5th Place Ain’t So Bad
With a Gross Domestic Product of $2.7 trillion, California is back up to the fifth largest economy in the world, overtaking the United Kingdom. Who remains in front of the Golden State? Well, the U.S., China, Japan, and Germany. That’s it. So, what are the sources of all this money? It’s mostly coming from finance and real estate, along with professional services and government adding up to nearly half of the State’s GDP. Manufacturing and retail both come in at six percent and entertainment is at four percent. Here’s a shocker, agriculture makes up less than two percent of the State’s GDP. Nearly 40 percent of all the State’s production comes from the combined Counties of Los Angeles and Orange.
But GDP is only part of the picture of our economy. California has a high cost of living. CNBC ranked it the fourth highest cost of living state. The business climate is not the greatest. In fact, it’s considered the worst in the nation by many. But business still loves California as it’s ranked second in access to capital. Sure, it’s a bit of a mixed bag, and we can do better.
I want to take a moment to thank everyone involved in this week’s Cerritos Golf Classic – Fiesta on the Fairways. This year’s golf tournament was a success with a great group of golfers and sponsors. I’d like to thank all of the sponsors for supporting the Chamber: CalMet Services, Los Cerritos Center, Rose Hills Memorial Park & Mortuary, Office of Supervisor Janice Hahn, CTA Travel, Walmart, Lexus of Cerritos, Union Bank, Capital One – Spark Business Card, Cerritos Auto Square, Community Family Guidance Center, Edward Jones – Paolo Quiroga, Extreme Autowerks, Scooter’s Italian Ice, Sheraton Cerritos Hotel, STACKED Restaurants, Hand & Stone Massage and Facial Spa, Coca-Cola, Pepsi Beverage Company, Rockstar, Polly’s Pies, Island Burgers & Fine Drinks, and Norwalk – La Mirada Plumbing. I’d also like to thank our golf committee for guiding us to another successful event: Ken Kraus, Steve Vicencia, Karen Lentz, Nancy Gutzmer, Paolo Quiroga, and Jim Edwards. Finally, we are a team of two at the Chamber, so we can’t do what we do without our awesome Board, Ambassadors, and volunteers – a big thanks to all of you. Oh, and congrats to Jim Giordano’s team for taking home the first place trophies.
Take care and celebrate those moms this weekend, they deserve only the best we can give.