California has its share of problems — a disproportionate share of the nation’s homelessness, the ever-higher cost of housing, unfunded pension liabilities, snarled traffic, deteriorating roads. It isn’t hard to find people who say those problems are proof that the Golden State is losing its luster. But a new economic report tells a different story: California is now the 5th largest economy in the world, surpassing Great Britain.
The state recorded economic gains in the predictable places — technology, entertainment and tourism as well as real estate and financial services in 2017. Even manufacturing grew significantly last year, accounting for about 10 percent of the state’s economic growth, according to figures compiled by the state Department of Finance. And, despite persistent claims that Californians are headed for the exits in droves, the state’s population grew by 0.78 percent in 2017, only slightly below the average annual increase since the 2010 census. Those reports of our demise? Greatly exaggerated.
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