California Philanthropy Increased During Pandemic, Oxford Economics Reports

California Giving Increased During the Pandemic

A new report from Oxford Economics shows that California philanthropy increased during the pandemic. The report found that total giving in the state increased by 5.1% in 2020, to $14.2 billion. This is the largest increase in giving since 2017.

The report attributes the increase in giving to a number of factors, including the federal government's CARES Act, which provided tax incentives for charitable giving.

Tourism Was Hit Hard by the Pandemic

The report also found that tourism was hit hard by the pandemic. In 2020, tourism spending in California declined by 22.5%, to $104.9 billion. This is the largest decline in tourism spending since the Great Recession.

The decline in tourism spending was due to a number of factors, including travel restrictions, social distancing measures, and the closure of many businesses.

The Pandemic's Impact on California's Economy

The pandemic has had a significant impact on California's economy. In 2020, the state's GDP declined by 2.9%, the largest decline since the Great Recession.

The pandemic has also led to a sharp increase in unemployment. In December 2020, the unemployment rate in California was 9.3%, the highest rate since the Great Recession.

The Future of California's Economy

The future of California's economy is uncertain. However, the report from Oxford Economics suggests that the state's economy will rebound in the coming years.

The report forecasts that California's GDP will grow by 3.2% in 2021 and 3.7% in 2022. The report also forecasts that tourism spending will rebound in the coming years, reaching $128.9 billion in 2022.