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Riverside County Gas Prices Dropping

in Economy

The average price of a gallon of self-serve regular gasoline in Riverside County dropped four-tenths of a cent Sunday to $3.506.

The average price is 2.4 cents lower than one week ago and 25.6 cents lower than one month ago, but 23.1 cents higher than one year ago, according to figures from the AAA and the Oil Price Information Service.

It dropped 50.7 cents during a 51-day streak of falling prices that ended on Christmas Day, which brought the average price to its lowest amount
since Aug. 30.

Continue Reading on NBC Los Angeles

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California’s financially distressed local governments can learn from top performers

in Economy

Years after our country emerged from the Great Recession, several Southern California cities have failed to prepare for the next downturn.

In October, California State Auditor Elaine Howle published fiscal health scores for 471 California cities. She found that many were ill-prepared to cover rising pension and other post-employment benefit expenses: a condition that would worsen if a new recession depresses tax revenues and decimates pension fund assets.

The state auditor assigned Compton the lowest score due to its lack of financial disclosure. The most recent audited financial statement on the city’s website is for the fiscal year that ended June 30, 2013. A 2014 audit was published but later retracted after the independent certified public accounting firm withdrew its opinion. Unfortunately, had Compton been able to produce more recent audited financials its score would likely still have been relatively low. Unaudited data that the city provides to the state controller shows  Compton has a negative general fund balance, which is roughly analogous to an overdraft on an individual’s checking account.

Continue Reading on The Orange County Register

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How the California Wildfires Are Impacting Tourism

in business/Economy/Local Roundup

After several years of unprecedented wildfires, many of them raging through national forests and the celebrated Napa/Sonoma wine region, California’s tourism industry is up against what former Governor Jerry Brown calls “the new abnormal.”

While visitor numbers remain strong, California tourism marketers are grappling with other challenges, some of them exacerbated by the fires. These issues include a lack of affordable housing for service employees and the need to steer wine tourism away from the popular — and most fire-prone — fall harvest season.

There are also worries that the image of the Golden State may be irrevocably tarnished.

Continue Reading on Skift

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Why so few places to live in Modesto? A clue. It has to do with raging economy

in Economy/Local Roundup

Job growth is a leading indicator of economic recovery.

But are you living the dream if a large percentage of your paycheck goes to housing costs, or a shabby apartment in Modesto or Turlock is all you can afford>

In cities across the country, housing construction has not kept up with a long streak of job growth that followed the terrible recession of 2008 and 2009, according to a study by Apartment List, an online apartment-finding service.

In the Modesto area, the economy added 18,324 jobs between 2008 and 2018 or 3.4 jobs per 1,000 residents. During the same time period, less than 1 permit for housing construction was issued per 1,000 residents. The study concluded that 4.2 jobs were created here for every building permit issued for housing.

Continue Reading on The Modesto Bee

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