Golden State Today

As part of the California Jobs First initiative, CalCompetes invests in innovative companies to stay, relocate to, or grow in California, creating family-supporting jobs in cutting-edge industries throughout the state.

The Governor’s Office of Business and Economic Development (GO-Biz) announced the latest round of awards under the CalCompetes program. This brings the program’s total job creation commitments to 159,000 and results in over $50 billion in private investment through nearly 1,200 awards over the past ten years.

“CalCompetes’ success over the past decade is a proofpoint that investing in innovative and cutting edge businesses leads to economic growth and opportunity. Throughout the program’s lifespan, over 159,000 good-paying jobs have been created along with $50 billion of private investment across every region of the state,” said Governor Gavin Newsom.

Over the past five years, CalCompetes has invested in companies such as Bosch for domestic design and manufacturing of semiconductors; GoodRx for developing prescription drug pricing applications; Pacific Steel for constructing a steel mill in Kern County; Relativity Space for expanding 3D-printed rocket manufacturing capabilities; among others.

Senior Advisor to Governor Newsom and Director of GO-Biz Dee Dee Myers stated: “Doubling down on ingenuity and innovation works, and no place does it better than California. These types of investments in the state’s diverse economy ensure that California will continue to remain a global leader in the industries of both today and tomorrow.”

California boasts having one of the most equitable tax systems nationwide. It ranks first for new business starts, access to venture capital funding, manufacturing, high-tech sectors, and agriculture.

Last month, Governor Newsom announced that California's travel spending reached an all-time high of $150.4 billion last year. The state's population increased for the first time since the pandemic. The International Monetary Fund noted that California remains the fifth largest economy globally for seven consecutive years with a nominal GDP nearing $3.9 trillion in 2023 and a growth rate of 6.1% from last year according to U.S. Bureau of Economic Analysis data.

Recently, Fortune announced that California now hosts more Fortune 500 companies than any other state since 2014—surpassing Texas and Florida—with a total count at 57 companies across various sectors including tech, finance, and entertainment.