Governor Newsom announces $1.3 billion in new private investment, creating thousands of new jobs in key industries across California

SACRAMENTO – Governor Gavin Newsom today announced six companies have been awarded California Competes Tax Credits (CalCompetes) from the Governor’s Office of Business and Economic Development (GO-Biz). Together, these awards are projected to create more than 2,000 new jobs with a weighted average annual salary of over $110,000 and generate more than $1.3 billion in private investment across California. 

Since 2019, CalCompetes has awarded tax credits to 271 businesses committed to creating 75,577 full-time jobs based in California and generating more than $37 billion in private investment.

Spanning industries from aerospace and advanced manufacturing to clean energy and high tech, this latest round of CalCompetes awards advances several of California’s economic priorities as outlined in the California Jobs First Economic Blueprint. In particular, today’s investments support growth in “strengthen” and “accelerate” sectors while reinforcing California’s commitment to attracting investment, expanding economic opportunity and creating high-quality jobs across the state.

Award recipients include:

• Eleven Labs Inc., which will invest $1.15 million to scale its artificial intelligence software development presence in San Francisco and create 173 jobs
• General Atomics, which will invest $38 million to expand fusion energy research and development operations in Poway
•  The Quartz & Silicon Materials Company, which will create 894 jobs and invest $679 million to develop its advanced manufacturing operations in Chula Vista and Calipatria
•  Ross Dress for Less, Inc., which will invest $494 million to broaden its retail apparel processing operations in Bakersfield, creating hundreds of new jobs with the potential for additional growth as the project advances
•  SubSea Craft US, Inc., which will invest $6.9 million to establish its maritime technology manufacturing operations in Southern California
•  Vast, Inc., which will invest $87 million to expand its space station research, development, and manufacturing footprint in Long Beach, creating 667 new jobs

See the full award details here.

California Jobs First: A bold plan, realized locally

In February 2025, 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.

Through the California Jobs First initiative, nearly $1.6 billion in investment was generated in 2025, training over 142,000 workers and helping to create more than 61,000 new jobs. By accelerating economic growth and investing in regional strategies, the Golden State remains committed to expanding access to good-paying jobs for all Californians.

California’s economic leadership

California’s economy continues to outperform both the nation and global competitors. A recent report from the Public Policy Institute of California (PPIC) found that California’s gross domestic product reached $4.3 trillion in 2025, representing 14% of the entire U.S. economy. Over the past 25 years, California’s economy has grown by 90%, significantly outpacing national growth of 69%.

The Golden State is also driving national economic momentum. According to a recent Bloomberg analysis, California generated 40% of the U.S. stock market growth while accounting for less than 12% of the nation’s population and captured two-thirds of all U.S. venture capital.

And when it comes to economic leadership, California leads the nation as:

• #1 in new business starts
• #1 in manufacturing
• #1 in venture capital funding
• #1 in high-tech business
• #1 in agriculture