California Economy Statistics: Crucial Facts and Figures
If the American Dream has a home, it is surely in California.
The richest and most populous state in the union, California has an immeasurable influence on global culture and technology.
California is the home of the US entertainment industry, world-class wines, and technological trend-setting. And a large, booming economy.
Just as locations in California have the highest and lowest elevation in the continental US, California’s economy is also characterized by contrasts and underlying disparities.
This article outlines the most important features of the California economy, which has a huge influence on the financial wellbeing of the entire nation.
California Economy Statistics for 2025 - The Highlights:
- California's economy is the sixth-biggest in the world in 2025.
- There were 18.34 million employees in California as of the end of 2024.
- When it comes to state exports from California, top destinations are Mexico and Canada.
- The average price for a gallon of gas in California is $4.38 in 2025, which is $1.32 higher than the national average.
- The minimum salary in California in 2025 is $68,640.
California economy size is the largest of all US states, with a gross state product of $4.08 trillion as of 2024.
(Wikipedia)
The fact that the Golden State is the most populous in the US contributes to its economic strength. California is the home of Silicon Valley, a global center for high technology, as well as Hollywood, which makes the state highly influential in social, political, and cultural terms.
The population of California is expected to grow to 40 million by the end of 2026.
(Aterio)
Los Angeles, San Diego and San Jose will remain the most populated cities in California until 2030.
If it were an independent country, the California economy would be the sixth-biggest in the world — ranked between India and the UK.
(Wikipedia)
The main economic sectors that influence the state's GDP are financial services, real estate, information technology, and manufacturing.
More than 51% of the total venture capital funding in 2024 went to the San Francisco Bay Area.
(Crunchbase)
As a center of international trade, the Bay Area has the highest concentration of innovation-related jobs in the States and the largest number of highest-ranked graduate programs in business, law, medicine, and engineering. Last year alone, companies in this area attracted $178 billion in VC funding.
There were more than 18.34 million employees in California as of November 2024.
(Bureau of Labor Statistics)
With around one million unemployed citizens, the California unemployment rate is somewhere around 5.4%.
California’s median household income was $96,334 in 2024 — more than 28% higher than the national median.
(Income By Zip Code)
The average household income was at $136,730, which is 29% higher than the US average.
There are more than 4.1 million small businesses in California in 2025.
(Office of Advocacy)
Small businesses make up 99.8% of all businesses in the state and employ about 7.5 million people.
California increased its minimum wage to $16.50 in January 2025.
(Holland & Knight)
This means that the minimum salary of a worker in California is now $68,640.
Farm production and food processing represent only about 2.5% of California’s economy.
(University of Arkansas System Division of Agriculture)
A massive 24% of land in California is used for farming, but the overall percentage of state's GDP this production creates is comparatively small.
Californian wineries created more than 90% of all domestic wine on the US market in 2024.
(BMO Wine & Spirits Group)
California has more than 4,200 wineries that produce more than 242 million cases of wine each year.
California’s top exports are computer & electronic products, with $41.0 billion worth of goods exported in 2023.
(Bureau of Labor Statistics)
Transportation equipment is in second place with $18.2 billion in exports, followed by machinery manufacturing at $17.7 billion.
The two largest seaports in the US, handling more than 40% of inbound containerized freight, are located in Los Angeles County.
(Los Angeles County Economic Development Corporation)
International trade in Los Angeles County generates more than $450 billion per year.
California's market share of the legal cannabis market in 2025 is to decline to 27.4% in 2025.
(Statista)
In 2016, the state had a massive 40.9% share of the market, but has steadily declined in recent years.
The movie industry contributed almost $43 billion to California’s economy in 2024 alone.
(Film LA)
Everyone knows that California is a global center of the entertainment industry. Still, Hollywood has been struggling in recent years, and the overall economic output of the industry is on decline.
At $4.38, the average price for a gallon of gas in California in 2025 is the second-highest in the US.
(AAA)
The Golden State now only trails Hawaii, and the prices are much higher than the national average of $3.06 per gallon.
The median housing price in California is $773,263 in 2025.
(Zillow)
The median house prices have been sharply increasing in the past few years, and California alone has seen the prices rise by 3.2% compared to 2024.
California's state debt at the end of 2024 stood at $158.05 billion.
(Statista)
To put things in perspective, in 2000, the state's debt was at $57.17 billion.
The 2025 South California wildfires will cost the state up to $275 billion.
(NBC News)
The largest disaster in modern Californian history looks to be one of the most costly natural disasters in the history of the United States.
Sources
For years, the clients I worked for were banks. That gave me an insider’s view of how banks and other institutions create financial products and services. Then I entered the world of journalism. Fortunly is the result of our fantastic team’s hard work. I use the knowledge I acquired as a bank copywriter to create valuable content that will help you make the best possible financial decisions.
