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 than 1.8 million private sector jobs since February 2010, more than any other state.
• 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 – 6.1%
• 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 $2.396 trillion and the state is once again the 8th largest economy.

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 $174.1 billion in 2014 – a record export high for the state.  California is the No.1 state for tourism – one that boasted over 200 million visitors in 2014 with direct travel spending of more than $117.5 billion.

BALANCED BUDGETS IMPROVE CALIFORNIA’S CREDIT RATING

In a landmark for the state, California ended 10 years of budget deficits as Gov. Brown not only signed his fourth consecutive balanced budget but one that included more than a billion dollar surplus. As a result, ratings services Fitch, S&P, and Moody’s have all upgraded California’s General Obligation ratings.

INCREASING FOREIGN INVESTMENT

Gov. Brown led a trade mission to Mexico where he signed first of their kind agreements with the Mexican government to increase trade and investment. Gov. Brown also welcomed Israel Prime Minister Netanyahu to California 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 Gov. Brown including worker’s compensation reform, pension reform and regulatory modernisation.

NEW BUSINESS INCENTIVES

Gov. Brown has enacted a new economic development initiative creating a more flexible, more competitive set of economic development tools that includes a Sales and Use tax exemption for manufacturing, biotech and R&D equipment; a Hiring Credit; a targeted Film & TV Tax Credit, and the CA Competes Tax Credit designed to incentivise companies to locate or expand in CA.

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 $42.7 billion, accounting for nearly 18% of the state’s annual exports.

GO-Biz launched the California Business Portal, an online one-stop for business owners that provides information on permits, guides on starting a business, incentives, regulations and more. Check it out here: www.businessportal.ca.gov

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% of the state’s electricity will come from renewable sources by 2020.

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. In addition, GO-Biz provides no-fee, tailored site selection services to employers, corporate real estate executives and site location consultants considering California for business investment. In addition GO-Biz provides assistance with navigation and eligibility of the State’s incentive programmes.

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.