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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.
Tourism is also an important part of California's economy. Yosemite National Park was established in 1890, followed by nine other national parks and seashores, [25] as well as various other protected areas across California. Disneyland, established in 1955, and other theme parks draw millions of visitors each year.
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%.
California produces almonds worth $5.3 billion every year. That is 100% of commercial almonds in the United States, 100% of all of North America, and 80% of commercial almonds around the world. Agriculture is a significant sector in California's economy, producing nearly US$50 billion in revenue in 2018.
“This decline is similar to those seen during the Great Recession and dot-com bust,” according to the Legislative Analyst’s Office.
New economic data puts the California economy at $2.747 trillion — bigger than most nations. The ranking puts in fifth in the world, just ahead of the United Kingdom, which is on $2.625 trillion.
The U.S. state of California had a budget crisis in which it faced a shortfall of at least $11.2 billion, [1] and projected to top $40 billion over the 2009–2010 fiscal years. [ 2 ] 2008
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