California’s Economy Remains Strong

Market News

California is the sixth largest economy in the world with a 2016 gross domestic product of $2.60 trillion, trailing Great Britain ($2.62 trillion) only slightly for the fifth spot.

California’s gross state product growth was 2.9 percent last year which is nearly double the national average.

The Bay Area had greater job growth between May 2016 and May 2017 than both the state and the country as a whole.

California’s Economy Strong

Market News

As we reported several weeks ago, the “U.S. job market remains strong and a new report by the California Employment Development Department reveals just how robust this state continues to be.

Currently the Bay Area has an unemployment rate of 3.7 percent while Santa Clara, San Mateo, and San Francisco rank among the top five counties with the highest average weekly wages.

California’s gross domestic product grew at a 2.2 percent annual rate in the second quarter of 2016, which exceeds that nationwide rate by a full percentage point.

In addition, California contributes 14 percent to the nation’s economy, far exceeding any other state. Finally, California accounted for about 27 percent of the U.S. GDP growth over the last year.