California’s economy continues to dominate — topping $4.5 T in economic output, and remains the world’s fourth largest economy
The Golden State represents only 11.5% of the U.S. population but is responsible for nearly 14% of U.S. GDP, 44% larger than taker-state Texas. California continues to lead the nation economically, outpacing all states and every developed nation, according to a Bloomberg analysis.
The state has more businesses than any other state, including Florida and Texas, supporting strong job creation and expanded economic opportunity for workers across the state. California is also home to more than 4.3 million small businesses, representing 99.8 percent of all businesses in the state and employing 7.6 million people.
As the world’s fourth-largest economy, California continues to lead the nation where it matters most — creating new businesses, attracting venture capital, driving technological innovation, expanding advanced manufacturing, growing high-tech industries, and producing more than any other state. In fact, the Golden State continues to be the #1 state for:
Governor Newsom recently signed new legislation to continue powering California’s economic engine:
✅ Making a major update to California’s antitrust and consumer protection laws. Clamping down on anti-competitive behavior, encouraging competition, and expanding opportunities for entrepreneurs and workers — including by creating new authority for the Attorney General and district attorneys to combat monopolistic behavior while also protecting small businesses.
✅Helping retailers open and operate faster by allowing businesses undertaking certain tenant improvements to hire qualified architects or engineers to review and certify that building plans comply with life-safety, health, and building code requirements.
✅ Protecting small businesses from abusive financial practices by unscrupulous financing companies.
✅Ensuring access to small business technical assistance by supporting providers who offer free or low-cost one-on-one, confidential consulting and training. This will help small businesses and entrepreneurs start, grow, expand, and create jobs in California.
✅Cutting unnecessary red tape that has kept a lower-cost fuel option out of reach for California drivers. Removing a regulatory barrier to authorize the sale of E15 — gasoline blended with up to 15% ethanol — in California.
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