Governor Newsom outlines California’s economic dominance at the California Economic Summit
What you need to know: Governor Newsom joined the CA Economic Summit for a fireside chat about California’s success as one of the world’s leading economies.
STOCKTON — Today, Governor Gavin Newsom and Director of the Governor’s Office of Business and Economic Development (GO-Biz) Dee Dee Myers joined together at the California Economic Summit to discuss California’s wide-ranging economic success and global leadership.
The California Economic Summit brings together leaders across all industries and regions to propel solution-oriented bipartisan collaboration to ensure a robust and successful economy for years to come.
California is an economic powerhouse. We are entrepreneurs, innovators, pioneers, and self-starters. California invests in all corners of the state, building a strong economic future for all, helping every Californian get one step closer to fulfilling their California Dream.
Governor Gavin Newsom
“California’s nation-leading economy continues to set the foundation for sustainable and inclusive growth, ensuring that the industries of today and tomorrow provide the good-paying jobs Californians deserve,” said Senior Advisor to Governor Newsom and Director of GO-Biz Dee Dee Myers. “Our continued dominance proves that a bottom-up, community-driven approach to economic development can build on local strengths, drive innovation and guarantee every region across the state has the opportunity to thrive.”
An economy for the future
California is setting the pace for the nation, and helping to propel the state and the country into the future. California leads in quantum, fusion, robotics, biotech, nuclear, space, industries critical to our long-term economic and national security. Recently, Governor Newsom signed legislation to invest in global innovation on university campuses to help maintain California’s ongoing dominance in emerging technologies that are fueling our future. California believes in giving everyone the opportunity to succeed and the chance to test out their ideas.
California Jobs First: A bold plan, realized locally
In February, Governor Newsom released the California Jobs First Economic Blueprint – a new economic vision for California’s future. The Blueprint, which is being implemented by the nine state agencies on the California Jobs First Council, outlines key initiatives to support regional growth, invest in 21st-century job training, create an attractive environment for job creators and strengthen California’s innovation economy – all to help increase access to good-paying jobs for Californians.
Supporting the creative economy
The Governor is helping to drive California’s creative economy forward, with a historic expansion of the state’s Film and Television Tax Credit from $330 million to $750 million and creating more opportunities for below-the-line workers to thrive. This week, the Governor announced tax credit awards for 52 new job-creating films shooting in California which will generate $1.4 billion for the state’s economy.
At a time when the federal government is focused on dismantling essential services, here in California, we’re doubling down on our talent and innovation by investing in our communities and their success.
Education and training
California students are also set up for success with major investments in TK-12 that benefits all learners: creating a whole new grade; providing before-, after-, and summer school; offering all students two free, locally-sourced nutritious school meals; and increasing access to behavioral health supports. California is creating new pathways to success with an investment of $30 million into high-demand jobs in healthcare, education, and technology, along with a $25 million investment focused on creating more jobs in skill trades.
California’s economic leadership
With a nation-leading GDP of $4.2 trillion, California’s economy remains a global powerhouse driven by diversity, creativity and opportunity:
- #1 in the Nation: Leads the U.S. in Fortune 500 companies, new business starts, venture capital access, manufacturing output, high-tech industries and agriculture.
- California feeds the nation – and the world: California produces nearly half of the country’s vegetables, and over three-quarters of the country’s fruits and nuts. Ag is a $61.2 billion industry, the largest in the nation, with $22.4 billion in exports.
- Manufacturing Hub: Home to 45,000+ manufacturing firms, employing over 1.24 million workers, with strengths in aerospace, electronics, and zero-emission vehicles.
- AI & Innovation Leader: California hosts 33 of the world’s top 50 AI companies and produces 25% of global AI patents and conference papers.
- Major Trade Powerhouse: With over $675 billion in two-way trade, California supplies the world with a diverse array of manufactured goods — from high-tech devices and aerospace components to pharmaceuticals, semiconductors and industrial chemicals.