Silicon Valley Tech Boom Lifts California’s Dreary Budget View
- Budget for coming fiscal year is ‘roughly balanced,’ LAO says
- Stock pay at four tech companies accounts for 10% of revenue
The California State Capitol building in Sacramento.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
The rally in technology stocks has created so much wealth in California that it has helped the state fill its coffers.
California’s budget for the coming fiscal year is “roughly balanced,” the state’s Legislative Analyst’s Office said on Wednesday, citing a surge in corporate and personal-income tax revenue driven by Silicon Valley’s booming artificial intelligence and tech sectors, as well as changes to the tax code.