California's personal income reaches $3.4 trillion despite wildfire challenges

California's personal income reached $3.4 trillion, the highest in the U.S., accounting for 14% of the nation's total. This strong income base is expected to help cover the estimated $50 billion to $150 billion in rebuilding costs from recent wildfires. Most of the rebuilding funds will come from insurance, government assistance, and charitable contributions. California's per-capita income grew by 6.7% annually, significantly outpacing the national average of 4.7%, indicating a robust economic position. Despite the wildfire damage, California's economy remains strong, with a per-capita income of $85,300, the fourth-highest in the U.S. This growth trend suggests that many residents have experienced substantial income increases, aiding recovery efforts.