“Gigantic” is not an exaggerated term when it comes to the scope and size of California’s economy. The Golden State’s economy is the largest economy in America! As of 2014, California’s GDP is $2.3 trillion, with a GDP per capita of $59,562. This staggering number is greater than the individual economies of Russia, Italy, and Canada. Since California’s economy is the largest in the country, it’s worth exploring the biggest industries in California.
So without further ado, here are the top five industries in California.
The technology industry really took off in California’s Silicon Valley, and it hasn’t stopped growing since. Tim Cook, the CEO of Apple INC., just reported that Apple has over one billion devices in use today. Apple is, by far, the leader in California’s famous technology industry, with a net income of over $53 billion in 2015. California is home to thousands of companies that are headquartered in Silicon Valley. Many of these companies are on the list of Fortune 100’s largest operating corporations today, including Netflix, Facebook, Intel, eBay, and Google. With so many services and devices that Americans use every day, it’s easy to understand why technology is a leading industry in California.
Wisconsin is known for its cheese and Florida is known for its oranges, but California has an enormous agricultural industry. California grows almost half of America’s fruits, vegetables, and nuts. Although Florida grows the most oranges in America, California is close behind. And even though Wisconsin makes a lot of cheese, California is actually the leading dairy-producing state in America. California has over 1.75 million dairy cows, and the total export value of dairy products in California is over $1.4 billion. In total, California’s agricultural production is valued at over $46 billion.
California’s aerospace industry doesn’t make news often, but it’s actually bigger than California’s agriculture and entertainment industries combined! Back in 2012, the Golden State’s aerospace industry yielded over $62 billion in revenue, and a study in 2014 found that California has 9 percent of the global market share in the aerospace industry. From satellite manufacturing to aircraft construction, California’s aerospace industry is huge!
California is a huge tourist attraction. With so many beautiful parks and amazing places to visit, it makes sense that the service industry is one of California’s largest industries. California is home to various tourist attractions such as Sea World, Disneyland, Yosemite National Park, and many others. In addition to the services related to the tourism industry, there are other popular services that thrive in California. Hotels, private health care, and law firms are the primary leaders in California’s service industry.
5. Movie Industry
The last industry on this list might be the most obvious one. Hollywood is known and beloved by many American moviegoers (which was the topic of a previous post). In 2014, Hollywood released 702 movies and made over $10 billion. It’s no wonder that Hollywood is the highest grossing film industry in the world. Americans love movies, and it’s safe to say that our favorite movies are likely produced in California.
California has a diverse, immense, and fascinating economy. If you drink milk, watch movies, or use an iPhone, you can thank California. With so many important industries, it’s easy to understand why California’s economy is the largest in the country.