The 2021 California economy compared to the rest of U.S. and other countries, showing the larger economies in nominal GDP termsCalifornia counties by GDP 2021
California unemployment rate, 1976–2024
US unemployment rate
The economy of the State of California is the largest in the United States, with a $3.89 trillion gross state product (GSP) as of 2023.[1] It is the largest sub-national economy in the world. If California were a sovereign nation (2024), it would rank in terms of nominal GDP as the world's fifth largest economy, ahead of both India (3.176 trillion) and the United Kingdom (3.131 trillion).[8] Additionally, California's Silicon Valley is home to some of the world's most valuable technology companies, including Apple, Alphabet, and Nvidia.[9] In total, 11 of the Fortune 100 companies and 53 of the Fortune 500 companies are headquartered in California.[10]
As both the most populous US state and one of the most climatologically diverse states, the economy of California is varied, with many sizable sectors. The most dominant of these sectors include finance, business services, government and manufacturing. Much of the economic activity is concentrated in the coastal cities, especially Los Angeles, which has a relative focus on media—most notably Hollywood—and the San Francisco Bay Area, which predominantly concentrates on technology. Both cities, along with other major ports such as San Diego, also act as significant trade hubs to and from the United States. Furthermore, California's agriculture industry has the highest output of any U.S. state, with its Central Valley being one of the most productive agricultural regions on Earth, growing over half the country's fruits, vegetables, and nuts.[11] More recently, droughts in California are affecting California business and industry in addition to agriculture.[12]
^ ab"Gross Domestic Product bv State and Personal Income by State, 3rd Quarter 2023" (PDF).
^"QuickFacts California". United States Census Bureau. 14 January 2024. Retrieved 14 January 2024.
^"Poverty in California - Public Policy Institute of California". Ppic.org. Archived from the original on 6 November 2018. Retrieved 17 October 2017.
^"A New Poverty Calculation Yields Some Surprising Results". Business Insider. Retrieved 17 October 2017.
^"Data". bls.gov. Retrieved 2022-03-12.
^"Bureau of Labor Statistics".
^"2022-23 Governor's Budget". ebudget.ca.gov. Retrieved January 20, 2022.
^"ICYMI: California Poised to Become World's 5th Biggest Economy". California Governor. 2022-10-24. Retrieved 2022-12-16.
^"The 100 largest companies in the world by market capitalization in 2022 (in billion U.S. dollars)". Statista. Retrieved 2022-12-16.
^Cite error: The named reference Fortune 500 2022 was invoked but never defined (see the help page).
^"California's Central Valley: Producing America's Fruits and Vegetables". House Committee on Natural Resources. Archived from the original on June 23, 2015. Retrieved July 2, 2019.
^"Drought has already cost close to $2 billion and 14,000 jobs, and it's likely not over yet". www.kvpr.org. 14 March 2022. Retrieved July 13, 2022.[title missing]
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