California New Business Creation: December 2020 [EconTax Blog]

Jan 8, 2021 - The standard pattern within a year is for a surge of new business formation at the beginning, then gradual declines as the year goes on. This pattern was upended in 2020: the pandemic caused a big drop in the spring, followed by a surge as the economy began to recover.
https://lao.ca.gov/LAOEconTax/Article/Detail/605

How California's Economy Evolved Over the Last Business Cycle [EconTax Blog]

Jan 7, 2021 - The high-growth subsectors were already overrepresented in California in 2007, and they then outperformed the sa me subsectors in other states over the next 12+ years, which drove the strong growth of the state ’s aggregate information sector.
https://lao.ca.gov/LAOEconTax/Article/Detail/604

A Framework for Evaluating State-Level Green Stimulus Proposals

Jan 5, 2021 - Similarly, in the California Forest Carbon Plan , the state established a goal of conducting forest restoration and fuels treatment activities on 35,000 acres of forest lands per year by 2020, increasing to 60,000 acres per year by 2030.
https://lao.ca.gov/Publications/Report/4308

Income Tax Withholding Tracker: December 1 - December 23 [EconTax Blog]

Dec 23, 2020 - The final graph shows the year over year changes in cumulative withholding for California in 2020, the United States in 2020 (from the federal income tax), and California in 2009 at the trough of the Great Recession.
https://lao.ca.gov/LAOEconTax/Article/Detail/603

Home Prices Update: November 2020 [EconTax Blog]

Dec 22, 2020 - In the longer term, chronically high housing costs have hurt the state ’s business climate and been a key reason California loses residents to other states on net in most years. November 2020 data suggest that home price growth has accelerated even more in California than nationwide in recent months.
https://lao.ca.gov/LAOEconTax/Article/Detail/602

California Community Colleges—Managing Cash in a Time of State Payment Deferrals [Publication Details]

Dec 18, 2020 - California Community Colleges—Managing Cash in a Time of State Payment Deferrals [Publication Details] California Community Colleges—Managing Cash in a Time of State Payment Deferrals Format: HTML Description: To help address the state’s large budget deficit as estimated in June 2020, the 2020-21 budget package deferred a substantial amount of General Fund payments to schools and the California Community Colleges (CCC).
https://lao.ca.gov/Publications/Detail/4307

California Community Colleges—Managing Cash in a Time of State Payment Deferrals

Dec 18, 2020 - Proposition   98 c onstitutionally governs the minimum amount of funding provided to schools and community colleges each year. In June 2020, the state estimated that the Proposition   98 m inimum guarantee had dropped notably for both 2019 ‑20 and 2020 ‑ 21 r elative to assumptions it had made one year earlier (in June 2019), prior to the pandemic.
https://lao.ca.gov/Publications/Report/4307

U.S. Retail Sales Update: November 2020 [EconTax Blog]

Dec 16, 2020 - …But Monthly Sales Remain Higher Than Last Year. Despite the decline noted above, November marked the sixth straight month in which sales were higher than last year. In particular, sales in November 2020 were 4.1 percent higher than sales in November 2019. 2020 ’s 11-Month Total Slightly Exceeds 2019 ’s.
https://lao.ca.gov/LAOEconTax/Article/Detail/595

2020-21 Fiscal Outlook: Recent Job Losses Concentrated Among Childless Workers, Dampening Caseload Growth [EconTax Blog]

Dec 8, 2020 - Specifically, while workers under 25 years old represent 11 percent of the state ’s overall workforce, these workers account for 24 percent of recent job losses. These younger workers are less likely to have children than older workers —6 percent of workers under 25 years old are parents, whereas almost half of workers over 25 years old are parents.
https://lao.ca.gov/LAOEconTax/Article/Detail/591

COVID-19 and the Labor Market: Who Are California's Frontline and Remote Workers? [EconTax Blog]

Dec 8, 2020 - At the same time, very few workers with lower education levels work in jobs that likely can be done remotely: fewer than 10 percent of workers with no high school diploma work in jobs that can be done remotely.
https://lao.ca.gov/LAOEconTax/Article/Detail/593