20+ California Economic Statistics: Key Facts and Figures (2023)

FAQs

What are the economic stats of California? ›

The economy of the State of California is the largest in the United States, with a $3.63 trillion gross state product (GSP) as of 2022. It is the largest sub-national economy in the world.

Services, labour, and taxation. Services are the dominant economic sector in California. Tourism is a consistent source of income. More than one-fourth of the state's land area is preserved as recreational areas, national seashores, or wildlife refuges.

“California's values and entrepreneurial spirit have powered this ascent to becoming the 4th biggest economy in the world, and we'll continue doubling down on industries of the future, like renewables and clean energy.

In 2021, the finance, insurance, real estate, rental, and leasing industry added the most value to California's Gross Domestic Product (GDP), at 473.16 billion chained 2012 U.S. dollars. The information industry added 398.93 billion U.S. dollars to the state GDP in that year.

Gavin Newsom's office points to the booming renewable energy industry, job creation, falling unemployment rates, and growing market values for companies as factors that are driving California's economic growth.

The state continues to be dominant in diverse industries, including technology, trade, finance, tourism, entertainment, and agriculture, which have helped drive its recovery. California's world-class universities, highly educated workforce, and wealth also undergird its position as a longstanding leader in research, ...

Gas stations can be 50 miles apart. —The world's biggest tree by volume is General Sherman, a giant sequoia tree in Sequoia National Park. It's 102 feet around—that's bigger than a basketball court—and may be as many as 2,700 years old. —More movies have been filmed in California than any other state.

Although 2022 was a strong year for California's economy, with impressive job growth, the state's economic future has become cloudy. Last year was a strong one for California's $3.4 trillion economy.

How is California doing financially? ›

State Faces $24 Billion Budget Problem and Ongoing Deficits.

The budget problem is mainly attributable to lower revenue estimates, which are lower than budget act projections from 2021‑22 through 2023‑24 by $41 billion. Revenue losses are offset by lower spending in certain areas.

The top five industries in California are found in the information, finance, education, government services, and professional services.

The state is on track to overtake Germany, surpassing the United Kingdom, France and Brazil. In the past three years, the state's corporate revenues have risen 147 percent and the market capitalization has increased 117 percent. (TNS) — If California were a nation, it would be the world's fifth largest economy.

California. The Golden State boasts the largest economy in the U.S., with a gross state product of about $3 trillion. And with roughly 40 million residents, it's also the most populous state in the country. The largest economic sectors in California are agriculture, media, tourism, and technology.

California is the fifth richest state in the United States, boasting a GDP per capita of $89,540. California's economy is driven by its abundance of natural resources, its large and diverse population, and its many universities, research institutions, and technology companies.

With the help of California's tech industry, the state is expected to surpass Germany as the fourth-largest economy in the world, experts say. California has long faced criticism for driving away businesses and workers, due to high taxes and prices and tough regulations.

With sun, sand, surf, and mountains, the West Coast state of California is known for its many attractions that lure travelers year-round. From famous landmarks such as the Golden Gate Bridge and the Hollywood sign, to the Golden State's rich outdoor opportunities, this eclectic state makes for a well-rounded vacation.

California is home to the “Avocado Capital of the World.” Every year, Fallbrook holds an avocado festival to celebrate. The Hollywood Bowl is the largest outdoor amphitheater in the United States. When it opened in 1922, it was merely a simple wooden platform with a canvas top!

The Golden State is known for its vast, abundant land that is the envy of many other US states, with its beautiful Pacific coastlines, robust forests, modern arts and technology, as well as the breezy Mediterranean weather.

What is California's biggest production? ›

California's top 10 valued commodities for the 2021 crop year are: Dairy Products, Milk — $7.57 billion. Grapes — $5.23 billion. Almonds — $5.03 billion.

Overview. California's history has been shaped by human management of its rich resources — water, lumber, oil, minerals, agriculture.

#1. Access to nature. California is home to nine national parks, which means it has more national parks than any other state in America, including Alaska! Regardless of where in California you live, you're never further than a day's drive from an epic national park and some of the best hiking trails in the country.

To be financially comfortable in Southern California, you'd need a net worth of $1.3 million. Here's what it takes to be considered wealthy in 2022 by city ans ranked by net worth thresholds: San Francisco: $5.1 million. Southern California (includes Los Angeles and San Diego): $3.9 million.

On this page, US states are ranked by the real gross domestic product (GDP). California has the largest GDP among US states of $2.8 billion accounting for 15 percent of the total country's GDP.

California annual growth of real GDP 2000-2021

In 2021, the real Gross Domestic Product (GDP) of California increased by about 7.8 percent when compared to 2020. This was the largest increase in the state's GDP since 2000, when the real GDP increased by 7.7 percent when compared to the previous year.

Does California have a lot of debt? ›

In 2020, the federal state of California had about 519.54 billion U.S. dollars of debt outstanding, the most out of any state. New York, Texas, Illinois, and Florida rounded out the top five states with the most debt outstanding in 2020.

Revenues come mainly from tax collections, licensing fees, federal aid, and returns on investments. Expenditures generally include spending on government salaries, infrastructure, education, public pensions, public assistance, corrections, Medicaid, and transportation.

One reason is California's higher unemployment rate; another is that employer taxes haven't kept up with increasing benefits. Now, employers will see an automatic tax increase to start paying off the debt, and Newsom has proposed spending $3 billion in state funds to reduce the debt.

On this page, US states are ranked by the real gross domestic product (GDP). California has the largest GDP among US states of $2.8 billion accounting for 15 percent of the total country's GDP. Texas has the second-largest economy which constitutes 10 percent of the national economy.

The median amount is taken from the middle value in a list of all household incomes, ordered from smallest to largest. According to the Census Bureau data the mean household salary in California is $111,622, more than $30,000 higher than the median salary.

In the fiscal year of 2021, the state of California collected a total of 248.19 billion U.S. dollars in tax revenue, the highest of any state.

The gross domestic product (GDP) of California was about 3.36 trillion U.S. dollars in 2021, meaning that it contributed the most out of any state to the country's GDP in that year. In contrast, Vermont had the lowest GDP in the United States, with 36.17 billion U.S. dollars. What is GDP?

“An adjusted gross income (AGI) of $745,314 will get you in the 1% in California, while you'll need to earn $291,277 to be in the top 5% of income earners. The top 1% account for 41.55% of total Golden State income taxes,” SmartAsset said.

What is considered middle class in California? ›

Pew explains that a middle income equals an annual household income of $52,000 to $156,000 for a family of three, based on 2020 dollars.