-California’s gross domestic product (GDP) comprises 14% of national GDP. Texas and New York are the next largest state economies.

-California’s economy ranks fifth internationally, behind the US, China, Germany, and Japan.

-Over the long term, California’s economy has grown faster than the nation

-Real estate and finance are the largest contributors to the state’s GDP

- In 2023, the Bay Area’s per capita income was $131,000, more than double that of the Inland Empire.

- Wages are higher in California’s coastal urban areas; in 2023, the median wage was $34/hour in the Bay Area, compared to $22 in the Inland Empire

- Inflation spiked at 9% in mid-2022, driven by pandemic challenges to supply chains, buying patterns, and spending.

SOURCE: Bureau of Economic Analysis.

Story Date: January 7, 2025