Economic regions

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

Industries

Agriculture (including fruit, vegetables, dairy, and wine) is a major California industry. In 2004 agriculture brought in $31.68 billion in revenue, making it more than twice the size of any other state's agriculture industry. In fact, California is the world's fifth largest supplier of food and agriculture commodities. Agriculture accounts for just slightly over 2% of California's $1.55 trillion gross state product.

Other major industries include:

• aerospace

• entertainment, primarily television by dollar volume, although many movies are still made in California

• light manufacturing including computer hardware and software, and the mining of borax.

California also draws significant revenue from international trade and tourism. The exports of goods made in California totaled $94 billion in 2003. Nearly $40 billion of that total was computers and electronics, followed by agriculture, non-electrical machinery, transportation, and chemicals. Total direct travel spending in California reached $82.5 billion in 2004, a 7.4% increase over the preceding year. Los Angeles County receives the most tourism in the state.

Oil drilling has played a significant role in the development of the state. There have been major strikes in the Bakersfield, Long Beach, Los Angeles and off the California coast.

Historically, California's economy has been controlled by huge corporations such as the Southern Pacific Railroad, Standard Oil of California and the Pacific Gas and Electric Company.

Gross domestic product (GDP)

California is responsible for 17% of the United States' gross domestic product (GDP). The state's GDP is at about $1.7 trillion (as of 2006).

The GDP increased at an annual rate of 3.1% in the first quarter of 2005.

California's gross state product

According to the California Department of Finance, California's gross state product is $1.543 trillion.

According to the Bureau of Economic Analysis, California's gross state product is $1.727 trillion (2006 data, last updated Thursday, June 07, 2007).

According to the California Legislative Analyst's Office, "California's gross state product is nearly $1.5 trillion..." ("Gross product in 2003", released in 2004).

California as an independent nation

The economy of California is often cited for how it would compare to other countries if California was an independent nation. The statistic quoted varies widely (usually placing California between 7th and 10th), depending on the source.

The two main issues are:

1. determining California's gross state product

2. determining the gross domestic product (GDP) for various countries

 Rankings from different sources

The World Factbook According to The World Factbook published by the CIA, if California was an independent nation, it would have had the tenth largest economy in the world in 2005.		California Legislative Analyst's Office According to the California Legislative Analyst's Office, if California was an independent nation, it would have had the eighth largest economy in the world.		California Department of Finance According to the California Department of Finance, if California was an independent nation, it would have had the seventh largest economy in the world.
The rankings are: the combined United States China Japan India Germany United Kingdom France Italy Russia California Brazil Canada Mexico Spain South Korea (2005 estimates)		The rankings are: the combined United States Japan Germany P R China United Kingdom France Italy California Spain Canada (2005 data)		The rankings are: the combined United States Japan Germany United Kingdom France Italy California China (excluding Hong Kong) Spain Canada Mexico Korea India Australia Netherlands (2003 data)

Per capita personal income

Per capita personal income was $38,956 as of 2006, ranking 11^th in the nation. Per capita income varies widely by geographic region and profession. The Central Valley has the most extreme contrasts of income, with migrant farm workers making less than minimum wage. While some coastal cities include some of the wealthiest per-capita areas in the U.S., notably San Francisco and Marin County, the non-agricultural central counties have some of the highest poverty rates in the U.S. The high-technology sectors in Northern California, specifically Silicon Valley, in Santa Clara and San Mateo counties, are currently emerging from economic downturn caused by the dot.com bust, which caused the loss of over 250,000 jobs in Northern California alone. Recent (Spring 2005) economic data indicates that economic growth has resumed in California, although still slightly below the national annualized forecast of 3.9%. The international boom in housing prices has been most pronounced in California, with the median property price in the state rising to about the half-million dollar mark in April 2005.

Tax burden

California's overall tax burden of $10.66 per $100 of personal income is slightly above the $10.43 average for the United States.

Housing

The international boom in housing prices has been most pronounced in California, with the median property price in the state rising to about the half-million dollar mark in April 2005. Orange County, Ventura County and the San Francisco Bay Area have the highest median prices, each approaching $650,000. The least expensive region is the Central Valley, with a median price of $290,000.

Various real estate markets in California are currently considered to be in a housing bubble.

25 wealthiest places in California

Thanks to the state's powerful economy, certain California cities are among the wealthiest on the planet. The following list is ranked by per capita income:

1. Belvedere, California � Marin County � $113,595

2. Rancho Santa Fe, California � San Diego County � $113,132

3. Atherton, California � San Mateo County � $112,408

4. Rolling Hills, California � Los Angeles County � $111,031

5. Woodside, California � San Mateo County � $104,667

6. Portola Valley, California � San Mateo County � $99,621

7. Newport Coast, California � Orange County � $98,770

8. Hillsborough, California � San Mateo County � $98,643

9. Diablo, California � Contra Costa County � $95,419

10. Fairbanks Ranch, California � San Diego County � $94,150

11. Hidden Hills, California � Los Angeles County � $94,096

12. Los Altos Hills, California � Santa Clara County � $92,840

13. Tiburon, California � Marin County � $85,966

14. Sausalito, California � Marin County � $81,040

15. Monte Sereno, California � Santa Clara County � $76,577

16. Indian Wells, California � Riverside County $76,187

17. Malibu, California � Los Angeles County � $74,336

18. Del Monte Forest, California � Monterey County � $70,609

19. Piedmont, California � Alameda County � $70,539

20. Montecito, California � Santa Barbara County � $70,077

21. Palos Verdes Estates, California � Los Angeles County � $69,040

22. Emerald Lake Hills, California � San Mateo County � $68,966

23. Loyola, California � Santa Clara County � $68,730

24. Blackhawk-Camino Tassajara, California � Contra Costa County � $66,972

25. Los Altos, California � Santa Clara County � $66,776

30 poorest places in California

Also, due to California's considerable and increasing wealth disparities, many communities are among the poorest in the western world. The following list is ranked by increasing per capita income, first number is state ranking:

1076 Tobin, California � Plumas County � $2,584
1075 Belden, California � Plumas County � $3,141
1074 East Orosi, California � Tulare County � $4,984
1073 London, California � Tulare County � $5,632
1072 Cantua Creek, California � Fresno County � $5,693
1071 Indian Falls, California � Plumas County � $5,936
1070 Westley, California � Stanislaus County � $6,137
1069 Cutler, California � Tulare County � $6,254
1068 Mecca, California � Riverside County � $6,389
1067 Richgrove, California � Tulare County � $6,415
1066 San Joaquin, California � Fresno County � $6,607
1065 Woodville, California � Tulare County � $6,824
1064 Kennedy, California � San Joaquin County $6,876
1063 Mettler, California � Kern County � $6,919
1062 Mendota, California � Fresno County � $6,967
1061 Terra Bella, California � Tulare County � $7,034
1060 Parlier, California � Fresno County -$7,078
1059 Orange Cove, California � Fresno County � $7,126
1058 Parksdale, California � Madera County � $7,129
1057 Earlimart, California � Tulare County � $7,169
1056 South Dos Palos, California � Merced County � $7,170
1055 Winterhaven, California � Imperial County � $7,220
1054 Shackelford, California � Stanislaus County � $7,250
1053 Palo Verde, California � Imperial County � $7,275
1052 Biola, California � Fresno County � $7,375
1051 Kettleman City, California Kings County � $7,389
1050 Arvin, California � Kern County � $7,408
1049 Coachella, California � Riverside County � $7,416
1048 Bret Harte, California � Stanislaus County � $7,481
1047 Traver, California � Tulare County � $7,642