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After 1900, California continued to grow rapidly and soon became an agricultural and industrial power. The economy was widely based on specialty agriculture, oil, tourism, shipping, film, and after 1940 advanced technology such as aerospace and electronics industries – along with a significant military presence.
According to the California Department of Food and Agriculture, "California agriculture is a $42.6 billion dollar industry that generates at least $100 billion in related economic activity." [ 37 ] The state's agricultural sales first exceeded $30 billion in 2004, [ 33 ] making it more than twice the size of any other state's agriculture industry.
The year 1920 was the single most deflationary year in American history; production, however, did not fall as much as might be expected from the deflation. GNP may have declined between 2.5 and 7 percent, even as wholesale prices declined by 36.8%. [32] The economy had a strong recovery following the recession. [33] 1923–1924 recession
“This decline is similar to those seen during the Great Recession and dot-com bust,” according to the Legislative Analyst’s Office.
That rate averaged 4.2% last year and is expected to climb to 4.6% this year before falling in 2025. The state’s unemployment rate in January was 5.2%.The national rate was 3.7%.
0–9. 1978 California Proposition 13; 1983 San Jose School District California bankruptcy; 1985–1987 Watsonville Cannery strike; 1992 California budget crisis
The rank and file aren’t doing so well either: The California economy began to turn south in the summer of 2022 and nearly 200,000 Californians have lost their jobs since. Costs have gone up.
California faced another budget gap for 2010, [8] with $72 billion in debt. [9] California faced a massive and still-growing debt. [10] In June 2009 Gov. Arnold Schwarzenegger said "Our wallet is empty, our bank is closed and our credit is dried up." [11] He called for massive budget cuts of $24 billion, about 1 ⁄ 4 of the state's budget. [11 ...