RankingBanking 25 - Flipbook - Page 6
4
California
Dreaming
By Emily McCormick
I
n a June 2023 interview, Fox News
fires have stressed the insurance sector. Raids by
personality Sean Hannity asked California
U.S. Immigration and Customs Enforcement have
Gov. Gavin Newsom why so many residents
tightened the state’s workforce. Undocumented im-
were leaving the state for places like Flor-
migrants make up 8% of those workers, per a June
ida. Newsom disputed the assertion. “Per
2025 study by the Bay Area Council Economic In-
capita, more Floridians move to California
stitute. The group believes mass deportations could
than Californians moving to Florida,” New-
cost the state $275 billion in wages and economic
som responded.
activity; agriculture, construction and hospitality
Hannity’s question played into a broader
narrative that the California economy has been
would be among the industries affected.
But many signals point to the overall strength
struggling. A housing affordability and availability
of the California economy. In April, Newsom
crisis has long plagued the state, leading residents
announced the Golden State, with a nominal GDP
to leave for other states, according to the Public
of $4.1 trillion, had eclipsed Japan as the fourth
Policy Institute of California. More recently, wild-
largest economy in the world. The Bureau of Eco-
