Federal data has just reported that the economy in California is now larger than that of the UK, placing it in position #5 worldwide.  Today, GDP in California is more than $2.7 trillion having increased by a staggering $127 billion from 2016 to 2017.  The UK did not experience this kind of growth during this time frame and in fact encountered a slight loss.

According to California State University Channel Islands Economics Professor Sung Won Sohn:

“We have the entrepreneurial spirit in the state, and that attracts a lot of talent and money. And that’s why, despite high taxes and cumbersome government regulations, more people are coming into the state to join the parade.”

The main industries that contributed to growth were: fiscal services and real estate ($26bn), IT ($20bn), manufacturing ($10 bn).  Apart from agriculture, all sectors provided growth and GDP contributions.

Also of note is that the UK has 25 million more people than California but now has a smaller GDP.