A new report that compares state finances finds California’s budget revenues are soaring higher than all but one other state in the nation. Its economy is growing at an above-average pace as well.
An effort is under way in the Capitol to require local governments to perform comprehensive economic impact studies of so-called “superstores” before approving the projects.
It wasn’t even close. Bechtel Corp. claimed the top spot on the San Francisco Business Times’ annual ranking of the largest private companies in the Bay Area. With $37.9 billion in 2012 revenue, the San Francisco engineering and construction firm raked in five times more money than the No. 2 company on the list, Delta Dental of California.
Workers in Santa Clara and San Mateo counties are again among the highest-paid employees in the nation. A new report out from the Bureau of Labor Statistics estimates the average worker in San Mateo County earned $3,240 per week—more than three times the national average, and $1,100 more per week than the average worker in Manhattan.
The average weekly wage in San Mateo County California, the home of Silicon Valley behemoths like Facebook, increased 107.3 percent in the last quarter of 2012, making it the richest place in America — even ahead of Manhattan — all because of a little IPO that happened in May 2012. Here’s how the thinking goes: Facebook went public in May 2012. In November — 181 days after the offering — those with vested stock options could cash in. Sure, CEO Mark Zuckerberg promised not do that. But if Peter Thiel, one of the earliest and biggest investors in the social network took out something like $1 billion, you can bet some less famous names did as well. In that quarter alone, the roughly 6,200 tech workers in the area collected total wages of $6.8 billion, notes the Wall Street Journal’s Scott Thurm. “That kind of a jump can only be explained by what’s happening with stock” Doug Henton, chief executive of Collaborative Economics told Thurm. Some of that likely also came from other tech IPOs that year, but Facebook’s was by far the largest.
The nation’s largest health insurer, UnitedHealth Group Inc., is leaving California’s individual health insurance market, the second major company to exit in advance of major changes under the Affordable Care Act.
Programs that prepare students for college and careers are about to get a jolt of one-time state money that supporters are counting on to lead to a permanent and sustainable expansion of programs.
The purpose of this report is to measure the economic importance of the U.S. shipbuilding and repairing industry.
With an educated and highly skilled workforce, a comprehensive higher education system with distinguished research institutions, and access to public and private funding in the form of research grants and venture capital, California has been and continues to be in a unique position to lead the nation in biotechnology.
. . . presents the employment rates of California women over time; their current employment rate according to age group, highest degree attained, and race/ethnic category; and their occupational category with median personal income.
Citing research by Beacon Economics, the California Bankers Association warns that limited access to mortgage credit is hindering the economy.
Setting the tone for his City Hall tenure, Eric Garcetti said he will make job creation one of his top priorities in his first 100 days.
Why is Silicon Valley in Silicon Valley? “You’ve got Stanford, you’ve got federal expenditures, and you’ve got an ecosystem” of start-up mentors and established institutions, said Bruce Katz, the founding director of the Brookings Metropolitan Policy Program. But Silicon Valley’s stranglehold on West Coast innovation is in danger, he said at the Aspen Ideas Festival on Friday. The main problem?
A new national ranking for job growth has been released and — surprise — California is near the top.
WASHINGTON — The U.S. economy may not be strong enough for the Federal Reserve to slow its bond purchases later this year.