California’s Economic Boom: What You Need to Know
SACRAMENTO CA, Monday, July 15, 2024– Over the past three months, California has made significant strides in economic growth and development. Governor Gavin Newsom has proudly announced that the state has maintained its position as the world’s fifth largest economy, achieved record-breaking tourism spending, created thousands of fast food jobs, and witnessed business expansions across the state.
Governor Gavin Newsom’s Statement:
“California is the nation’s economic driver and a beacon of opportunity, promise, and ingenuity. The California Dream is alive and well, evidenced by our continued economic growth, record-breaking achievements, and job creation across the state.”
Key Highlights:
World’s Fifth Largest Economy
For the seventh consecutive year, California has retained its title as the fifth largest economy in the world. The state’s nominal GDP reached nearly $3.9 trillion in 2023, with a growth rate of 6.1% from the previous year, according to the U.S. Bureau of Economic Analysis. On a per capita basis, California ranks as the second largest economy among large economies worldwide.
Record-Breaking Tourism Spending
California boasts the largest market share of tourism in the nation. Travel spending in the state hit an all-time high of $150.4 billion last year, surpassing the previous record of $144.9 billion in 2019. This spending represents a 3.8% increase from 2019 and a 5.6% increase from 2022.
Tourism generated $12.7 billion in state and local tax revenue in 2023, marking a 3% increase over 2019. The industry also created 64,900 new jobs last year, bringing total employment in the sector to 1,155,000.
Population Growth
California’s population grew by 67,000 people last year, reaching a total of 39,128,162, according to the California Department of Finance. This increase is attributed to higher legal foreign immigration and natural population growth, marking the first net increase in population since 2020.
Thousands of Fast Food Jobs Created
The state’s fast food industry has seen continuous job growth every month this year. Approximately 10,600 new jobs were added in the two months following the signing of the fast food minimum wage bill into law by Governor Newsom.
Most Companies on the Fortune 500 List
For the first time since 2014, California leads the nation with the most Fortune 500 companies, surpassing Texas and New York. The state’s diverse economy, spanning tech, finance, and entertainment, includes 57 companies on the list.
Business Expansions
Numerous companies have announced new investments and expansions in California. Visa recently opened its new state-of-the-art headquarters in San Francisco. Hamdi Ulukaya announced the re-establishment of Anchor Brewing, Nintendo is opening its second U.S. store in San Francisco, and Disneyland is expanding its theme park with a $1.9 billion investment.
California continues to lead the nation in economic growth, innovation, and opportunity, solidifying its status as a global economic powerhouse.
