The article explores how California's robust economy, with the highest personal income among U.S. states, could help mitigate the financial impact of the recent wildfires. It examines data on personal income growth and per-capita income, highlighting California's strong financial standing.
How will the California economy handle the Los Angeles wildfires’ early repair estimates running between $50 billion to $150 billion?
Only three other states have trillion-dollar personal incomes: Texas, with $2.14 trillion, New York, with $1.71 trillion, and Florida, with $1.65 trillion.Statewide per-capita income – that’s all payments divided by the population – grew at an average of 6.7% annually in the four quarters through September 2024. That’s No. 1 among the states and easily tops the 4.7% national pace.
No. 1 was Massachusetts at $94,400, followed by Connecticut at $93,500 and New York at $86,200. After California was New Jersey and Wyoming at $84,900.
Economy Natural Disasters CALIFORNIA ECONOMY WILDFIRE REBUILDING PERSONAL INCOME PER-CAPITA INCOME INSURANCE
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