February 14, 2012 |
California should experience only modest economic growth this year and next, adding nearly a half million new jobs and driving the unemployment rate down to just above 10%, the Los Angeles County Economic Development Corp. said in an annual forecast. Recovery from the deep recession of 2007-2009 is expected to be at “a painfully slow pace” and “it will take years for the county to return to the four million nonfarm job threshhold that marked most of the last decade,” said the report released Wednesday.
January 26, 2012 |
California's combination of business, sales, income and other taxes ranks it close to the bottom of the 50 states for being business-friendly, according to a conservative Washington think tank. California placed 48th, ahead of New York at 49th place and New Jersey at 50th, said a report released Wednesday by the Tax Foundation. The findings, which are contradicted by other studies and disputed by some economists, are likely to become an issue in this fall's elections. California Gov. Jerry Brown is trying to put an initiative on the November ballot to temporarily raise the state sales tax and the individual income tax for people who make more than $250,000 a year.
July 12, 2011 |
The California Public Employees' Retirement System pumped nearly $12 billion into the state's economy last year through benefits paid to retirees and other beneficiaries, making it "a significant economic engine in most California communities," a new study says. The findings of consultant Robert Fountain, a retired Cal State Sacramento economics professor, help to show how important the country's largest public pension is to the state's economy, fund officials said. CalPERS, which released the study Monday, has been engaged in an ongoing public relations campaign to improve an image that has been battered by investment losses and corruption scandals.
June 29, 2011 |
California's film tax credit program is giving taxpayers a bang for their buck. So says a newly released study by the Los Angeles County Economic Development Corp., which shows the state's tax credit program pumped $3.8 billion into the California economy and created more than 20,000 jobs in the last two years. Based on an analysis of expenditures from nine projects that received film tax credits from the state in the first two years of the program, the LAEDC found that for each tax dollar allocated, the local and state governments get back at least $1.13 in tax revenue and the total gross domestic product in the state increases $8.48.
May 15, 2011 |
On a towering cliff overlooking the sun-sparkled shores of Carlsbad, Calif., Dawn Santos watched a squadron of pelicans fly past the campsite where she and her family were staying for four days of campfires, bike rides and splashing in the surf. "It's gorgeous," the Rancho Cucamonga mother of three marveled as the afternoon sky turned bright pink. Here at South Carlsbad State Beach in San Diego County, the Santos family took a break from work and school by renting a 26-foot trailer to enjoy one of California's most valuable economic assets — its outdoor riches.
September 7, 2010 |
So how are California's workers faring on this, the day after their Labor Day weekend? Abysmally. God-awfully. Consider a few grim particulars: California ranks third among the 50 states in the percentage of its workers without work. On average, the unemployed Californian is jobless for a record-high eight months, according to a new report from the California Budget Project. Some key sectors of the California economy have all but vanished. Housing construction, the primary engine of the Southern California and the inland California economy for much of the last decade, leads the list.
August 17, 2010 |
For all their differences, Meg Whitman and Jerry Brown agree on one thing: California needs an industrial policy. For half a century, aerospace was California's dominant economic engine. But then the end of the Cold War led to a radical contraction of the aerospace industry. Since then, the state has subsisted on bubbles, and it has wilted each time they popped. Neither the dot-com industry nor housing — the two chief sources of economic activity in this state for the past 15 years — offered the kind of sustainable and broadly shared prosperity that Californians took for granted in the years between 1940 and 1990.
August 17, 2010 |
The housing bust has cost California plenty. The industry's economic output has plunged by about 80% since 2005, representing a loss of tens of billions of dollars and hundreds of thousands of jobs, according to a report released Monday by the California Homebuilding Foundation and the Center for Strategic Economic Research. The study found that new housing construction contributed $13.8 billion to the California economy in 2009, down from $67.7 billion in 2005. Employment plummeted to 77,000 last year from 487,000 jobs in 2005 — a drop of 84%. To gauge the industry's effect on the state's economy, the study looked at jobs and economic activity created by suppliers, as well as retail spending by construction workers and related employees.
August 9, 2010 |
The Leelin brothers, Mendrick and Michael, are betting they can turn their sleek new Japanese shabu-shabu restaurant in downtown Los Angeles into a national franchise — despite opening in the worst economy in decades. With some signs of improvement in the Southern California economy, more and more small businesses are exploring franchising as a way to grow. Working in their favor are lower rents at many prime locations and a supply of high-quality potential franchisees — individuals who have lost their corporate jobs but have savings to invest.
July 21, 2010 |
Southern California's economy is beginning to gain strength, although local residents may not feel the benefits for many months, according to a forecast to be released Wednesday. Regional employers will be slow to rehire. The housing and construction industries are struggling, and tight credit is crimping consumer and business spending. But tourism is gaining, the entertainment industry is thriving, and international trade projections have jumped since February, the report from the Kyser Center for Economic Research at the Los Angeles County Economic Development Corp.