2019-23 California GDP growth slowed from 3.3% to 2.2%, with tech firms contributing to the decline.
Technology's decline contributed to California's economic slowdown. Compared to the 2019-23 expansion pace of 3.3%, the state's GDP grew at an average rate of 2.2% recently. This drop is larger than the national decrease in GDP growth. Technology firms, which accounted for nearly a third of statewide growth during California's five-year economic surge, played a significant role in the decline.
July 22, 2024
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