Dec 12 2024 2 mins
California experienced significant developments across various sectors in recent months. The state's 2024 election saw Democrat Adam Schiff win a U.S. Senate seat, capturing 59% of the vote for both a partial term and a full six-year term, replacing Sen. Laphonza Butler[1]. The election also saw the passage of several key ballot measures, including Proposition 2, which authorizes $10 billion in bonds for public school and community college facilities, and Proposition 3, which enshrines marriage rights in the state Constitution[1].
In the state legislature, Democrats maintained their supermajority in both the Senate and Assembly, with new members expected to be at the highest level ever in the 2025 legislative session[1]. The California State Legislature also passed AB 3129, expanding reporting requirements for private equity and hedge funds in healthcare transactions[5].
Economically, California's GDP growth slowed to 2.8% in the second quarter of 2024, down from 3.7% in 2023, according to the UCLA Anderson Forecast. The state's high unemployment rate, which reached 5.3% in August, contributed to this slowdown. However, the forecast suggests that the state's economy could experience slightly faster growth than the nation's in 2025 and 2026, led by the technology and aerospace industries[2].
In environmental news, California was impacted by an atmospheric river in February 2024, which brought heavy rains and damaging winds to the Bay Area and Central Coast, leading to widespread power outages and flash flooding[3].
Looking ahead, California is expected to continue navigating its regulatory landscape for healthcare transactions, with the implementation of AB 3129 and the expanded scope of the Health Care Quality and Affordability Act. Additionally, the state's economy is anticipated to recover from its current slowdown, with potential growth driven by the technology and aerospace sectors. The 2025 legislative session will also bring new members and potentially significant policy changes.
In the state legislature, Democrats maintained their supermajority in both the Senate and Assembly, with new members expected to be at the highest level ever in the 2025 legislative session[1]. The California State Legislature also passed AB 3129, expanding reporting requirements for private equity and hedge funds in healthcare transactions[5].
Economically, California's GDP growth slowed to 2.8% in the second quarter of 2024, down from 3.7% in 2023, according to the UCLA Anderson Forecast. The state's high unemployment rate, which reached 5.3% in August, contributed to this slowdown. However, the forecast suggests that the state's economy could experience slightly faster growth than the nation's in 2025 and 2026, led by the technology and aerospace industries[2].
In environmental news, California was impacted by an atmospheric river in February 2024, which brought heavy rains and damaging winds to the Bay Area and Central Coast, leading to widespread power outages and flash flooding[3].
Looking ahead, California is expected to continue navigating its regulatory landscape for healthcare transactions, with the implementation of AB 3129 and the expanded scope of the Health Care Quality and Affordability Act. Additionally, the state's economy is anticipated to recover from its current slowdown, with potential growth driven by the technology and aerospace sectors. The 2025 legislative session will also bring new members and potentially significant policy changes.