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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...
SACRAMENTO—The united business community today issued the following response to the U.S. Supreme Court ruling that overturned affirmative action practices for college and university admissions:
- 06/29/2023
SACRAMENTO, CA – The California Business Roundtable extends sincere appreciation to Assemblymember Irwin, Chair of Assembly Revenue and Taxation, and the committee members for their prudent decision to hold Assembly Bill 259, the wealth tax proposal. We thank Assemblymember Irwin for her leadership and the committee's commitment to maintaining fiscal stability.
- 01/12/2023
Latest News from the Center for Jobs
Latest on what is driving California’s economy, job growth, and other key indicators. Get updates straight to your inbox at [email protected].
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....
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.
- 07/03/2024
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.
- 07/01/2024
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.
- 06/28/2024
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.
- 06/28/2024
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.
- 06/28/2024
Dominated by the surge in imports, total trade through the state’s ports rose $8.4 billion (13.3%) compared to April 2023. On a nominal basis, total trade through the state’s ports in the first 4 months of the year was 8.3% higher than the same period in 2023, and only $10 billion below the level reached in 2022.
- 06/07/2024