California Is Now the 5th Largest Economy in the World
Do step aside, UK.
- CategoryMakers + Entrepreneurs
Federal data released in May reveals California’s ascension in rank on the global GDP list. Growing to $127 billion from 2016 to 2017, The Golden State’s GDP surpassed $2.7 trillion. At the same time, the United Kingdom’s economy contracted when measured in U.S. dollars, due in part to exchange rate fluctuations.
According to AP News, “The data demonstrate the sheer immensity of California’s economy, home to nearly 40 million people, a thriving technology sector in Silicon Valley, the world’s entertainment capital in Hollywood and the nation’s salad bowl in the Central Valley agricultural heartland. It also reflects a substantial turnaround since the Great Recession.
“We have the entrepreneurial spirit in the state, and that attracts a lot of talent and money,” said Sung Won Sohn, an economics professor at California State University Channel Islands. “And that’s why, despite high taxes and cumbersome government regulations, more people are coming into the state to join the parade.”
Read more about why California’s economy continues to grow on the global stage here.