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.
This page outlines the most important features of the California economy, which has a huge influence on the financial wellbeing of the entire nation. That’s not surprising – California represents one of the largest economies in the world. In addition to mind-blowing stats and facts, we will also look at aspects such as the California unemployment rate, the state’s GDP contribution to the US economy, and its most significant industries. Enjoy!
California Economy Stats and Facts – The Highlights:
- California’s economy is the fifth-biggest in the world.
- There were 18,607,800 employees in California as of June 2019.
- Over 2/3 of US produced fruits and nuts, and 1/3 of vegetables grown in the States come from California. However, food processing and farming represent only about 2% of California’s Economy.
- 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 higher than in any other US state.
1. California economy size is the largest of all US states, with a gross state product of $3.02 trillion as of Q4 2018.
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.
2. If it were an independent country, the California economy would be the fifth-biggest in the world — ranked between the UK and Germany.
The main economic sectors that influence the California GDP are financial services, real estate, information technology, and manufacturing.