California created 43,700 jobs in May, 16.1% of the nation’s total

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California Construction News staff writer

California created 43,700 jobs last month – one out of every six jobs in the nation – as the state’s unemployment rate dropped by 0.1 percent. Since May 2020, California has gained 3,100,400 jobs, an average of 63,273 per month.

“California is creating good jobs all through the state,” Gov. Gavin Newsom said in a statement. “As the state’s economy grows and hits new milestones, we need to continue supporting and uplifting every community across California.”

California is number one in the nation for new business starts, access to venture capital funding, manufacturing, high-tech, and agriculture.

Last month, the state’s population increased for the first time since the pandemic and the International Monetary Fund’s World Economic Outlook noting that California remains the 5th largest economy in the world for the seventh consecutive year, with a nominal GDP of nearly $3.9 trillion in 2023 and a growth rate of 6.1 percent, according to the U.S. Bureau of Economic Analysis. California’s per capita GDP is the second largest among large economies.

Also, Fortune announced that for the first time since 2014, California is home to the most Fortune 500 companies in the country – beating out Texas, Florida, and all other states. The state’s economy has 57 companies on the list, while Texas and New York are tied in second with 52 companies each.

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