07/25/2024

Reports » Special Reports

QUICK FACTS: California GDP and Personal Income in the 1st Quarter

US Bureau of Economic Analysis released the 1st Quarter results for state GDP and Personal Income. For additional information and data about the California economy visit www.centerforjobs.org/ca.

California GDP Slows to 1.2% in Q1

California real GDP slowed to an annualized rate of 1.2% from 3.1% in 4th Quarter 2023.  California was below the overall US average of 1.4% and posted 28th highest among the states.  Using the current projections from the April International Monetary Fund, World Outlook, continued growth at the current GDP rate would push California below India to shift from 5th to the 6th largest economy by 2025.

 

Personal Income Up 8.2%

Personal Income grew at an annualized rate of 8.2% in the 4th Quarter, up substantially from the anemic 1.3% in 4th Quarter 2023.  California was above the US average of 7.0%, and ranked 9th among the states.  The 4th Quarter level of $3.218 trillion was only marginally different from the Department of Finance projection of $3.217 trillon underlying the budget revenue projections.