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Facts About California

As of 2007, the gross state product (GSP) is about $1.812 trillion, the largest in the United States. California is responsible for 13 percent of the United States gross domestic product (GDP). As of 2006, California's GDP is larger than all but eight countries in the world (all but eleven countries by Purchasing Power Parity). However, California is facing a $26.3 billion budget deficit for the 2009–2010 budget year. While the legislative bodies had appeared to address the problem in 2008 with the three-month delayed passage of a budget they in fact only postponed the deficit to 2009 and due to the late 2008 decline in the economy and the credit crisis the problem became urgent in November 2008. One problem is that a substantial portion of the state income comes from income taxes on a small proportion of wealthy citizens. For example, in 2004, the richest 3% of state taxpayers paid approximately 60% of all state taxes. The taxable income of this population is highly dependent upon capital gains, which has been severely impacted by the stock market declines of this period. The governor has proposed a combination of extensive program cuts and tax increases to address this problem, but owing to longstanding problems in the legislature these proposals are likely to be difficult to pass as legislation.

State spending increased from $56 billion in 1998 to $131 billion in 2008, and the state was facing a budget deficit of $40 billion in 2008.

California is also the home of several significant economic regions, such as Hollywood (entertainment), Southern California (aerospace), the Central Valley (agriculture), Silicon Valley (computers and high tech), and wine producing regions, such as the Napa Valley, Sonoma Valley and Southern California's Santa Barbara, Temecula Valley and Paso Robles areas.

The Hollywood Sign overlooking Los Angeles is a symbol of the motion-picture industry.In terms of jobs, the five largest sectors in California are trade, transportation, and utilities; government; professional and business services; education and health services; and leisure and hospitality. In terms of output, the five largest sectors are financial services, followed by trade, transportation, and utilities; education and health services; government; and manufacturing. California currently has the 4th highest unemployment rate in the nation at 9.3% in December 2008 (12.1% by mid 2009 and continuing to rise), up significantly from 5.9% in 2007.

California's economy is very dependent on trade and international related commerce accounts for approximately one-quarter of the state’s economy. In 2007, California exported $134 billion worth of goods, up from $127 billion in 2006 and $117 billion in 2005, surpassing the 2000 peak of $125 billion for two consecutive years. Computers and electronic products are California's top export, accounting for 36 percent of all the state's exports in 2007.

Agriculture remains a very important sector in California's economy. Farming-related sales have more than quadrupled over the past three decades, from $7.3 billion in 1974 to nearly $31 billion in 2004. This increase has occurred despite a 15 percent decline in acreage devoted to farming during the period, and water supply suffering from chronic instability. Factors contributing to the growth in sales-per-acre include more intensive use of active farmlands and technological improvements in crop production.

Per capita GDP in 2007 was $41,805, ranking 7th in the nation. Per capita income varies widely by geographic region and profession. The Central Valley is the most impoverished, with migrant farm workers making less than minimum wage. Recently, the San Joaquin Valley was characterized as one of the most economically depressed regions in the U.S., on par with the region of Appalachia. Many coastal cities include some of the wealthiest per-capita areas in the U.S. The high-technology sectors in Northern California, specifically Silicon Valley, in Santa Clara and San Mateo counties, have emerged from the economic downturn caused by the dot.com bust. In spring 2005, economic growth had resumed in California at 4.3 percent.

California levies a 9.3 percent maximum variable rate income tax, with six tax brackets. It collects about $40 billion per year in income taxes. California's combined state, county and local sales tax rate is from 7.25 to 9.75 percent. The rate varies throughout the state at the local level. In all, it collects about $28 billion in sales taxes per year. All real property is taxable annually, the tax based on the property's fair market value at the time of purchase. This tax does not increase based on a rise in real property values (see Proposition 13). California collects $33 billion in property taxes per year.

In 2009 the California economic crisis became severe as the state faces insolvency. In June 2009 Gov. Arnold Schwarzenegger said "Our wallet is empty, our bank is closed and our credit is dried up." He called for massive budget cuts of $24 billion, about 1/4 of the state's budget.

The state's local government is divided into 58 counties and 480 incorporated cities and towns; of which 458 are cities and 22 are towns. Under California law, the terms "city" and "town" are explicitly interchangeable; the name of an incorporated municipality in the state can either be "City of (Name)" or "Town of (Name)".

Sacramento became California's first incorporated city on February 27, 1850. San Jose, San Diego and Benicia tied for California's second incorporated city, each receiving incorporation on March 27, 1850. Menifee became the state's most recent and 480th incorporated municipality on October 1, 2008.

The majority of these cities and towns are within one of five metropolitan areas. Sixty-eight percent of California's population lives in its three largest metropolitan areas, Greater Los Angeles, the San Francisco Bay Area, and the Riverside-San Bernardino Area, known as the Inland Empire. Although smaller, the other two large population centers are the San Diego and the Sacramento metro areas. California is home to the largest county in the contiguous United States by area San Bernardino County.

The state recognizes two kinds of cities: charter and general law. General law cities owe their existence to state law and are consequentially governed by it; charter cities are governed by their own city charters. Cities incorporated in the 19th century tend to be charter cities. All of the state's ten most populous cities are charter cities.

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