Despite the national economic recession of recent years, California's economy is strong and growing. California leads the nation in many areas of economic growth and recovery, including the creation of new jobs. With a dynamic, progressive economy, California is a great place to work or to invest. Here's a quick rundown of some top facts about California's economy.
In July, California shipped nearly $14 billion worth of goods, which represents a 6.8 percent jump over the same month in 2012. California's position on the Pacific Rim provides access to a huge portion of the global market, including the skyrocketing Chinese economy as well as Japan, South Korea, and India. National neighbors, Mexico and Canada, are also strong trading partners.
Jobs in California are on the rise. In fact, California has seen job growth for 25 consecutive months. This is the longest job-creation streak in the nation. More than half a million nonfarm-based jobs have been added to the California economy since the national recovery began in 2009. Growing in Tech California leads the United States in science and engineering jobs, and 14 percent of the nation's high-tech workforce is located here. Three of the six largest science and technology clusters in the U.S. are located in California, and the state has the highest proportion of high-tech, high-paying jobs of any state.
On the Inc. 5000 list of fastest-growing companies, California dominates with more than 700 entries, adding up to 14 percent of the total list. California businesses receive far more venture capital than any other state, more than four times the national average.
Dunkin' Donuts, one of the fastest-growing quick-service restaurant brands in the nation, has signed its first Southern California development agreement, promising to bring 45 new restaurants to the region by 2015. Established in 1950, Dunkin' Donuts' expansion in California shows that existing brands, as well as new, fast-growing companies and start-ups, are interested in expanding in the region.