So it came as a punch to the gut when Tesla Motors Inc., one of the few bright spots in California manufacturing, announced two weeks ago that it plans to build a “gigafactory” in some Western state not named California.
The Palo Alto electric car maker’s Model S sedan is the state’s new eco-luxury status symbol. Californians bought more than a third of Teslas sold globally last year. Residents of the state pack the order list for Tesla’s next offering, a sport utility vehicle.
California pollution-control policies enable Tesla to rake in tens of millions of dollars each year from selling environmental credits to other automakers — a key source of Tesla’s revenue.
When it comes to building a $4-billion to $5-billion battery factory that will employ 6,500 workers, Tesla is shunning the Golden State.
While lawmakers begin discussing ways to fix California’s cash-strapped teacher pension system, another long-term financial problem continues to fester.
Gas prices continue to shoot up in the Sacramento region. The average price of a gallon of regular gas is $3.674, compared to $3.584 a week ago, according to the AAA Fuel Gauge Report.
States withdraw money from budget stabilization funds primarily to counter unexpected drops in revenue. Pew research has found, however, that most states do not consider revenue fluctuations in determining how and when to deposit money into their reserve funds. According to “Managing Uncertainty,” Pew’s report on strategies to smooth revenue volatility, only a dozen states, including Massachusetts, Texas, Virginia, and Utah, link deposits directly to unexpected surges in volatile tax streams. California could join this list of states if Gov. Brown’s proposal passes.
Huy Fong Foods, the creator of Sriracha hot sauce, has been closed to the public for more than 30 years, fearing that competitors would steal trade secrets. But after months of Irwindale residents and city officials accusing the sauce maker of flooding their city with an offensive spicy odor, the notoriously private company has thrown open its doors.
State Sen. Noreen Evans (D-Santa Rosa) on Wednesday revived a proposal to tax oil pumped from the ground in California, saying the $2 billion it would raise annually could help restore the affordability of higher education and improve social services and parks.
The American Tort Reform Foundation issued its annual Judicial Hellholes® report today, naming civil courts in California, Louisiana, New York City, West Virginia, Southwestern Illinois’ Madison and St. Clair counties, and South Florida among the nation’s “most unfair.”
The Governor announced today that California has grown 1 million jobs since 2010. This is a significant and long awaited accomplishment for those who have suffered economically over the past 6 years.
FilmL.A.’s 20 year retrospective on local film production analyzes patterns of growth and decline in local filming brought about by developments in the U.S. domestic film, television and commercial production market. The report includes a detailed examination of filming trends across nine distinct project categories, with guidance on data interpretation for lay audiences.
Gov. Jerry Brown took a swipe at California’s critics during his State of the State address to the state Legislature on Wednesday, praising a “California comeback” he said delivered a million new jobs, a budget surplus and higher minimum wage.
Gov. Jerry Brown said today that California is continuing its “comeback,” with a budget surplus and am improving economy, but he urged the Legislature to restrain spending.
When Gov. Jerry Brown unveiled his proposed 2014-15 budget this month – one based on estimates of sharply increased state revenues – a reporter asked him whether, in retrospect, California needed the tax increase he had persuaded voters to approve in 2012.
Brown’s response, in essence, was that the tax boost’s money is needed to pay off the debts that the state had incurred, not only for past budget deficits, but for long-term future obligations that total about $350 billion.
With California facing water shortfalls in the driest year in recorded state history, Governor Edmund G. Brown Jr. today proclaimed a State of Emergency and directed state officials to take all necessary actions to prepare for these drought conditions.
The number of permits requested to make porn films in Los Angeles County has declined by an estimated 95% since the law took effect, according to Film LA, a private nonprofit that issues the licenses. The number of applications fell from about 480 in 2012 to just 24 through the first nine months of 2013.