ICYMI: California businesses dominate the Inc. 5000 list
What you need to know: Inc. Magazine’s annual rankings of the top 5,000 companies for revenue growth over the past three years included 672 California businesses, nearly 200 more than the next closest state.
SACRAMENTO – The Inc. 5000 companies have generated 874,940 jobs and $317 billion in revenue over three years, with median revenue growth of 1,637%. California topped the list with 672 companies, including six companies in the national top 20.
“California has the most dynamic, entrepreneurial economy in the country. Businesses that start and grow here change the world. It’s why we’re the 5th largest economy in the world and continue creating more jobs than any other state.”
Governor Gavin Newsom
California companies ranged from storage services for travelers throughout the globe to a cyber insurance pioneer to clean energy solutions for homeowners. California’s dominance of the Inc. 5000 list is another indication of California’s economic strength.World’s fifth largest economy
California is 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% since the year prior, according to the U.S. Bureau of Economic Analysis. On a per capita basis, California is the second largest economy in the world among large economies.
Highest level of tourism spending
California has the largest market share of tourism in the nation. Travel spending in the state reached an all-time high of $150.4 billion last year, surpassing the record $144.9 billion spent in 2019 – spending that is 3.8% higher than 2019 and 5.6% higher than 2022.
The new travel-spending record generated $12.7 billion in state and local tax revenue by visitors in 2023, marking a 3% increase over 2019. Tourism created 64,900 new jobs in 2023, bringing total industry employment to 1,155,000.
Thousands of fast food jobs created
According to the latest state and federal employment data, California has more fast food jobs than ever before, boasting over 750,000 jobs as of July 2024. And, the industry has added jobs every month this year.
Most companies on the Fortune 500 list
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. From tech to finance to entertainment, the state’s diverse economy has 57 companies on the list, while Texas and New York are tied in second with 52 companies each.