The economy of California is thriving, with continued growth and new investments being made. The state remains the 5th largest economy in the world for the seventh consecutive year, with a nominal GDP of nearly $3.9 trillion in 2023 and a growth rate of 6.1% since the previous year. Additionally, California’s per capita GDP is the second largest amongst large economies.
California’s economic growth will be further boosted by Disney’s decision to invest $1.9 billion in the state through DisneylandForward. This investment is expected to generate $1.9 billion in economic output and create over 7,800 jobs over four years through new construction in California. Governor Newsom has praised this announcement, highlighting that it marks the creation of 28,300 new jobs in March alone – California’s seventh job gain in the last eight months.
The state’s tax system is recognized as one of the most equitable in the country and California ranks #1 in the nation for new business starts, access to venture capital funding, and tourism spending. The diversity of industries that contribute to California’s economy also plays a major role in its success, with seven major industry sectors seeing job growth recently.