Gov. Gavin Newsom’s office pointed to the state’s achievements over the past three months on Monday, including its continued position as the world’s fifth-largest economy.
California now hosts the most Fortune 500 companies in the U.S. for the first time since 2014, with 57 firms spanning technology, finance, and entertainment sectors, surpassing states such as Texas and New York.
Other highlights cited: record-breaking tourism spending, robust job creation in the fast food sector, and expanded corporate presence in San Francisco.
California maintained its standing as the world’s fifth-largest economy, with a 6.1% growth rate since last year, achieving a nominal GDP nearing $3.9 trillion in 2023, according to the U.S. Bureau of Economic Analysis. On a per-capita basis, California ranks second globally among major economies.
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Tourism spending in the state soared to a historic high of $150.4 billion in 2023, eclipsing pre-pandemic records and generating $12.7 billion in state and local tax revenue, up 3% from 2019. The tourism sector added 64,900 jobs last year, totaling 1,155,000 industry positions.
California’s population grew by 67,000 residents in 2023, reaching 39,128,162. Driven by increased legal immigration and natural population growth, it marked the first net increase since 2020.
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The fast food industry in California has seen substantial job growth, adding approximately 10,600 new positions since the enactment of a new minimum wage law earlier this year, based on state and federal employment data.
In a significant milestone, California now hosts the most Fortune 500 companies in the U.S. for the first time since 2014, with 57 firms spanning technology, finance, and entertainment sectors, surpassing states such as Texas and New York.
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Businesses continue to invest in California’s economic landscape, shown by recent expansions such as Visa’s new headquarters in San Francisco, Anchor Brewing’s reopening under Hamdi Ulukaya’s leadership, Nintendo’s new U.S. store in San Francisco, and Disneyland’s $1.9 billion theme park expansion.
