Governor Gavin Newsome | Twitter Website
California's economy continues to demonstrate robust growth, adding 14,700 new jobs in September. The state has averaged 16,500 new jobs per month this year, maintaining an annualized growth rate of 1.1%, which surpasses last year's average monthly job increase of 12,900 and a growth rate of 0.9%. The unemployment rate remained steady at 5.3%, with gains reported across seven economic sectors.
Governor Gavin Newsom emphasized the state's economic momentum, stating, "California’s growth is powered by its workers and innovators, the driving forces behind our consistent economic growth and expanding job market."
A report from the Public Policy Institute of California (PPIC) highlights California's global economic standing: "In 2023, California’s GDP was about $3.9 trillion, comprising 14% of national GDP ($27.7 trillion)." Furthermore, "California’s economy ranks 5th internationally, behind the US, China, Germany, and Japan." On a per capita basis, California's GDP exceeds that of these countries.
Over the past quarter-century, California's economy expanded by 111%, outpacing the national growth rate of 75%. The labor market grew by 4.1 million jobs or 29% between 1998 and 2023. During this period, businesses with employees increased by over 72%, surpassing population growth of 18%.
The state's international exports remain significant; it contributes to 9% of the nation's goods exports and leads in services exports at $179 billion for both categories in recent years. Additionally, California accounts for substantial shares in agricultural products and computer electronics exports.
The state is home to more Fortune 500 companies than any other state and has achieved record travel spending levels at $150.4 billion. Notably prominent in technology innovation and research, California hosts most leading AI companies globally and holds a significant share of technology patents.
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