California economy

The timing and strength of a rebound will depend on future interest rates and the pace of California's economic recovery. Without this diversification, California's economic performance during the most recent recession would have been even worse than it was.

California economy

The timing and strength of a rebound will depend on future interest rates and the pace of California's economic recovery. Without this diversification, California's economic performance during the most recent recession would have been even worse than it was. California is noted for having one of the most diversified economies in the nation--in fact, in the world. Since then, however, California's share has fallen somewhat, reflecting the state's recent severe recession and sluggish economic recovery.

Eugene Cornelius, senior director at the Center for Regional Economics at the Santa Monica-based Milken Institute, said he found Bloomberg’s prediction on target and expects California to surpass Germany in economic size soon, if it hasn’t already. But they also offer a distinct opportunity to leverage California’s many assets and transform our approach to the economy and economic well-being.

How is the economy in California?

About half of the farm produce comes from the Central Valley, which is irrigated through a labyrinth of dams, canals, and power and pumping plants. Agriculture accounts for less than one-tenth of the state’s income; nevertheless, California produces more than half of the country’s vegetables and fruits. The state’s fields and orchards yield hundreds of agricultural products of astonishing diversity from largely irrigated farmland. With the development of Silicon Valley in the late 1970s, California became a world leader in the manufacture of computers and electronics.

By the end of the 20th century, the state’s economy was attracting highly educated workers from all over the world.