April 2003

Economic Update

California’s economic condition, while still hobbled by weak business investment, is better than the nation’s as a whole. Homebuilding again made impressive gains in March. And, although the state lost jobs again in March, the percentage loss was considerably less than that in the nation. The state’s unemployment rate retreated slightly while the national rate was unchanged. The state’s struggling high-tech sector continues to hold down job growth and commercial construction.

Office Construction Slides

Monthly Cash Report

Preliminary General Fund agency cash for March was $166 million above the 2003-04 Governor’s Budget forecast of $4.031 billion. Year-to-date, revenues are $203 million lower than the $48.026 billion that was expected.

General Fund Agency Cash
2003-04 Governor's Budget Act Forecast

2002-03 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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