California: The 5th Largest World Economy

According to the LA Times, California was named the 5th largest world economy this past May. California GDP is $1.27 trillion and attributes its robust economy to industries in technology and entertainment. California makes up 12% of the US population with GDP making up 14.2% of the US economy. It is no wonder people travel West to explore opportunity.

To contextualize things from a state perspective, Texas would be #11 and New York would be #13 when seen seen as independent world economies. Per this announcement - ahead of California would be: US, China, Japan, and Germany, respectively. 

California had previously hit this 5th position back in 2002 and fell to 10th largest economy in 2012 due to the Great Recession. The Golden State is indeed a beautiful and innovative place to live. We must remind ourselves that the real estate market is largely affiliated to the health of our local and national economy.