You might not know it by looking at our out-of-reach housing costs or low median incomes, but California's economy is humming along merrily like a self-driving car.
That, at least, is the conclusion of a new analysis of 2016’s States With the Best & Worst Economies by personal finance site WalletHub.
Its experts looked at economic activity (including gross domestic product growth), economic health (including unemployment) and innovation potential (including percentage of jobs in high-tech).
California has the third best state economy in the nation and ranked first for “fast-growing firms,” the site found. We came in second for “innovation potential.”
It looks like conservative arguments that the state stifles business through taxes and regulation aren't holding water. Golden State commerce is humming along.
California ranked fifth in startup activity (only fifth?) and in job growth in high-tech.
We ranked sixth in non-farm payroll growth, too.
The Golden State ranked 10th in median income (that feels high to us), and 17th in state deficits (Hello, Republicans!).
“California has blossomed into the seventh largest economy in the world, boasting a GDP of $2.3 trillion, which was comparable to Brazil’s $2.2 trillion, in 2014,” WalletHub states.
Yep. Don't mess with California. Or something like that.