Creating thousands more jobs
September’s jobs report shows that California is outpacing last year’s growth:
- The state added 14,700 jobs in September.
- Average gain of 16,500 jobs per month and an annualized pace of growth of 1.1%, outpacing 2023’s average of 12,900 jobs per month 0.9% pace.
- California’s unemployment rate was unchanged at 5.3 percent.
- Gains were seen in seven economic sectors.
“California is an economic powerhouse, nationally and globally”
New PPIC report illustrated how California’s economy is a global powerhouse, here are some of the takeaways:
- “In 2023, California’s GDP was about $3.9 trillion, comprising 14% of national GDP ($27.7 trillion).”
- “California’s economy ranks 5th internationally, behind the US, China, Germany, and Japan. On a per capita basis, California’s GDP is greater than all of these countries.“
- “Over the long term, California’s economy has grown faster than the nation overall (111% vs 75% over the past 25 years) … On a per capita basis, California’s economic growth outpaces all other large states over the long term.”
- “California’s labor market grew by 4.1 million jobs (29%) between 1998 and 2023; over the same 25 year period, the number of businesses with employees grew more than 72%. Both outpaced population growth (18%), leading to robust gains in economic output.”
- “California produces 9% of the nation’s international exports of goods ($179 billion in 2023) and 20% of its exports of services (also $179 billion in 2022). It exports 17% of US agricultural products and 18% of computer and electronic products.”
California’s economic leadership
California is home to the most Fortune 500 companies – beating out Texas, Florida, and all other states. Travel spending reached an all-time high of $150.4 billion. Plus, leading the next generation, California is home to 35 of the world’s 50 leading AI companies, high-impact research and education institutions, and a quarter of the technology’s patents and conference papers. California has one of the most equitable tax systems in the entire country, and is #1 in the nation for new business starts, #1 for access to venture capital funding, #1 for manufacturing, #1 for high-tech, and #1 for agriculture.