California can be distinguished from other USA states as an efficient provider of both services and merchandise to international trade along with being the principal gate way for passenger travel, air cargo and water borne shipping.
- The total number of small businesses in California is 3,571,013 where 683,999 are businesses with employees and 2,887,014 are businesses without employees. The total number of workers employed by small businesses are in the number 6,331,871.
- During the second quarter of 2013, 73,920 enterprises opened and 80,330 closed down in the state of California.
- Bankruptcies in business have declined from 2010-2013 making it a stronger economy.
Statistics on California’s trade:
- In 2013, the state of California traded with 229 foreign markets and goods were exported were worth $168.1 billion.
- 10.6% of US exports will be produced in California and also 16.8% of US imports are destined finally to California.
- In 2011, the state of California ranked first in service exports with a value of $89.3 billion.
- In the year 2012, total of 75,012 companies exported goods of which 71,921 or almost 95.9% were small firms which generated about two-fifths (44.6%) of the states total export value.
- Tourism industry in the state brings over $60 billion annually in sales thus providing jobs nearly for 700,000 citizens of California.
Overall state economy:
- In 2012, economy of California grew at a faster rate than that of US. The real gross state product have increased by 3.5% comparatively to that of 2.5% of US gross domestic product.
- The economy of California was strong in 2011 with the real gross state product with 4.3 percent increase and 1.5% increase in private sector employment.
- Number of opening establishments was lower than that of closing establishments and the net change in employment was negative in 2011.
- In 2011, the gross state product of California was $1.96 trillion compared to that of US total GDP at $15 trillion.
- If California’s gross domestics product in 2011 placed it among top 10 economies around the world.
- In the month of April 2013, California state had 29.6 million labor force with 9% unemployment.
- Milken institute’s state science and technology index ranks the states based on the research and development dollars, venture capital investment, business starts and number of patents issued where it ranked California as 3rd among 50 states.
- In the year 2012, the US patent and trade mark office ranked California as the 1st in the nation in patents when around 34,660 patents were granted which accounts about 12.5% of the patents issued around the world.
- In the year 2013, California ranked 48th in the over all nation by the component tax and state business tax climate index.
- In 2011, three among ten cities were based in California in technology establishments. San Franciso was ranked first in technology accounting for 3,442 start ups.
- Los angeles ranked fourth with 1,507 start ups in technology. San diego was another city which was ranked sixth with 329 technology start ups.
- California state was ranked 16th in unemployment insurance tax, 17th in property tax, 40th in sales tax, 45th in corporate tax rates and 49th in individual income tax.
- Majority of the firms with employees are small businesses making up to 99.2 percent of the employers in the total state.
- In 2013, the states private sector has been increased by 3.6% which is above 2.1% of the national average growth rate.
Income and finance:
- The annual income of the small businesses with sole proprietors has been increased by 6.9% during third quarter of 2013 and totaled up to $149.4 billion.
- In the year 2012, 758,453 loans were issued under $100,000 by community reinvestment act lending institutions present in California.
Venture capital in California:
- California topped for receiving venture capital fund for the fourth consecutive year, 2012 while taking up 48% of total US venture capital investments.
- California state received around $14 billion in the united states venture capital investments.