Golden State Today

California's private sector businesses continue to play a pivotal role in the state's job growth, with 1.7 million enterprises accounting for nearly 87% of jobs. From January 2022 to June 2024, over 523,000 jobs were created in this sector alone.

Governor Gavin Newsom emphasized the state's economic strength, stating, “California is an economic powerhouse – we’re driving the future of the American economy. We’re focused on creating pathways to opportunity that benefit businesses, workers, and families alike.”

The state remains a leader in several key areas, ranking first in Fortune 500 companies, new business starts, manufacturing, venture capital funding, high-tech business, agriculture, and tourism. California has maintained its position as the world's fifth-largest economy for seven consecutive years with a nominal GDP of nearly $3.9 trillion in 2023 and a growth rate of 6.1% from the previous year.

The state boasts the most Fortune 500 companies nationwide and houses 32 of the world's top AI firms. Additionally, California leads Inc. Magazine’s list for revenue growth among companies over three years.

Tourism spending reached a record $150.4 billion last year—an increase compared to previous years—generating $12.7 billion in tax revenue and creating nearly 65,000 new jobs in 2023.

In collaboration with local partners across its regions, California is developing a regional approach to job creation through initiatives like the forthcoming California Jobs First Economic Blueprint. This framework aims to guide investments towards sustainable growth and innovation over the next decade.

The full Economic Blueprint will be released early next year alongside $120 million designated for job-creating projects statewide within three years.