USA's biggest economy
California market is USA’s biggest economy and California is the most populous state in the United States.
According to data from the United States Bureau of Economic Analysis, California’s gross domestic product (GDP) was approximately $3.1 trillion in 2021, making it the largest state economy in the US.
California Market - Industries
California is known for its diverse and innovative economy, which includes a number of leading industries and sectors. Some of the key industries in California include:
- Technology: California is home to Silicon Valley, which is the center of the global technology industry and home to many of the world’s leading technology companies.
- Entertainment: California is home to Hollywood, which is the world’s largest film and television production center.
- Tourism: California is a popular tourist destination due to its diverse landscape, which includes mountains, beaches, and desert regions.
- Agriculture: California is the leading agricultural state in the US, producing a wide variety of crops including fruits, vegetables, nuts, and grains.
- Manufacturing: California has a large and diverse manufacturing sector, with a particular focus on aerospace, defense, and biotechnology.
Overall, California’s market represents a significant opportunity for businesses and investors due to its size, economic strength, and diverse range of industries and sectors.
Market contributors – By industry
According to data from the United States Bureau of Economic Analysis →, the top industries in California by gross domestic product (GDP) as a percentage of total GDP in 2021 are:
- Professional, scientific, and technical services – 12.4%
- Manufacturing – 11.8%
- Retail trade – 11.6%
- Health care and social assistance – 10.1%
- Finance and insurance – 8.6%
- Real estate and rental and leasing – 8.5%
- Administrative and support and waste management and remediation services – 6.6%
- Wholesale trade – 6.1%
- Information – 5.9%
- Construction – 5.8%
It’s important to note that these figures represent the percentage of total GDP in each industry, rather than the number of jobs in the industry.
Employment generators – By industry
California is the most populous state in the United States and has a diverse economy with many industries that employ a large number of people. According to the California Employment Development Department → (EDD), the top industries in California market by employment, as of 2021, are:
- Healthcare: The healthcare industry is the largest employer in California, with over 2 million people employed in this sector.
- Retail trade: The retail trade industry is the second-largest employer in California, with over 1.8 million people employed in this sector.
- Professional and technical services: The professional and technical services industry is the third-largest employer in California, with over 1.4 million people employed in this sector.
- Education and training: The education and training industry is the fourth-largest employer in California, with over 1.2 million people employed in this sector.
- Manufacturing: The manufacturing industry is the fifth-largest employer in California, with over 1.1 million people employed in this sector.
- Government: The government sector is the sixth-largest employer in California, with over 1 million people employed in this sector.
- Accommodation and food services: The accommodation and food services industry is the seventh-largest employer in California, with over 900,000 people employed in this sector.
- Construction: The construction industry is the eighth-largest employer in California, with over 700,000 people employed in this sector.
- Transportation and warehousing: The transportation and warehousing industry is the ninth-largest employer in California, with over 600,000 people employed in this sector.
- Agriculture: The agriculture industry is the tenth-largest employer in California, with over 500,000 people employed in this sector.
It’s important to note that these figures represent the percentage of total employment in each industry, rather than the size of the industry in terms of economic output.
California Market - IT Industry
The information technology (IT) industry in California is a significant contributor to the state’s economy and is home to many of the world’s leading technology companies. According to data from the California Employment Development Department, the IT industry employed over 600,000 people in California in 2021, representing about 3.5% of total employment in the state.
The IT industry in the California market is centred in Silicon Valley, which is home to many of the world’s leading technology companies, including Apple, Google, Facebook, and Intel. These companies and others in the IT industry in California are involved in a wide range of activities, including software development, hardware manufacturing, and internet services.
The IT industry in California is known for its strong innovation ecosystem, which includes a large and skilled workforce, access to leading research institutions and universities, and a supportive regulatory environment. The state is also home to a number of major technology events, such as the Consumer Electronics Show and the Game Developers Conference, which further contribute to the growth and development of the IT industry in California.
Overall, the IT industry in California is a significant contributor to the state’s economy and is expected to continue to grow and evolve in the coming years, providing significant opportunities for businesses and investors in the sector.
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