California Now Has World's Sixth Largest Economy

By: Daniel Steingold | June 17, 2016

According to new data, the state of California, as an independent entity, has the world’s sixth largest economy.

Having been the world’s eighth largest economy as recently as last year, California surpassed France and India by the end of 2015. The only economies currently ahead of California are the grander United States, China, Japan, Germany, and the United Kingdom, respectively.

This new honor for the Golden State helps highlight how diverse its economy is. Silicon Valley and Hollywood are two industry heavyweights without many viable competitors worldwide.

In addition, Bloomberg News has reported that four of the world’s 10 largest corporations are based in California. Tech giants Facebook, Apple, and Google figure most prominently.

In 2015, California grew at a 4.1 percent clip, exceeding overall U.S. growth of 2.4 percent. France only grew at a 1.1 percent rate over the same period of time.

The biggest sectors in California’s economy are the service sector, which includes trade, transportation, and utilities; the professional and business services sector; and the government sector.

Each of these sectors exceed two million total employees. Including farm payrolls, California employs over 19 million individuals.

This can be juxtaposed against Florida, the third biggest state with 9.8 million jobs, and Texas, the second biggest state, which employs 13.3 million people.

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