Economy of California? |
Did you mean | Travel | Economics | Finance | Marketing | Business | Culture | Geography | History | Life | Mathematics | Science | Society | Technology | New site added |
| Add a link on the top of this Economy of California page Express submission by secure payment ! |
The economy of California is a dominant force in the economy of the United States, with California paying more to the federal system than it receives in benefits.
Have to see |
Contents |
|
Revenue
The predominant industry in the state, more than twice as large as the next, is agriculture, (including fruit, vegetables, dairy, and wine). California agriculture brought in $27 billion in revenue in 2000.1 Total farming-related sales in California were $26 billion in 2002.2
Agriculture is followed by:
- entertainment, primarily television by dollar volume, although many movies are still made in California
- light manufacturing including computer hardware and software, and the mining of borax.
California also draws significant revenue from international trade and tourism. The exports of goods made in California totaled $94 billion in 2003.3 Nearly $40 billion of that total was computers and electronics, followed by agriculture, non-electrical machinery, transportation, and chemicals.4 Total direct travel spending in California reached $82.5 billion in 2004, a 7.4% increase over the preceding year.5 Los Angeles County receives the most tourism in the state.6
California as an independent nation
The economy of California is often cited for how it would compare to other countries if California were an independent nation. The statistic quoted varies widely (usually placing California between 4th and 10th), depending on the source.
The two main issues are:
- determining California's gross state product, and its rate of growth
- determining the gross domestic product (GDP) for various countries
California's gross state product
According to the California Department of Finance, California's gross state product is $1.543 trillion ("accelerated estimates for 2004 were completed and released in June 2005").7
According to the Bureau of Economic Analysis, California's gross state product is $1.543 trillion (2004 data, revised June 2005).8
According to the California Legislative Analyst's Office, "California's gross state product is nearly $1.5 trillionw/." ("Gross product in 2003", released in 2004).9
Rankings from different sources
The World FactbookAccording to The World Factbook published by the CIA, if California were an independent nation, it would have had the ninth largest economy in the world10. This assumes that California's gross state product is $1.5 trillion. |
|
California Legislative Analyst's OfficeAccording to the California Legislative Analyst's Office, if California were an independent nation, it would have had the sixth largest economy in the world11. |
|
California Department of FinanceAccording to the California Department of Finance, if California were an independent nation, it would have had the seventh largest economy in the world12. |
|
The rankings are:13
(2004 estimates) |
The rankings are:14
(2003 data) |
The rankings are:15
(2003 data) |
GDP
California is responsible for 14% of the United States' gross domestic product (GDP). The state's GDP is at about $1.5 trillion (as of 2004).
The GDP increased at an annual rate of 3.1% in the first quarter of 2005.16
Per capita personal income
Per capita personal income was $33,403 as of 2003, ranking 12th in the nation. Per capita income varies widely by geographic region and profession. The Central Valley has the most extreme contrasts of income, with migrant farm workers making less than minimum wage. While some coastal cities include some of the wealthiest per-capita areas in the U.S., notably San Francisco and Marin County, the non-agricultural central counties have some of the highest poverty rates in the U.S. The high-technology sectors in Northern California, specifically Silicon Valley, in Santa Clara and San Mateo counties, are currently emerging from economic downturn caused by the dot.com bust, which caused the loss of over 250,000 jobs in Northern California alone. Recent (Spring 2005) economic data indicates that economic growth has resumed in California, although still slightly below the national annualized forecast of 3.9%. The international boom in housing prices has been most pronounced in California, with the median property price in the state rising to about the half-million dollar mark in April 2005.
Tax burden
California's overall tax burden of $10.66 per $100 of personal income is slightly above the $10.43 average for the United States.17
Housing
The international boom in housing prices has been most pronounced in California, with the median property price in the state rising to about the half-million dollar mark in April 2005. Orange County and the San Francisco Bay Area have the highest median prices, each approaching $650,000 in August 2004.18 The least expensive region is the Central Valley, with a median price of $290,000.19
Various real estate markets in California are currently considered to be in a housing bubble.
25 wealthiest places in California
Thanks to the state's powerful economy, certain California cities are among the wealthiest on the planet. The following list is ranked by per capita income:
1 Belvedere, California - Marin County - $113,595
2 Rancho Santa Fe, California - San Diego County - $113,132
3 Atherton, California - San Mateo County - $112,408
4 Rolling Hills, California - Los Angeles County - $111,031
5 Woodside, California - San Mateo County - $104,667
6 Portola Valley, California - San Mateo County - $99,621
7 Newport Coast, California - Orange County - $98,770
8 Hillsborough, California - San Mateo County - $98,643
9 Diablo, California - Contra Costa County - $95,419
10 Fairbanks Ranch, California - San Diego County - $94,150
11 Hidden Hills, California - Los Angeles County - $94,096
12 Los Altos Hills, California - Santa Clara County - $92,840
13 Tiburon, California - Marin County - $85,966
14 Sausalito, California - Marin County - $81,040
15 Monte Sereno, California - Santa Clara County - $76,577
16 Indian Wells, California - Riverside County $76,187
17 Malibu, California - Los Angeles County - $74,336
18 Del Monte Forest, California - Monterey County - $70,609
19 Piedmont, California - Alameda County - $70,539
20 Montecito, California - Santa Barbara County - $70,077
21 Palos Verdes Estates, California - Los Angeles County - $69,040
22 Emerald Lake Hills, California - San Mateo County - $68,966
23 Loyola, California - Santa Clara County - $68,730
24 Blackhawk-Camino Tassajara, California - Contra Costa County - $66,972
25 Los Altos, California - Santa Clara County - $66,776
See complete list of California locations by per capita income
References
^ “Rancho de Los Arcos.” by Jocelyn Lippert, AmeriQuests - Vol. 1, No. 1 (2004). Accessed on 2005a href="August_2.html" title="August 2">08-02.
^ “Gross State Product, California (.xls).” California Department of Finance. Accessed on 2005a href="August_17.html" title="August 17">08-17.
^ “Regional Economic Accounts (interactive tables).” Bureau of Economic Analysis. Accessed on 2005a href="August_17.html" title="August 17">08-17.
^ “Rank Order - GDP.” CIA - The World Factbook. Accessed on 2005a href="August_17.html" title="August 17">08-17.
^ “Cal Facts 2004 Economy.” California Legislative Analyst's Office. Accessed on 2005a href="August_17.html" title="August 17">08-17.
^ “Top Countries Ranked by its Gross Domestic Product, California's World Ranking (.xls).” California Department of Finance. Accessed on 2005a href="August_17.html" title="August 17">08-17.
^ “Chronology of Significant Events.” California Department of Finance. Accessed on 2005a href="August_2.html" title="August 2">08-02.
^ “Cal Facts 2004 State-Local Finances.” California Legislative Analyst's Office. Accessed on 2005a href="August_2.html" title="August 2">08-02.
^ “California Visitor Statistics and Trends - 2004 Highlights (.pdf).” California Tourism. Accessed on 2005a href="August_2.html" title="August 2">08-02.
See also
- California locations by per capita income
- California unemployment statistics
- World economy
- Category:Economies by country
- Category:Economies by region
External links
- California's homepage
- California Department of Finance
- California Legislative Analyst's Office — California's Nonpartisan Fiscal and Policy Advisor
- Bureau of Economic Analysis — an agency of the U.S. Department of Commerce
- California's Commerce & Economic Development Program
- California Tourism
- California Commission for Jobs and Economic Growth
- Rancho de Los Arcos — a well cited article about agriculture & economy