Business
California Economy is Leading the Nation, Newsom Announces
California has the largest state economy in the United States with a nominal Gross domestic product (GDP) of approximately $3.9 million in 2023, reported the U.S. Bureau of Economic Analysis. Last year, the state had a growth rate of 6.1%, making it the fifth-largest economy in the world for the seventh consecutive year, the economic analysts stated. The state experienced increases in the tourism industry, population growth, fast food jobs, and profits for Fortune 500 companies, Gov. Gavin Newsom announced last week.
By Bo Tefu, California Black Media
California has the largest state economy in the United States with a nominal Gross domestic product (GDP) of approximately $3.9 million in 2023, reported the U.S. Bureau of Economic Analysis.
Last year, the state had a growth rate of 6.1%, making it the fifth-largest economy in the world for the seventh consecutive year, the economic analysts stated. The state experienced increases in the tourism industry, population growth, fast food jobs, and profits for Fortune 500 companies, Gov. Gavin Newsom announced last week.
“There’s only one state with a dream – the California Dream. Built on opportunity, promise, and ingenuity, California is the nation’s economic driver and the place people across the globe look to see what’s possible,” said Newsom in a statement his office released on July 15.
“That’s why we continue to grow businesses, expand our economy, break records, and create thousands of jobs across the state,” he said.
The governor’s office released state data indicating that California had the largest market share of tourism in the country. In the previous year, tourists spent over $150 billion in the state, a 5.6% increase in travel spending since 2022. Also, the tourism industry created more than 64,000 jobs in 2023.
According to the California Department of Finance, the state’s population increased by 67,000 people due to legal foreign immigration and a higher birth rate.
State and federal employment data indicated that California created over 10,000 jobs in the fast-food industry since Gov. Newsom signed a law that raised fast food minimum wage statewide.
