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The economy of the State of California is the largest in the United States, with a $4.080 trillion gross state product (GSP) as of 2024. [1] It is the largest sub-national economy in the world.
The additional California oil fields—along with booming oil supplies in Texas from Spindletop—resulted in another surplus of oil reaching the market, again impacting the price of the commodity. With the accelerated oil drillings, the price of oil in the 1920s fell from $28 per barrel to below $10 per barrel. [ 18 ]
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.
After banning hemp products that contain THC and other intoxicating compounds, California regulators are starting to crack down, catching retailers by surprise.
Here's a look at the 10 fastest-growing industries. See which ones make sense to include in your investing strategy, to get in on the high upsides.
The saying "as California goes, so goes the nation" may not always be true, but any recovery in the U.S. economy will face strong headwinds if its largest state remains a financial basket case.
California Statewide is the tenth economic region. The California Economic Strategy Panel uses employment and wage information reported by employers, along with these regions, for public policy-making, planning, and program administration. [ 1 ]
Prior to 1970, most Northern California lawyers were based in San Francisco, especially the experienced patent attorneys whom the high-tech industry needed to protect its intellectual property. During the 1970s, lawyers began to follow venture capitalists down the Peninsula to serve the booming high-tech industry in Silicon Valley. [55]