What you need to know: California created 14,700 new jobs in September, averaging 16,500 new jobs per month this year, as the state’s economy has grown faster than the nation’s over the past 25 years and per capita GDP outranks the largest economies in the world.
October 20, 2024 - SACRAMENTO – As the state continues to add thousands of jobs for the 53rd month straight, new economic data has highlighted California’s continued economic dominance.
“California’s growth is powered by its workers and innovators, the driving forces behind our consistent economic growth and expanding job market.”
Governor Gavin Newsom
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.
Source: Office of the Governor
