More Predictions About California’s Economic Outlook in 2011

Focusing on the Central Valley, the part of California hit hardest by the implosion of the housing and construction industry, unemployment in several key areas will remain in the high double digits for at least the next two years, according to the Business Forecasting Center at the University of the Pacific in Stockton.    Read more »

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Speaking of California’s Double-Digit Unemployment Rate…

Several recent forecasts predict very modest job growth in 2011 but still show a double-digit unemployment rate.

In October, Leslie Appleton Young, the California Association of Realtors’ chief economist, predicted an unemployment rate this year of 12.3 percent (See post below) and 11.4 percent in 2011.

On October 29, the Business Forecasting Center at the University of the Pacific in Stockton predicted 12 percent unemployment in 2011 for the Central Valley but unemployment dropping into the single digits in the Bay Area by the end of 2011.    Read more »

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California’s November Unemployment Rate Still 12.4 Percent

SACRAMENTO – California’s unemployment rate was unchanged at 12.4 percent in November, and nonfarm payroll jobs increased by 1,600 during the month, according to data released today by the California Employment Development Department from two separate surveys.

The U.S. unemployment rate increased in November to 9.8 percent.

In November 2009, the unemployment rate in California was 12.3 percent.    Read more »

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In the Holiday Spirit, This from California’s State Treasurer

STATE BUDGET GAP NARROWS

Dennis R. Ferguson, a 74-year-old retiree, has done his part to close California’s budget gap, sending the state a $10,000 check to pay back — with “interest” –unemployment benefits he received 46 years ago.

On the November 23, 2010 check, Ferguson wrote:

“REPAYMENT FOR WHAT CALIF. DID FOR ME!”    Read more »

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Another Legal Confrontation Over the Sale of State Property

Eclipsed by the Schwarzenegger administration’s proposed $2.3 billion sale of 11 office buildings to a group of private investors is a similar effort to sell the Orange County Fairgrounds in Costa Mesa.

And like the sale of the office buildings – stayed at least through December 29 by an appellate judge on December 13 – the deal inked between the state and Facilities Management West to sell the fairgrounds for $96 million is being challenged in court.    Read more »

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Judge Refuses to Block $2.3 Billion Sale of 11 State Buildings

Read about it here.    Read more »

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Another Tidbit About the State’s Sale of 11 Office Buildings

One of the principals of Antarctica Capital Real Estate, a group of investors who banded together to bid on the state office buildings, is Rich Mayo. This is the sixth paragraph of his biography at Spyglass Realty Partners, the firm he heads:

“As an appointee of former Governor Pete Wilson, Rich was responsible for overseeing the privatization of the State of California’s 35 million square foot real estate portfolio.    Read more »

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More Information On Who Is Buying 11 State Office Buildings

Besides the two principal partners slated to purchase 11 state office buildings – some 7 million square feet – for $2.3 billion, there are an additional nine equity investors involved in the deal.

In assessing the bid of Antarctica Capital Real Estate, an entity formed to bid on the buildings, and Houston-based Hines Interests, the state focused mainly on a simple determination of whether the team of investors was able to come up with the $2.3 billion.    Read more »

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Signage for Sale — A New Twist on Public-Private Partnership

California motorists could be urged to tank up at Chevron, use parts from Napa Auto, shop at Office Depot or upgrade their Mac under a proposal by Gov Arnold Schwarzenegger to allow advertising on the changeable message signs lining the state’s freeways.

The idea is one of the GOP governor’s proposals to erase the current fiscal year’s estimated deficit of $6 billion.    Read more »

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Part of Governor’s Budget Plan Lawmakers Should Enact Soon

In the wake of a projected $25.4 billion budget shortfall if lawmakers do nothing between now and June 30, 2012, Gov. Arnold Schwarzenegger – for the last time – declared a fiscal emergency December 6 and called the Legislature into a special session to deal with the problem.

Schwarzenegger proposed $9.9 billion in actions — $7 billion of them spending cuts — to eliminate the current year’s projected deficit of $6 billion, and whittle down the expected shortfall for the new fiscal year that begins July 1.    Read more »

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