LOS ANGELES—California continues to play a powerhouse role in the U.S. economy, contributing more than 14% of the nation’s GDP, according to a new outlook from Beacon Economics.
However, recent data also reveals sharply growing challenges across labor markets, housing, and state finances, signaling a complex path ahead for the state. Although the election is more than a year away, California’s next governor will need to look beyond short-term fixes to patch long-term imbalances.
“California’s economy is being lifted on one side by a booming tech industry fueled by the many major companies based here, and on the other by strong public sector hiring,” said Niree Kodaverdian, research manager at Beacon Economics and the outlook’s author. “But that growth is increasingly held back by limited housing supply, slow population growth, budget pressures, and policy-driven barriers that tech gains and public hiring can’t prop up forever.”
From the latest outlook
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