We've spent numerous time on this space lamenting the numerous hurdles facing California's economy.
But let's think for a moment about how, despite these challenges, business ventures of all types are generating tremendous economic activity across the country.
My trusty spreadsheet covered the just released 2023 edition of Gross domestic product statistics by county, as counted by the U.S. Bureau of Economic Analysis. This local accounting of business performance found that 57 U.S. counties produced $100 billion or more in goods and services in 2023.
Ten of them were in California. No state had more.
The closest were New York, Texas and Florida, with six counties in that club. Then got here New Jersey with 4 and Ohio and Pennsylvania with three.
Club membership
According to GDP calculations, Los Angeles was the economically strongest county within the country.
Los Angeles' economy — from a large service industry to manufacturing, shipping and Hollywood — created $962 billion in goods and services in 2023.
What size is that this? This output roughly corresponds to what’s produced in Switzerland International Monetary Fund statistics on GDP in US dollars. According to BEA state GDP numbers, LA's business scene is just as big as Pennsylvania's.
LA also generates as much GDP because the country's 1,591 smallest counties combined.
Aside from the masses, LA's economy looked sluggish last yr. GDP growth after inflation was minimal – just 1%, rating it forty seventh of those 57 giant county economies.
California's second largest member of the club was Santa Clara County. Its 2023 GDP of $420 billion was the sixth highest nationally and on par with Denmark or Wisconsin.
This tech-centric economy looked buoyant with growth of three.4% in 2023, placing it in nineteenth place.
Now consider the state's eight other supersized county economies on the list…
Orange: $334 billion, No. 9 – or in regards to the same because the Czech Republic or South Carolina. Business clusters from real estate to tourism only recorded growth of 0.5% (54th place).
San Diego: $315 billion, No. 10 – roughly Finland or Louisiana. An economy highlighted by medical work grew 1.4% (No. 41).
San Francisco: $263 billion, No. 11 – roughly Peru or Oklahoma. This Headquarters, Finance and Technology spot saw 3.2% growth (rating twenty first).
Saint Matthew: $203 billion, No. 15 – roughly Hungary or Nebraska. This Bay Area tech hub's GDP grew 7.7%, leading the best way amongst giant U.S. counties.
Alameda: $179 billion, No. 19 – roughly Ukraine or Arkansas. The economy, known for higher education, science and Tesla factories, grew just 0.6% (52nd).
San Bernardino: $131 billion, No. 37 – roughly New Mexico or the Slovak Republic. The logistics-heavy corporate scene grew by 0.9% (fiftieth place).
Riverside: $126 billion, No. 41 – roughly Idaho or Dominican Republic. Another logistics-focused economy posted growth of 1.4% (No. 41).
Sacramento: $126 billion, No. 42 – roughly Idaho or Dominican Republic. The state capital's government-centric economy recorded growth of two.7% (No. 27).
Conclusion
Just meditate on growth in 2023.
California's 10 major counties combined generated $3 trillion in GDP, up 2% a yr after inflation. The other 47 giant counties from other parts of the U.S. with $9 trillion in GDP grew a combined 2.7%.
Addendum
Many people brag that California's economy is the fifth largest on this planet based on GDP statistics.
Well, in accordance with the most recent data, Golden State maintains that rating.
As of June 2024, California's statewide GDP was $4.1 trillion. This puts them behind the USA, China, Germany and Japan.
But No. 6: India's fast-growing economy is catching up. The IMF estimates published in October put India's output at $3.9 trillion in 2024 – with GDP at just $200 billion.
Originally published:
image credit : www.mercurynews.com