Economic warning signs are mounting in California — foreshadowing potentially tough budget decisions for the state officials and policymakers who emerge victorious from the Nov. 8 election.
One particularly eye-popping statistic: Just nine companies headquartered in the Golden State went public in the first three quarters of 2022, compared to 81 during the same period last year, according to a Bloomberg News analysis.
Bloomberg also found that:
- As of Sept. 30, initial public offerings in California had raised just $177 million, compared to an average of $16 billion during the same period over the past five years.
- The $177 million figure represents just 2% of funds generated by U.S. companies that went public through the end of September. Last year at this time, California accounted for 39% of funds nationally.
- If this trend continues, it could spell an end to the streak California has maintained since…
