Economy of California

The economy of the State of California is the largest in the United States, with a $3.598 trillion gross state product (GSP) as of 2022. It is the largest sub-national economy in the world. If California were a sovereign nation (2022), it would rank in terms of nominal GDP as the world's fifth largest economy, behind Germany and ahead of India. Additionally, California's Silicon Valley is home to some of the world's most valuable technology companies, including Apple, Alphabet, and Nvidia. In total, over 10% of Fortune 1000 companies were based in California in 2018, the most of any state. As both the most populous US state and one of the most climatologically diverse states, the economy of California is varied, with many sizable sectors. The most dominant of these sectors include finance, business services, government and manufacturing. Much of the economic activity is concentrated in the coastal cities, especially Los Angeles, which has a relative focus on media—most notably Hollywood—and the San Francisco Bay Area, which predominantly concentrates on technology. Both cities, along with other major ports such as San Diego, also act as significant trade hubs to and from the United States. Furthermore, California's agriculture industry has the highest output of any U.S. state, with its Central Valley being one of the most productive agricultural regions on Earth, growing over half the country's fruits, vegetables, and nuts. More recently, droughts in California are affecting California business and industry in addition to agriculture. Maritime history of California and History of California California has experienced waves of migration. Once the Treaty of Guadalupe Hidalgo of 1848 was coercively signed with Mexico, the US acquired the future states of California, Nevada, Utah, Arizona, New Mexico as well as the independent territory of Texas the newly acquired territories underwent rapid and extensive development. In 1847, California was controlled (with much difficulty due to deserters leaving to look for gold) by a U.