Economic Milestone and Growth
California's nominal GDP reached $4.1 trillion in 2024, surpassing Japan and positioning the state as the fourth largest economy globally, behind the US, China, and Germany.
The state's growth rate of 6% in 2024 outpaced other major economies, with Governor Gavin Newsom attributing this success to investments in people, sustainability, and innovation.
Challenges and Responses
Despite the economic achievement, California faces deepening inequality and a significant housing shortage, with the tech-driven economy failing to provide a living wage for many families.
Governor Newsom has challenged President Trump's tariff policies, arguing they threaten California's economic interests. The state has sued the federal government over the tariffs and seeks exemptions from retaliatory measures.