California's economy has grown by $1.58 trillion over the past eight years and now represents $4.5 trillion in gross domestic product, accounting for nearly 14 percent of U.S. economic output, according to state data presented at the 2026 California Economic Summit in Long Beach.
Despite representing only 11.5 percent of the U.S. population, California's economy is growing faster than other large state economies. The state's gross domestic product grew 3.5 percent after inflation from 2025 to 2026, compared with 2.8 percent in Texas and Florida and 2.5 percent in New York.
Nearly one in four American jobs added over the past year were in California. From August 2025 through August 2026, California accounted for 138,500 of the nation's 603,000 net payroll jobs. Average weekly wages in the state reached $1,986 in the first quarter of 2026, about 20 percent above the national average.
The state's minimum wage has increased from $12 an hour to $17.40 next year. California has supported 694,528 earn-and-learn opportunities, including 266,756 registered apprenticeships.
California has enacted legislation addressing artificial intelligence in the workplace. New laws prohibit employers from relying solely on AI when making disciplinary or termination decisions and require disclosure if mass layoffs or terminations are caused by an AI system.
Governor Newsom has proposed a $7.5 billion research bond to voters to invest in science, technology, and university research. California companies attracted $366 billion in venture capital in 2026, according to state data, more than three times the total raised by all other states combined.