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Read the latest news updates from the California Business Roundtable.

New on Substack: What Businesses Really Pay in California

In his most recent Substack article, California Business Roundtable President Rob Lapsley pushes back against ongoing inaccurate reports that corporations don't pay their "fair share" of taxes in California.

03/12/2024
STAFF
PRESS RELEASE

Reports and Studies

Special Report: A Closer Look at Corporate Taxes: What Does Business Really Pay?

As California slips further into long-term structural deficits and years of overspending catch up with policymakers, new and recycled tax increase discussions have begun once again.

Reports and Studies

Full July 2025 Jobs Report

In July, the preliminary estimate for nonfarm jobs shows a gain of 15,000. Combined with the downward adjustment to the June estimate, California shows a total loss of 9,700 nonfarm jobs to date in 2025 or essentially a continuation of the state’s job stagnation over the past two years.

Reports and Studies

California Energy Price Data for July 2025

California’s by-now secured position with the highest electricity costs appears to be an overlooked consideration in the most recent round of self-congratulations among the state’s leadership on the state’s increasing use of renewable generation sources.

Reports and Studies

California Trade Report for June 2025

Trade statistics in June again were buffeted by tariff policy shifts, with the latest deadline for tariff agreements now set for August 7.

In The News

CBRT: President Trump’s Executive Order Opening 401(k)s to Private Markets Will Level the Playing Field for Working Families

Today, the California Business Roundtable indicated their support to expand access to private investments in 401(k) accounts.

Reports and Studies

State’s Progress on Zero-Emission Vehicles (ZEV) Sales: 2025:Q2 Results

In the latest report from California New Car Dealers Association (CNCDA), zero emission vehicle (ZEV) registrations posted a decline for the third quarter in a row.

In The News

Fueling Higher Costs: What California’s New Regulations Mean for You

President Rob Lapsley recently released a Substack analyzing California’s increased fuel tax and environmental regulations.

Reports and Studies

California Energy Price Data for June 2025

California average prices for commercial and industrial natural gas worsened compared to the other contiguous states, while the other rankings were unchanged. California again had the highest costs (12-month moving average) for all end user electricity rates, gasoline, and diesel.

Reports and Studies

California Energy Price Data for May 2025

The trade statistics in May once again reflect more shifts in policy around tariffs rather than economic fundamentals.

Featured Post - CBRT

ZEV Mandates Still Threaten California Consumers Regardless of Court Challenges

CBRT launches The California Brief Substack to provide a deep dive into policies, regulations, and legal challenges that drive up the cost of living and doing business in California

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California Business Roundtable Raises Alarms Over Record State Spending and Growing Deficits

Rob Lapsley, President of the California Business Roundtable, issued the following statement in response to the Legislature’s record-setting 2025–26 state budget proposal, which includes more than $325 billion in General Fund, Special Fund, and bond spending.

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Statement on Senator Monique Limon Being Elected Senate President Pro Tem

Business Roundtable President Rob Lapsley welcomes the new Senate President Pro Tempore Senator Monique Limon

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California Business Roundtable Statement on Business Tax Increase Discussion in Sacramento

Amid chatter about proposals to increase business taxes, we support Governor Newsom’s ongoing commitment to opposing general tax increases throughout his time in office.

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California Business Roundtable Statement on the Governor’s Revised May Budget Proposal

In 2021, Governor Newsom stood before Californians announcing a $75 billion budget surplus. Four years later, the state faces a $12 billion deficit.

In The News

In Case You Missed It: Orange County Register: The Legislature must confront the real drivers of our cost-of-living crisis

Yesterday, the Orange County Register published an op-ed by Rob Lapsley, President of the California Business Roundtable, and Jeffrey Ball, president and CEO of the Orange County Business Council

Special Report: California Becomes 4th Largest Economy as Japan’s Economy Slowed in 2024

In the latest data from International Monetary Fund (IMF), California—if it was treated as a separate economy—moved from 5th largest in the world to 4th largest as Japan’s economy contracted. However, Japan is projected to resume growth at 4% in 2025, while India is projected to continue moving up the ranks with 7% growth.

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Amid Ongoing Talks of Tariffs and Trade, California Business Leaders Highlight the Critical Importance of California’s Trade and Warehousing to Jobs

California’s leading business organizations that make up the Goods Movement Alliance underscored the vital role of the trade.

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LATEST JOBS DATA RAISES RED FLAGS FOR CALIFORNIA’S ECONOMIC OUTLOOK

California's economic and jobs recovery data raises red flags for the business community.

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California Business Community Unites Behind Insurance Commissioner Lara

Broad-based business community support Insurance Commissioner Lara's ongoing commitment to his sustainable insurance strategy following devastating Los Angeles area fires.

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California Continues to Triple Down on Policies to Drive Up the Cost of Gasoline

The statewide business community commends Governor Gavin Newsom and the California Legislature for the passage and signing of a series of bills designed to address the ongoing retail theft crisis affecting businesses across the state.

Reports and Studies

California Energy Price Data for September 2024

In July, California average residential electricity jumped to 10th highest among the contiguous states, compared to 9th lowest in 2010. Electricity rates across all three primary end users as well as the cost of fuels remained the highest in the contiguous states.

Reports and Studies

California Trade Report for August 2024

The August trade data again showed strong results for California and its ports as shippers continued to surge activity ahead of pending tariffs and the then-threatened East/Gulf labor actions. Origin exports rose 9.9% in nominal terms compared to prior year. Total trade activity through the state’s ports was up 13.6%, with the strongest gains in imports.

Reports and Studies

Full August 2024 Jobs Report

California’s Real GDP grew by 2.8% in the second quarter (annualized change from the previous quarter), just below the 3.0% growth for the US overall and 27th highest among the states.

Reports and Studies

QUICK FACTS: California Employment Report for August 2024

The August numbers were positive but at relatively modest levels. Although revisions to the July numbers show stronger growth that month, nonfarm wage and salary jobs grew by only 6,800 in August, the 8th highest level among the states. Employment gains were 8,700.

Reports and Studies

California Energy Price Data for August 2024

In August, California average residential electricity rates (12-month moving average) passed a new milepost, coming in at just more than double the average for the rest of the US. Electricity rates across all three primary end users as well as the cost of fuels remained the highest in the contiguous states.

Reports and Studies

California Trade Report for July 2024

The July trade data showed strong results for California and its ports as shippers produced an early surge in activity in order to stay ahead of pending tariffs and potential labor actions. Origin exports rose 7.3% in nominal terms compared to a year ago. Total trade activity through the state ports accelerated by 22.7%, with the strongest increases coming from a steep rise in imports.

Reports and Studies

Special Report: A Closer Look At AB 98 And Warehouse Regulations on Jobs and the Economy

The Center for Jobs and the Economy tracks closely California’s Trade sector and its importance in creating well-paying, resilient jobs for millions of residents. California’s Trade sector is a national economic powerhouse, with more than 1 in 51 jobs nationwide supported by the sector. To further quantify the impacts of this sector, the Center released a detailed economic study, “Special Report: Economic Importance of Trade & the Ports to Southern California,” which quantified the importance of this sector.

Reports and Studies

FACT CHECK: California’s Fast Food Minimum Wage

Following the passage of the increase to the minimum wage for specified fast food workers, much attention has been paid to the impacts the wage increase will have on jobs. While anecdotal data, including the closure of legacy fast-food chain stores in California, has made headlines, we are now able to use empirical data to track the law’s impacts on jobs and the economy. Despite what some are saying, the data are clear: newly passed fast food minimum wage laws are leading to job losses in California.

Reports and Studies

Full July 2024 Jobs Report

The JOLTS (Job Openings & Labor Turnover Survey) estimates continue to indicate California employers are cutting back on their hiring plans, reducing the likely scale of future jobs growth in the state.

Reports and Studies

Quick Facts: California Employment Report for July 2024

The July numbers were generally positive, but again at levels showing the state economy largely running in place. After posting the worst unemployment rate among the states 5 months in a row, California finally notched down to the second worst in July, tying with Illinois in that slot. The total number of unemployed, however, remained above the 1 million mark for the 7th month in a row. Employment while showing a marginal gain of 7,300 for the month still was 88,700 below the near term high posted in May 2023.

Featured Post - CBRT

Statewide Business Community Supports Retail Theft Legislative Package as Part of Comprehensive Approach to Crisis

Press Release

WEBINAR: Dissonance in Climate Disclosure: The SEC, EU, California, and ISSB Recording

Press Release

Partnership Between California and NVIDIA an Important Step Toward Creating Economic Opportunities for the Future

The diverse and broad-based California business community has issued the following statement today in response to the newly announced partnership between the State of California and NVIDIA

Reports and Studies

California Trade Report for June 2024

The June trade data again showed positive news for California. Origin exports rose 1.6% in nominal terms compared to June 2023. Overall trade activity through the state ports rose 11.9% over this period as imports in particular surged 13.6% as shippers began holiday stocking early in response to rising risks of supply disruptions and looming rises in tariffs.

Reports and Studies

California Energy Price Data for July 2024

In May, California again posted the highest electricity rates among the contiguous states across all three major end use sectors. Although easing, California gasoline and diesel remained the highest as well.

Reports and Studies

Looking At California’s Economy Ahead of Last Month of Session

With the California Legislature returning for the final month of session this coming Monday, the Center for Jobs is releasing this special report, which contains metrics on the current jobs and economic outlook for the state. With recent news about the departure of Chevron and Tesla, and large layoffs by Intel, legacy companies are making major announcements that will affect both the current and future economy, especially the state budget.

Reports and Studies

Full June 2024 Jobs Report

As discussed in our preliminary report, nonfarm jobs posted more positive results over the past two months, with June’s preliminary number coming in near the pre-pandemic monthly average from 2019. The labor force numbers in contrast, although showing the best results since last December, still reflected a continuing weakness in the state economy. Tying with Nevada, California at 5.2% had the highest unemployment rate among the states for the 5th month in a run. Total unemployment just barely missed the 1 million mark by only 100 workers. Total employment although up in June was down 93,000 for the year and remained 386,000 short of recovery to the pre-pandemic peak.

Press Release

Governor’s Executive Order on Encampments Important Step in Addressing Homelessness

Reports and Studies

Quick Facts: California Employment Report for June 2024

Both the nonfarm job and employment numbers showed positive gains in June. At 22,500, the nonfarm job gains were in line with the pre-pandemic average of 20,800 from 2019, while the stronger May gains were revised only marginally. These two months of positive news, however, were not enough to offset California’s weak ranking in net jobs growth among the states, which remained in 4th place below North Carolina.

Reports and Studies

California Energy Price Data for June 2024

In April, California again posted the highest electricity rates among the contiguous states across all three major end use sectors. California gasoline and diesel remained the highest as well, with taxes and fees rising at the beginning of July to partially offset the drop in price per gallon. The tax and fee component is scheduled to rise substantially over the next few years in response to ongoing Air Resources Board rulemakings.

Reports and Studies

California Trade Report for May 2024

The May trade numbers in general showed positive news for California. Both origin exports and destination imports were up compared to May 2023. In nominal dollars, total trade through the state’s ports rose in this period, and the share of total US trade, while remaining well below previous highs, continued edging up.

Reports and Studies

Full May 2024 Jobs Report

While nonfarm jobs were more positive in May, the labor force numbers continued to post weak results. Although dropping 0.1 point to 5.2%, California’s unemployment rate (seasonally adjusted) was again the highest among the states for the 4th month in a row. The DC rate was marginally higher at 5.3%, but among the states, California was the highest.

Reports and Studies

QUICK FACTS: California GDP and Personal Income in the 1st Quarter

California real GDP slowed to an annualized rate of 1.2% from 3.1% in 4th Quarter 2023. California was below the overall US average of 1.4% and posted 28th highest among the states. Using the current projections from the April International Monetary Fund, World Outlook, continued growth at the current GDP rate would push California below India to shift from 5th to the 6th largest economy by 2025.

Reports and Studies

Analyzing High Earner Migration and its Impact on State Revenue

The migration of high earners to other states showed only minor changes in 2022, according to the annual release of tax migration data from the Internal Revenue Service (IRS). In tax year 2022, the number of high earner households leaving the state increased 7.2% to 48,875, taking with them a total AGI (adjusted gross income) of $31.5 billion. This increase was partially offset by a rise in the number of high earners moving into the state, rising to 24,205 with total AGI of $15.5 billion.

Reports and Studies

Quick Facts: California Employment Report for May 2024

Both the nonfarm job and employment numbers showed positive gains in May but again at different scales. Nonfarm jobs rose by 43,700, while the previously reported April gains were revised down by 1,100 to 4,100. With the preliminary May results, nonfarm jobs have now averaged gains of 17,000 in the first 5 months of 2024, higher than the 6,400 average set in the same period last year and closer to the 20,800 average for the entire pre-pandemic year of 2019.

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