August 3, 2017

California Poised to Pass the U.K. as the World’s Fifth-Largest Economy

The Golden State's gross domestic product was $2.6 trillion last year

  • California remains the world’s sixth-largest economy, with a 2016 gross domestic product of $2.60 trillion.
  • California’s gross state product growth was 2.9 percent last year, nearly double the national average.
  • The Bay Area outpaced the state and the nation for job growth between May 2016 and May 2017.

Although the Golden State’s job growth has slowed a bit in 2017, the economy remains a global powerhouse and may move up the rankings by the end of the year, an indicator that demand for housing in the state should remain robust.

Citing World Bank data, a report from the Palo Alto-based Center for Continuing Study of the California Economy says that the state remains the world’s sixth-largest economy, with a 2016 gross domestic product of $2.6 trillion. That’s slightly behind the U.K., which had a 2016 GDP of $2.62 trillion. California is the only U.S. state to rank among the planet’s 10 largest economies.

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About The Mark Company

The Mark Company is one of the nation’s premier urban residential marketing and sales firms. Founded by Alan Mark in 1997, The Mark Company provides a full range of core consulting services including analytics, design, marketing and sales for urban high-rises and suburban attached properties throughout the Western United States. The firm is a trusted partner to global leaders in residential development and finance, providing buyer-driven sales and marketing strategies that produce industry-leading results. The Mark Company has represented more than 10,000 residences and generated over $5 billion in sales for some of the nation’s most notable and successful developments including The Infinity in San Francisco, Evo in Los Angeles and The Martin in Las Vegas. Current projects include 181 Fremont Residences and The Austin in San Francisco and Cavalleri in Malibu. The Mark Company is a subsidiary of San Francisco-based Pacific Union International, the eighth-largest residential real estate brokerage in the U.S. based on 2016 sales volume of $10.15 billion. Pacific Union merged with Los Angeles-based brokerage John Aaroe Group in December 2016. This strategic business collaboration links three of the strongest residential real estate firms on the West Coast, supporting combined 2016 production of $10.1 billion by 1,161 real estate professionals in 38 offices throughout California. For more information, please visit www.themarkcompany.com.