Finance Bulletin

September 2002

Economic Update

Consumer spending and real estate are the shining stars of the California economy.  Private sector employment growth in August was led by the retail trade industry.  Sustained home sales continue to push home prices up at double-digit rates.  Home building also came on strong in July, spurred by low interest rates.  Rising office vacancy rates, though, are hampering commercial construction.

  Office Vacancy Rates Up Sharply in the Bay Area

Monthly Cash Report

Preliminary General Fund agency cash for August was $223 million below the 2002 Budget Act forecast of $4.531 billion.  Year-to-date, revenues are $265 million below expectations.

General Fund Agency Cash
2002-03 Governor's Budget 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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