Jun 14, 2024

California Jobs First: CalCompetes program reaches $50 billion of private investment in the state

What you need to know: 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 all throughout the state.

SACRAMENTO – The Governor’s Office of Business and Economic Development (GO-Biz) today announced the latest round of awards under the CalCompetes program, bringing the program’s total job creation commitments to 159,000 and resulting in over $50 billion in private investment in the state 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.”
Governor Gavin Newsom

Over the past five years, CalCompetes has invested in companies such as Bosch to domestically design, develop, and manufacture the next generation of semiconductors and microchips; GoodRx to develop mobile and web-based applications that provide prescription drug pricing comparisons, discount programs, and pharmacy information; Pacific Steel to construct the first steel mill in California in more than 50 years in Kern County; Relativity Space to expand their ability to manufacture 3D-printed rockets to carry satellites into space; and many more.

Read about the latest round of CalCompetes awards

What Senior Advisor to Governor Newsom and Director of GO-Biz Dee Dee Myers said: “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.”

Bigger picture

The Golden State, which has the most equitable tax system in the entire country, is #1 in the nation for new business starts, #1 for access to venture capital funding, and the #1 state for manufacturinghigh-tech, and agriculture.

Last month, Governor Newsom announced that California’s travel spending reached an all-time high of $150.4 billion last year. This comes after the state’s population increased for the first time since the pandemic and the International Monetary Fund’s World Economic Outlook noting that California remains the 5th largest economy in the world for the seventh consecutive year, with a nominal GDP of nearly $3.9 trillion in 2023 and a growth rate of 6.1% since the year prior, according to the U.S. Bureau of Economic Analysis. California’s per capita GDP is the second largest among large economies.

And just last week, Fortune announced that for the first time since 2014, California is home to the most Fortune 500 companies in the country – beating out Texas, Florida, and all other states. From tech to finance to entertainment, the state’s diverse economy has 57 companies on the list, while Texas and New York are tied in second with 52 companies each.