Economy of California

Economy of California

Statistics
GDP	$3.89 trillion (2023)[1]
GDP per capita	$100,042 (2023)[2]
Population below poverty line	13.3% (absolute)[3] 19.0% (relative)[4]
Labor force	19,254,000 (November 2022)[5]
Unemployment	4.8% (Oct. 2023)[6]
Public finances
Revenues	$195.7 billion (2022-23)
Expenses	$286.4 billion (2022-23)[7]

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]