California, the most populous state in the United States, is a dynamic and diverse region with a population of nearly 40 million people. Known for its cultural richness and economic strength, California stands out as a leader in various sectors, contributing significantly to both the national and global economy.
Resident population in California from 1960 to 2022 (in millions)
Resident population in California 1960-2022
Source(s): US Census Bureau; Bureau of Labor Statistics; ID 206097
Distribution of resident population of California in 2022, by age group
Population share of California 2022, by age group
Source(s): US Census Bureau; ID 912915
In 2022, about 14.7 percent of the population of California was between the ages of 25 and 34 years old. A further 13.8 percent of the population was between the ages of 35 and 44 years old in that same year.
Resident population of California in 2022, by race and ethnicity
Population of California 2022, by race and ethnicity
Source(s): US Census Bureau; ID 306026
Employment Landscape
With a workforce of 17.7 million, California boasts one of the largest labor markets in the country. Despite its economic prowess, the state grapples with a relatively high unemployment rate of 4.8%. Additionally, the poverty rate remains a concern, affecting 12.2% of the population. These statistics highlight the ongoing challenges in ensuring equitable economic opportunities for all residents.
Economic Powerhouse
California's economy is a powerhouse, with a real GDP of $3.23 trillion, making it one of the world's largest economies if it were a standalone country. The finance, insurance, real estate, rental, and leasing sectors are the primary contributors to this impressive GDP. In terms of international trade, California's annual export value stands at $13.9 billion, underlining its role as a key player in the global market.
Real gross domestic product of California in the United States from 2000 to 2023 (in billion U.S. dollars) - U.S. real GDP of California 2000-2023
Source(s): BEA; ID 187834
GDP of the San Francisco Bay Area in the United States from 2001 to 2022 (in billion chained 2017 U.S. dollars)
U.S. San Francisco Bay Area GDP 2001-2022
Source(s): BEA; ID 183843
In 2022, the GDP of the San Francisco Bay Area amounted to 654.73 billion U.S. dollars, an increase from the previous year.
Number of business establishments in California in the United States in 2021, by industry
U.S. number of business establishments in California 2021, by industry
Source(s): US Census Bureau; ID 304990
In 2021, the professional, scientific, and technical services industry had the greatest number of business establishments, with 140,763 registered in the state that year.
Annual per capita personal consumption expenditures (PCE) in California in the United States from 2000 to 2022 (in U.S. dollars)
Source(s): BEA; ID 1127713
The per capita personal consumption expenditures (PCE) of California amounted to 60,272 U.S. dollars. This is an increase from 2000 when the PCE in the state was at 24,661 U.S. dollars.
Leading publicly traded companies in California in the United States in 2021, by revenue (in billion U.S. dollars)
Source(s): Fortune; ID 312707
In 2021, Apple was the largest publicly traded company in California based on revenue. That year, they had a revenue of 365.82 billion U.S. dollars. Alphabet, Chevron, Wells Fargo and Meta rounded out the top five publicly traded companies in California.
Major Metropolitan Areas
The state's economic activities are concentrated in several major metropolitan areas, each with a unique contribution to the overall economy:
Los Angeles-Long Beach-Anaheim Metro Area: Home to 12.87 million people, this region is a significant hub for entertainment, manufacturing, and international trade.
San Francisco-Oakland-Berkeley Metro Area: With a population of 4.62 million, this area is renowned for its tech industry and financial services.
San Jose-Sunnyvale-Santa Clara Metro Area: This region, housing 1.95 million residents, is famously known as Silicon Valley, the epicenter of innovation and technology.
Demographic Insights
California's population is characterized by its diversity, with 26.7% of residents being foreign-born. The state also has a high educational attainment level, with 22.5% of the population holding a bachelor's degree. This diversity and education level contribute to a vibrant and dynamic society that drives the state's economic and cultural development.
California Fiscal Overview
In the fiscal year 2024, California's state expenditure budget was $223.61 billion, with a projected revenue of $210.17 billion. The state also carries the highest outstanding debt among U.S. states, exceeding other states by over $150 billion. This financial landscape underscores the need for strategic fiscal management to sustain the state's economic growth and address its social challenges.
California remains a beacon of opportunity and innovation, contributing significantly to the national and global economy. Its diverse population, strong educational attainment, and leading industries position it as a critical player on the world stage.
Join VABA: Empowering Business Excellence
As the Vietnamese American Business Association (VABA), we are dedicated to empowering Vietnamese American businesses and entrepreneurs. By joining VABA, you become part of a supportive community that offers:
Networking Opportunities: Connect with industry leaders, fellow entrepreneurs, and potential investors.
Educational Resources: Access workshops, seminars, and events that provide valuable insights and strategies for business success.
Advocacy: Benefit from our efforts to advocate for policies that support small businesses and entrepreneurs within the Vietnamese American community.
Business Development: Take advantage of mentorship programs, consulting services, and exclusive resources designed to help your business thrive.
Join us today and be part of a thriving network that fosters growth, innovation, and success within the Vietnamese American business community. Together, we can achieve greater heights and make a lasting impact.
For more information and to become a member, contact us at: info@vabaus.com
VIETNAMESE AMERICAN BUSINESS ASSOCIATION
Disclaimer:
This blog provides general information only and should not be taken as professional advice. The Vietnamese American Business Association (VABA) is not liable for any decisions made based on this content. Always consult a professional for specific advice.
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