Los Angeles is the largest city in California. With a 2020 population of 3,898,747 it is the second-largest city in the United States, following New York City. Los Angeles is known for its Mediterranean climate, ethnic and cultural diversity, Hollywood film industry and sprawling metropolitan area. The City of Los Angeles lies in a basin in Southern California, adjacent to the Pacific Ocean, and extends through the Santa Monica Mountains and into the San Fernando Valley. Los Angeles has a diverse and robust economy, and hosts businesses in a broad range of professional and cultural fields. It also has the busiest container port in the Americas. In 2018, the Los Angeles metropolitan area had a gross metropolitan product of over $1.0 trillion, making it the city with the third-largest GDP in the world, after Tokyo and New York City. Los Angeles hosted the 1932 and 1984 Summer Olympics and will host the 2028 Summer Olympics. More recently, statewide droughts in California have further strained the city's water security.