Finance Bulletin

July 2002

Economic Update

More signs are emerging that California’s economy is stabilizing.  Job losses have moderated dramatically, and even though construction has slowed, the demand for homes remains very strong. 

Despite moderate building activity, strong consumer confidence and falling mortgage rates are sustaining strong housing demand.  Statewide sales of single-family homes registered nearly a 23 percent year-over-year gain in May.  This demand kept home prices at their historically high rates.  The median price of single-family homes sold in May, $321,000, was 25.5 percent above where it stood a year ago. 

 

  Has The Labor Market Stabilized?

Monthly Cash Report

Preliminary General Fund agency cash for June was $407 million below the 2002-03 May Revision forecast of $7.112 billion.  Year-to-date revenues are $650 million lower than the $65.193 billion that was expected. 

 


General Fund Agency Cash
2002-03 May Revision Forecast


2001-02 Comparison of Actual and Forecast 
Agency General Fund Revenues

For more information, please contact the California Department of Finance,
Room 1145, State Capitol, Sacramento, CA or call (916) 323-0648.

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