California’s Economy Booms with Continued Growth and New Investments

California’s economy is booming, with continued growth and new investments being made in the state. The U.S. Bureau of Economic Analysis reports that California remains the 5th largest economy in the world for the seventh consecutive year, with a nominal GDP of nearly $3.9 trillion in 2023 and a growth rate of 6.1% since the previous year. Additionally, California’s per capita GDP is the second largest amongst large economies.

One major investment that will contribute to California’s economic growth is Disney’s plan to invest $1.9 billion in the state through DisneylandForward. This investment is expected to generate $1.9 billion in economic output and create over 7,800 jobs over four years through new construction in California. The Anaheim City Council has already voted unanimously in favor of the plan, with a final vote scheduled for May 7th.

Governor Newsom praised Disney’s announcement and highlighted the creation of 28,300 new jobs in California in March. This marked the state’s seventh job gain in the last eight months, with seven major industry sectors seeing job growth. California’s tax system is recognized as the most equitable in the country, and the state ranks #1 in the nation for new business starts, access to venture capital funding, and tourism spending.

Overall, California’s strong economy is bolstered by diverse industries, strategic investments, and a commitment to job creation and growth.