables provide an update to the August 2013 analysis of the time required for the State, regions, counties, and legislative districts at the current 12-month growth rate to attain the peak 2007 pre-recession employment levels. Tables 1 and 2 present the current results based on the most recent August 2013 civilian employment levels (not adjusted seasonally).
This analysis is the first in a series of Center papers analyzing the structural and regional differences in California's economic and jobs growth based on the data series used to develop the Center's Data Tool. Using total civilian employment as the measure, the analysis identifies which geographic areas of the state have met or exceeded the pre-recession employment peaks in 3rd Quarter 2007. The analysis is performed for the state, regions, counties, and legislative districts.
Sept. 23, 2013
As part of its mission to provide leadership in jobs creation and strengthening the economy, the California Business Roundtable announced the launch of the California Center for Jobs and the Economy. The Center will provide a comprehensive view of California’s employment picture by region as well by demographics and industry sectors.
“California businesses, residents and elected officials are going to greatly benefit from the creation of the Center for Jobs and the Economy. The factual data that the Center distributes is going to give California the opportunity to assess a variety of aspects of the jobs environment and the economy, ultimately allowing for further understanding of California’s business climate,” stated Tom Conley, Chairman of the California Business Roundtable.
The insurance industry has provided over 210,00 jobs in 2010 and provided a payroll that totaled $14.9 billion, just in California!