California maintained its position as the fifth largest economy in the world for the seventh year in a row in 2023, according to the International Monetary Fund’s (IMF) World Economic Outlook. With a GDP approaching $3.9 trillion, the Golden State saw a growth rate of 6.1% since 2022, making it the second largest economy in the world on a per capita basis.
Governor Gavin Newsom highlighted California’s ability to outperform many large countries due to its combination of innovation, higher education, skilled workforce, diverse industries, and natural resources. He believes that California will continue to excel well into the future. Other economies in the top 10 list include India, the United Kingdom, France, Texas, and Italy. New York and Florida are also U.S. states in the top 20, with New York in 12th place and Florida in 19th.
Connect Los Angeles 2024 is an upcoming event where over 500 owners, investors, developers, brokers, financiers, and industry professionals will gather on May 1 at the InterContinental Los Angeles Downtown. The event offers insights and forecasts on today’s commercial real estate markets from Southern California and national industry leaders. Register now to gain valuable knowledge and network with fellow professionals.