California Keeps its Place as the Fifth Largest Economy in the World for Seventh Year in a Row

In 2023, California maintained its position as the fifth largest economy in the world for the seventh year in a row, according to the International Monetary Fund’s (IMF) World Economic Outlook. The Golden State has a GDP approaching $3.9 trillion and saw a growth rate of 6.1% since 2022, making it the second largest economy in the world on a per capita basis. Governor Gavin Newsom highlighted California’s ability to outperform many large countries due to its combination of innovation, higher education, skilled workforce, diverse industries, and natural resources.

Other economies in the top 10 list include India, the United Kingdom, France, Texas, and Italy. New York and Florida are the other two U.S. states in the top 20, with New York in 12th place and Florida in 19th. With over 500 owners, investors, developers, brokers, financiers, and industry professionals gathering at Connect Los Angeles 2024 on May 1 at the InterContinental Los Angeles Downtown, attendees can gain valuable insights and forecasts on today’s commercial real estate markets from Southern California and national industry leaders. Register now to network with fellow professionals and learn more about this exciting event.