Based on the most recent revenue and economic data, we currently project that there is a strong chance that collections from the state’s “big three” taxes will exceed the Governor's Budget assumption of $185 billion in 2021-22.
U.S. retail sales (seasonally adjusted) dropped 1.9 percent from November to December. Nonetheless, sales remained 17 percent above last December.
U.S. retail sales (seasonally adjusted) grew 0.3 percent from October to November. Retail sales have been elevated throughout 2021 following dramatic growth in January and March.
California income tax withholding collections in November were up nearly a third over last November.
The pace of California home sales is slowing, although it remains high by historical standards.
California employers added 96,800 net jobs in October, the highest monthly figure since July.
The pace of new business creation in the state remains slower than in 2020 but faster than in most previous years.
California home price growth slowed sharply in October, but is still up 21 percent over the past 12 months.
U.S. retail sales (seasonally adjusted) grew 1.7 percent from September to October. Retail sales remain elevated due to dramatic growth in January and March.
California firms raised $34.4 billion from venture capital funds in the third quarter, a new series record.
California income tax withholding in October was up 8.2 percent over October 2020, a slower growth rate than in the three previous months.
California builders recorded 8,254 permits in September, the lowest figure since February.
California employers added an estimated net 47,400 jobs in September, the smallest monthly gain since January.
Based on the most recent revenue and economic data, we currently project that there is a good chance that collections from the state’s “big three” taxes will exceed the budget act assumption of $170 billion in 2021-22 by at least several billion dollars.
Californa home prices grew by 1.37 percent in September, the lowest figure since March but still high by historical standards.