California Economy
California Guide
California Economy
On comparing California’s economy to the rest of the world and other states in the US, one could get an approximate idea of the inflow and outflow of monetary resources in the state. Californian economy is the largest amongst all states in the United States of America and ranks eighth globally.
California Economy As of 2008
-
The Gross State Product in 2008 was $1.85 trillion. This is as much as 13% the country’s Gross Domestic Product. The Gross Domestic Product rate settled at 0.4%
Under the North American Industry Classification System, the economy of California is segregated into international trade and tourism and oil and electricity amongst others.
California International Trade and Tourism
-
Travel and tourism has been one of the major contributors to the economy of California in the United States of America. In 2008, the merchandise export trade reached an 11.1% mark. This was significantly lower than the 15.4% mark that was maintained in 2000.
-
The total revenue from exports in California in 2007 reached a staggering $134 billion out of which $48 billion was recovered from computers and electronics alone.
-
In the year 2005, it was revealed, by the Bureau of Economic Analysis that 542,600 Californians were employed by multinational companies under foreign control, ranking the state first amongst all its counterparts.
-
The major foreign players on Californian soil during the year 2005 were the United Kingdom, Japan, Switzerland, France and Germany. These countries employed over 4.2% of the state’s total population in private enterprises.
-
Los Angeles is the most frequently visited place in the state.
Agriculture and Californian Economy
-
The economy of California is greatly influenced by the amount of agricultural investments and returns. California comes in 5th, worldwide, for its ability to export food and agricultural products all over the world.
-
Export of agricultural and perishable items from California have been gaining importance and have accounted for over 2% of the $1.85 trillion gross domestic product.
-
Californian economy benefitted greatly due to airborne exports and totaled revenue of $685 million in 2007. This enabled the state to export more products by air than 23 other states did, together, combining all means of transportation.
California Economy at a Glance
| Data Series | Dec 2009 | Jan 2010 | Feb 2010 | Mar 2010 | Apr 2010 | May 2010 | |
| Labor Force Data | |||||||
| Civilian Labor Force | 18,101.6 | 18,118.4 | 18,161.7 | 18,245.9 | 18,312.6 | 18,339.6 | |
| Employment | 15,867.7 | 15,849.8 | 15,884.7 | 15,938.5 | 16,014.4 | 16,062.4 | |
| Unemployment | 2,233.9 | 2,268.6 | 2,277.0 | 2,307.4 | 2,298.2 | 2,277.2 | |
| Unemployment Rate | 12.3 | 12.5 | 12.5 | 12.6 | 12.5 | 12.4 | |
| Nonfarm Wage and Salary Employment | |||||||
| Total Nonfarm | 13,809.6 | 13,835.0 | 13,837.8 | 13,851.8 | 13,877.2 | 13,905.5 | |
| 12-month % change | -5.7 | -4.9 | -3.9 | -3.1 | -2.4 | -1.7 | |
| Mining and Logging | 24.1 | 24.6 | 24.2 | 24.4 | 24.7 | 24.7 | |
| 12-month % change | -15.7 | -12.8 | -12.3 | -10.6 | -6.4 | -3.9 | |
| Construction | 568.5 | 577.8 | 558.5 | 555.7 | 554.2 | 552.0 | |
| 12-month % change | -21.8 | -19.0 | -17.4 | -16.4 | -14.2 | -12.8 | |
| Manufacturing | 1,231.2 | 1,241.3 | 1,242.1 | 1,241.3 | 1,237.1 | 1,238.4 | |
| 12-month % change | -10.6 | -8.7 | -7.0 | -5.8 | -5.1 | -4.1 | |
| Trade, Transportation, and Utilities | 2,573.5 | 2,575.3 | 2,579.6 | 2,583.1 | 2,582.5 | 2,572.9 | |
| 12-month % change | -6.2 | -5.6 | -4.7 | -3.7 | -3.1 | -3.1 | |
| Information | 449.5 | 437.7 | 452.3 | 450.1 | 445.8 | 450.5 | |
| 12-month % change | -4.7 | -2.8 | 0.2 | -0.7 | 0.8 | 2.0 | |
| Financial Activities | 782.5 | 782.6 | 780.5 | 778.9 | 780.8 | 779.8 | |
| 12-month % change | -5.4 | -4.7 | -4.1 | -3.6 | -2.9 | -2.5 | |
| Professional & Business Services | 2,018.8 | 2,020.6 | 2,031.0 | 2,032.2 | 2,038.7 | 2,042.9 | |
| 12-month % change | -6.8 | -6.2 | -4.2 | -2.9 | -1.6 | -0.7 | |
| Education & Health Services | 1,747.2 | 1,754.7 | 1,760.5 | 1,768.0 | 1,766.6 | 1,761.5 | |
| 12-month % change | 0.2 | 0.7 | 1.3 | 1.6 | 1.9 | 1.4 | |
| Leisure & Hospitality | 1,476.2 | 1,478.7 | 1,471.1 | 1,474.3 | 1,485.6 | 1,489.2 | |
| 12-month % change | -4.6 | -3.8 | -3.6 | -2.5 | -1.7 | -1.4 | |
| Other Services | 467.3 | 468.5 | 470.7 | 475.8 | 477.1 | 479.5 | |
| 12-month % change | -6.6 | -6.0 | -4.6 | -3.0 | -3.0 | -2.0 | |
| Government | 2,470.8 | 2,473.2 | 2,467.3 | 2,468.0 | 2,484.1 | 2,514.1 | |
| 12-month % change | -1.7 | -1.5 | -1.8 | -1.7 | -1.5 | 0.1 | |
| Mass Layoffs | |||||||
| Layoff events, all industries | 412 | 533 | 335 | 373 | 477 | 345 | |
| Initial claimants, all industries | 30,229 | 46,474 | 23,191 | 28,180 | 42,426 | 31,197 | |
California Economy Statistics
| Number | Percent | |
| Employment Status | ||
|---|---|---|
| Population 16 years and over | 25,596,144 | 100.0 |
| In labor force | 15,977,879 | 62.4 |
| Civilian labor force | 15,829,202 | 61.8 |
| Employed | 14,718,928 | 57.5 |
| Unemployed | 1,110,274 | 4.3 |
| Percent of civilian labor force | 7.0 | (X) |
| Armed Forces | 148,677 | 0.6 |
| Not in labor force | 9,618,265 | 37.6 |
| Females 16 years and over | 12,998,409 | 100.0 |
| In labor force | 7,212,610 | 55.5 |
| Civilian labor force | 7,195,990 | 55.4 |
| Employed | 6,673,578 | 51.3 |
| Own children under 6 years | 2,782,416 | 100.0 |
| All parents in family in labor force | 1,441,714 | 51.8 |
| Commutin to Work | ||
| Workers 16 years and over | 14,525,322 | 100.0 |
| Car, truck, or van -- drove alone | 10,432,462 | 71.8 |
| Car, truck, or van -- carpooled | 2,113,313 | 14.5 |
| Public transportation (including taxicab) | 736,037 | 5.1 |
| Walked | 414,581 | 2.9 |
| Other means | 271,893 | 1.9 |
| Worked at home | 557,036 | 3.8 |
| Mean travel time to work (minutes) | 27.7 | (X) |
| Employed civilian population 16 years and over | 14,718,928 | 100.0 |
| Occupation | ||
| Management, professional, and related occupations | 5,295,069 | 36.0 |
| Service occupations | 2,173,874 | 14.8 |
| Sales and office occupations | 3,939,383 | 26.8 |
| Farming, fishing, and forestry occupations | 196,695 | 1.3 |
| Construction, extraction, and maintenance occupations | 1,239,160 | 8.4 |
| Production, transportation, and material moving occupations | 1,874,747 | 12.7 |
| Industry | ||
| Agriculture, forestry, fishing and hunting, and mining | 282,717 | 1.9 |
| Construction | 915,023 | 6.2 |
| Manufacturing | 1,930,141 | 13.1 |
| Wholesale trade | 596,309 | 4.1 |
| Retail trade | 1,641,243 | 11.2 |
| Transportation and warehousing, and utilities | 689,387 | 4.7 |
| Information | 577,463 | 3.9 |
| Finance, insurance, real estate, and rental and leasing | 1,016,916 | 6.9 |
| Professional, scientific, management, administrative, and waste management services | 1,711,625 | 11.6 |
| Educational, health and social services | 2,723,928 | 18.5 |
| Arts, entertainment, recreation, accommodation and food services | 1,204,211 | 8.2 |
| Other services (except public administration) | 761,154 | 5.2 |
| Public administration | 668,811 | 4.5 |
| Class of Worker | ||
| Private wage and salary workers | 11,257,393 | 76.5 |
| Government workers | 2,158,071 | 14.7 |
| Self-employed workers in own not incorporated business | 1,249,530 | 8.5 |
| Unpaid family workers | 53,934 | 0.4 |
| Income in 1999 | ||
| Households | 11,512,020 | 100.0 |
| Less than $10,000 | 967,089 | 8.4 |
| $10,000 to $14,999 | 648,780 | 5.6 |
| $15,000 to $24,999 | 1,318,246 | 11.5 |
| $25,000 to $34,999 | 1,315,085 | 11.4 |
| $35,000 to $49,999 | 1,745,961 | 15.2 |
| $50,000 to $74,999 | 2,202,873 | 19.1 |
| $75,000 to $99,999 | 1,326,569 | 11.5 |
| $100,000 to $149,999 | 1,192,618 | 10.4 |
| $150,000 to $199,999 | 385,248 | 3.3 |
| $200,000 or more | 409,551 | 3.6 |
| Median household income (dollars) | 47,493 | (X) |
| With earnings | 9,502,776 | 82.5 |
| Mean earnings (dollars) | 64,725 | (X) |
| With Social Security income | 2,565,234 | 22.3 |
| Mean Social Security income (dollars) | 11,331 | (X) |
| With Supplemental Security Income | 607,106 | 5.3 |
| Mean Supplemental Security Income (dollars) | 6,990 | (X) |
| With public assistance income | 563,409 | 4.9 |
| Mean public assistance income (dollars) | 4,819 | (X) |
| With retirement income | 1,774,452 | 15.4 |
| Mean retirement income (dollars) | 18,826 | (X) |
| Families | 7,985,489 | 100.0 |
| Less than $10,000 | 457,118 | 5.7 |
| $10,000 to $14,999 | 365,527 | 4.6 |
| $15,000 to $24,999 | 834,317 | 10.4 |
| $25,000 to $34,999 | 873,396 | 10.9 |
| $35,000 to $49,999 | 1,207,938 | 15.1 |
| $50,000 to $74,999 | 1,615,410 | 20.2 |
| $75,000 to $99,999 | 1,034,671 | 13.0 |
| $100,000 to $149,999 | 955,377 | 12.0 |
| $150,000 to $199,999 | 310,407 | 3.9 |
| $200,000 or more | 331,328 | 4.1 |
| Median family income (dollars) | 53,025 | (X) |
| Per capita income (dollars) | 22,711 | (X) |
| Median earnings (dollars): | ||
| Male full-time, year-round workers | 40,627 | (X) |
| Female full-time, year-round workers | 31,722 | (X) |
| Poverty Status in 1999 | ||
| Families | 845,991 | (X) |
| Percent below poverty level | (X) | 10.6 |
| With related children under 18 years | 699,159 | (X) |
| Percent below poverty level | (X) | 15.3 |
| With related children under 5 years | 366,529 | (X) |
| Percent below poverty level | (X) | 19.0 |
| Families with female householder, no husband present | 350,138 | (X) |
| Percent below poverty level | (X) | 25.0 |
| With related children under 18 years | 310,533 | (X) |
| Percent below poverty level | (X) | 32.5 |
| With related children under 5 years | 147,900 | (X) |
| Percent below poverty level | (X) | 44.0 |
| Individuals | 4,706,130 | (X) |
| Percent below poverty level | (X) | 14.2 |
| 18 years and over | 2,949,030 | (X) |
| Percent below poverty level | (X) | 12.3 |
| 65 years and over | 280,411 | (X) |
| Percent below poverty level | (X) | 8.1 |
| Related children under 18 years | 1,705,797 | (X) |
| Percent below poverty level | (X) | 19.0 |
| Related children 5 to 17 years | 1,216,541 | (X) |
| Percent below poverty level | (X) | 18.5 |
| Unrelated individuals 15 years and over | 1,321,169 | (X) |
| Percent below poverty level | (X) | 23.1 |
California Economy Stats
| Employment | 16,874,149 | [1st of 52] |
| Gross State Product > Current Dollars | $1,543,835,000,000.00 | [1st of 56] |
| Median Earnings for Male Full-Time, Year-Round Workers | $42,626.00 | [16th of 51] |
| Median Family Income | $58,327.00 | [14th of 51] |
| Median Household Income | $51,185.00 | [9th of 51] |
| Nest Egg Index | 97.86 | [32nd of 50] |
| Percent below poverty level | 13.3% | [20th of 51] |
| Percent of Children Below Poverty Level | 18.9 % | [21st of 51] |
| Percent of Households With Retirement Income | 15.3 % | [40th of 51] |
| Percentof People 65 Years and Over Below Poverty Level | 7.8 % | [34th of 51] |
| Percentof Related Children Below Poverty Level | 18.5 % | [20th of 51] |
| Personalincome | $1,340,319,000,000.00 | [1st of 51] |
| Totaltax burden | $85,721,483,000.00 | [1st of 50] |
| Totaltax burden (per capita) | $2,391.65 | [9th of 50] |
| Unemployment | 847,509 | [1st of 52] |
| Unemploymentrate | 4.8% | [17th of 52] |
| Welfare Caseloads > Percent change in total families | -4% | [34th of 54] |
| Welfare Caseloads > Percent change in total recipients | -7.6% | [37th of 54] |
| Welfare Caseloads > Total families | 449,170 | [1st of 54] |
| Welfare Caseloads > Total recipients | 1,085,627 | [1st of 54] |
California Taxation
California Corporate Tax Rates
| Entity Type | Tax Rate |
|---|---|
| Corporations other than banks and financials | 8.84% |
| Banks and financials | 10.84% |
| Alternative Minimum Tax (AMT) rate | 6.65% |
| S corporation rate | 1.5% |
| S corporation bank and financial rate | 3.5% |
California Standard Deductions
| Filing Status | Deduction Amount |
|---|---|
| Single and married/RDP filing separately | $3,516 |
| Married/RDP filing jointly, head of household and qualifying widow(er) | $7,032 |
| The minimum standard deduction for dependents | $850 |
California Tax Rate Schedules
| If the Taxable Income is | |||||
|---|---|---|---|---|---|
| Over | But not over | Tax is | Of Amount Over | ||
| $0 | $6,827 | $0.00 | Plus | 1% | $0 |
| $6,827 | $16,185 | $68.27 | Plus | 2% | $6,827 |
| $16,185 | $25,544 | $255.43 | Plus | 4% | $16,185 |
| $25,544 | $35,460 | $629.79 | Plus | 6% | $25,544 |
| $35,460 | $44,814 | $1,224.75 | Plus | 8% | $35,460 |
| $44,814 | And over | $1,973.07 | Plus | 9.3% | $44,814 |
