California’s economy had a strong week with continued GDP growth, more investments, and new jobs. The state remains the 5th largest economy in the world for the seventh consecutive year, with a nominal GDP of nearly $3.9 trillion in 2023 and a growth rate of 6.1% since the year prior, according to the U.S. Bureau of Economic Analysis. California’s per capita GDP is the second largest amongst large economies.
Disney has announced plans to invest $1.9 Billion in California with DisneylandForward. The investment is estimated to generate $1.9 billion in economic output and create over 7,800 jobs over four years through new construction in California. The Anaheim City Council has unanimously voted in favor of the plan, with a final vote set to take place on May 7th.
Governor Newsom expressed support for Disney’s announcement. In addition to Disney’s investment, California added 28,300 new jobs in March – the state’s seventh job gain in the last eight months, with seven of the state’s major industry sectors gaining jobs.
California is recognized as having the most equitable tax system in the entire country and ranks #1 in the nation for new business starts, access to venture capital funding, and tourism spending. With a growing economy and new investments, California’s economic outlook remains positive.