California ranks behind Texas and North Dakota in oil output, excluding offshore production on federal lands. Over 70 percent of statewide oil production is in Kern County. Oil prices fluctuate widely, and changes in prices can be connected with changes in production activity.
Last week, data showed that personal and corporate income taxes together were $1.6 billion above June 2014 budget projections through November 30. New preliminary data on November General Fund sales tax collections indicate this tax is running a couple of hundred million dollars below budget act projections for the 2014-15 fiscal year to date.
In February 2012, over 400 redevelopment agencies were dissolved, and the process of unwinding their financial affairs began.
Proposition 2, passed by voters in November 2014, includes provisions intended to help manage state budget revenue volatility, principally by requiring certain state revenues to be deposited in budget reserves.
The state government's largest revenue source, the personal income tax, is much more volatile than "personal income," one key economic statistic that measures the overall size of the economy.
Introducing a new resource for the Legislature and the public to learn more about California's economy and tax revenues.
International trade is important to California's economy. The state's key international trading partnerships are diverse, including countries in North America, Asia, and Europe.
California's population is changing. The 65-and-over age group is the state's fastest-growing one. Also, at some point before 2020, Hispanics are expected to become a plurality of the state's population for the first time.
Venture capital investments play a key role in financing new technology firms. California--especially the Bay Area--receives a very large share of such investments.
Most months, we will provide updates on California state tax revenue collections. These updates will come in several waves as information becomes available. In this post, we discuss November 2014 personal and corporate income tax collections.
Farms and ranches occupy a large portion of California's land area. The Central Valley is one of the world's leading agricultural regions.
Incomes are greater for California households than in the rest of the U.S. Incomes are more spread out as well, in that there is a larger gap between high-income and very low-income households.
Particularly under a newer U.S. government poverty measure, the Research Supplemental Poverty Measure, California's poverty rate is much higher than that of the rest of the country.
We are launching this blog at the same time we release this year's edition of CalFacts. In so doing, we can highlight (and, in some cases, expand upon) CalFacts entries concerning California's economy and taxes.
The 2007-2009 recession hit California very hard. Only recently—in mid 2014—did California return to the number of jobs it had before the recession.