For Immediate Release by California BOE
April 13, 2017
Sacramento –California’s Gross Domestic Product (GDP) has grown consistently faster than the nation’s as a whole for four straight years. In 2015, the California GDP rose 5.6 percent, while the U.S. GDP increased 3.7 percent (unadjusted for inflation). Also called “economic output,” GDP measures the market value of goods, services, and structures that are produced within a particular period, and tends to be related to population, income, spending, employment, housing permits, and other measures of economic activity.
According to the U.S. Bureau of Economic Analysis, the New York-Newark-Jersey City metropolitan area led the nation with an economic output of about $1.603 trillion in 2015. California was represented by two of the top 10 areas: Los Angeles-Long Beach-Anaheim ($930.8 billion), and San Francisco-Oakland-Hayward ($431.7 billion). The Los Angeles metropolitan area accounts for 37.9 percent of California’s GDP, while the San Francisco Bay Area comprises 17.6 percent.
“I’m proud to represent the cities of Anaheim, San Diego, and Riverside, all of which ranked in the top five when it comes to economic activity among California regions,” said Board of Equalization Chairwoman Diane Harkey.
“The greater Los Angeles area once again leads the state in economic output,” said Board of Equalization Member Jerome Horton. “I am proud to represent this region, which is responsible for almost 40 percent of California’s gross domestic product.”