In 2023, California maintained its position as the fifth largest economy in the world for the seventh year in a row, according to the International Monetary Fund’s (IMF) World Economic Outlook. Governor Gavin Newsom highlighted the state’s ability to outperform many large countries due to its combination of innovation, higher education, skilled workforce, diverse industries, and natural resources. California’s GDP is approaching $3.9 trillion and saw a growth rate of 6.1% since 2022, making it the second-largest economy in the world on a per capita basis.
Other economies in the top 10 list include India, the United Kingdom, France, Texas, and Italy. New York and Florida are also among the top 20 U.S. states with New York in 12th place and Florida in 19th. Connect Los Angeles 2024 is an upcoming event that will gather over 500 owners, investors, developers, brokers, financiers, and industry professionals on May 1 at the InterContinental Los Angeles Downtown. The event offers insights and forecasts on today’s commercial real estate markets from Southern California and national industry leaders. Register now to gain valuable knowledge and network with fellow professionals.
