CA Economy Dinged As Companies Flee, Tax Revenues Dry Up

  • Recent data shows that California tax revenues continue to decline as the business climate deteriorates in the Golden State.
  • That’s reflected in sharply lower IPO activity. In 2021, 81 California companies conducted IPOs, nine times more than have done so this year.
  • In addition, this year’s IPOs by California companies have raised only $177 million, or 2 percent of the total raised by U.S. companies that went public in 2022. That compares to 2021, when California-baed IPOs generated 39 percent of revenues, easily the largest of any state.


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