As the eighth largest economy in the world, California remains a global economic leader and is a national leader in job creation.

CALIFORNIA BY NUMBERS
• California has added more private sector jobs since the recession ended than any other state – over 1.4 million in total
• The state is home to more venture capital, patents, tourism, Fortune 500 companies, agriculture, biotech and manufacturing output than any other state
• The state unemployment rate has declined to its lowest point in 6 years – 7.3 per cent
• Job growth has been led by strong gains in construction, trade and transport, retail, agriculture, bio and high tech
• The manufacturing industry has added jobs for three straight years. The first time the state has had consecutive years of manufacturing job gains in over a decade
• California’s gross state product is over $2.2 trillion and the state is once again the 8th largest economy having surpassed Russia and Italy
• Economists predict that by mid-year 2015, California could be the 6th largest economy in the world as the state closes in on the UK and France

MULTIPLE LEADING SECTORS
Where other states have one or two main economic sectors, California has several – all of which lead the nation. California is first in high-tech, biotech, agriculture, entertainment, manufacturing, tourism and more.

RECORD EXPORTS
In trade, California merchandise exports grew to $165 billion in 2013 – a record export high for the state. California is the No.1 state for tourism – one that boasted over 200 million visitors in 2013 with direct travel spending of more than $109 billion.

BALANCED BUDGETS IMPROVE CALIFORNIA’S CREDIT RATING
In a landmark for the state, California ended 10 years of budget deficits as Governor Brown not only signed his fourth consecutive balanced budget but one that included more than a billion dollar surplus. As a result, ratings service Fitch changed the state’s outlook from “stable” to “positive”. In June Moody’s upgraded their ratings for California’s Economic Recovery Bonds. And the ratings service Standard & Poor’s raised California’s credit rating in January for the first time since 2006.

INCREASING FOREIGN INVESTMENT
In July, Governor Brown led a trade mission to Mexico where he signed first of their kind agreements with the Mexican government to increase trade and investment. Governor Brown also welcomed Israel Prime Minister Netanyahu to California in February to sign an agreement to bring more Israeli companies to California and share information on water technology and cybersecurity. It was the latest in a series of significant initiatives from Governor Brown including worker’s compensation reform, pension reform and regulatory modernisation

NEW BUSINESS INCENTIVES
Governor Brown enacted a new Economic Development Initiative that brought together business leaders, labour interests and legislators from both sides of the aisle. This has created a more flexible, more competitive set of economic development tools that include a Sales and Use Tax Exemption for Manufacturing, Biotech and R&D equipment; a Hiring credit, and the CA Competes Tax Credit designed to incentivise companies to locate or expand in CA. The Governor’s Office of Business and Economic Development will allocate $780 million to companies that want to expand in California and add jobs.

INNOVATION AND HIGH-TECH
The state is a leader in innovation and supports creativity with a superior educational system and job training that produces an unrivalled, highly-skilled labour force. With 2.4 million students enrolled in 446 public and private colleges and universities producing over 200,000 college graduates every year, California possesses the nation’s highest concentration of engineers, scientists, mathematicians and skilled technicians. High-tech exports total $46 billion, ranked first nationwide, accounting for nearly 29 per cent of the state’s annual exports.

RENEWABLE ENERGY
California is a global leader in renewable energy policy, Gov. Brown enacted the nation’s most aggressive renewable energy goal in the US – 33 per cent of the state’s electricity will come from renewable sources by 2020, probably even earlier.

ASSISTANCE FOR SITE SELECTION
Firms looking to relocate or expand in California can contact the Governor’s Office of Business and Economic Development (GO-Biz).This programme serves as the state’s single point of contact for economic development specialists advising on site selection, permit streamlining, clearing regulatory challenges, small business assistance and international trade development. GO-Biz provides no-fee, tailored site selection services to employers, corporate real estate executives and site location consultants considering California for business investment.

LIFESTYLE
Anyone in the UK who has seen a movie or watched television will have a grasp of the California lifestyle. From ski slopes to beaches, the Golden Gate Bridge to the Redwoods, from a party to a quiet dinner, California offers a lifestyle that few other places in the world can match.