Governor Gavin Newsom and Visit California CEO Caroline Beteta just broke the
news that California still retains the largest market share of tourism in the
entire United States. According to new data released today, travel spending in
the Golden State reached a record high of $150.4 billion in 2023, outstripping
the previous record amount of $144.9 billion seen in 2019.
“From our
world-renowned coastline, to the world’s tallest trees, to our iconic cities
and theme parks, California is the nation’s coming attraction," Newsom said. "Visitors from
all over the world are coming here to experience the wonder of the Golden
State, boosting our economy and creating good-paying jobs for years to come.”
The new Economic
Impact of Travel in California report, prepared by Dean Runyan Associates and
released by Visit California, revealed 2023 tourism spending that’s 3.8 percent
higher than in pre-pandemic 2019 and 5.6 percent higher than in 2022. On a
county-specific level, spending also
“California
tourism is back where it belongs—setting records and providing for the workers,
business owners and all Californians who depend on the travel industry as a
cornerstone of our state’s economy," said Beteta. "The industry has once again proved its
ability to recover from any challenge, whether it be economic or environmental.
California continues to be the largest, most diverse and most resilient tourism
economy in the United States.”
California's
dominance in the tourism landscape was further evidenced by the record-breaking
$12.7 billion in state and local tax revenue generated by visitors last year, which
represents a three-percent increase over 2019. The sector also saw the creation
of 64,900 new jobs in 2023, raising the industry’s total employment in the
state to 1,155,000.
And, for the
seventh year in a row, California maintained its status as the fifth-largest
economy in the entire world. With a nominal GDP of almost $3.9 trillion in 2023
and a growth rate of 6.1% from the previous year, the state boasts the
second-largest per capita GDP among major economies.
California's relative
economic prowess remained unshaken, retaining its status as the world's
fifth-largest economy for the seventh consecutive year, according to the U.S.
Bureau of Economic Analysis (BEA). With a nominal GDP in 2023 of almost $3.9
trillion and a growth rate of 6.1 percent over the previous year, the state
boasts the second-largest per capita GDP among major economies. By comparison,
India comes in sixth place and has the fastest-growing large economy in the
world.
In a testament to
California's enduring appeal, Newsom noted an uptick in the number of people
moving to the state, marking the state's first population increase since the
onset of the pandemic. He also highlighted California's multifaceted strengths,
including its number-one position among all states in the nation for new
business startups, access to venture capital funding, manufacturing, agriculture,
high-tech industries and overall spending.
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