Governor Gavin Newsome | Official website
Governor Gavin Newsom has unveiled a series of new tax credits as part of California's Jobs First initiative. These credits, totaling $30.5 million, have been awarded to seven companies engaged in industries such as clean energy, advanced manufacturing, logistics, and consumer goods. This initiative is projected to generate an investment exceeding $2.1 billion in the state's economy.
In a statement, Governor Newsom expressed his views on California's role in fostering innovation and opportunity. He stated, “California is where innovation meets opportunity — and these investments prove it. From clean energy to advanced manufacturing, these companies are creating good-paying jobs and driving billions in private investment. We’re building a stronger, bottom-up economy that works for all Californians.”
The selected companies will invest in various projects across the state. Element Resources plans to invest $1.85 billion in Lancaster to establish a hydrogen fuel manufacturing facility. Fuse Energy Technologies will utilize $152 million to focus on fusion energy research and development in San Leandro and the East Bay. Legendary Foods, with an investment of over $70 million, will expand its food manufacturing operations in Bell and Santa Monica. Others, such as Ariat International and Marine Terminals Corporation, are investing in design operations and port facilities, respectively.
Dee Dee Myers, Senior Advisor to Governor Newsom and Director of the Governor’s Office of Business and Economic Development (GO-Biz), remarked on the awards' significance, “These awards reflect the incredible diversity and strength of California’s economy. Whether it’s rural communities or urban innovation hubs, companies across the state are choosing to grow here because of our unmatched talent, infrastructure, and vision for the future.”
Since its inception in 2013, the California Competes Tax Credit has supported over 1,200 businesses, facilitated the creation of nearly 160,000 jobs, and prompted over $50 billion in private investment. Recent recipients of the credit include Pacific Steel, Relativity Space, and AES, each contributing to California's robust economic landscape.
Governor Newsom's California Jobs First Economic Blueprint sets forth strategies aimed at enhancing regional growth, developing modern job training programs, and bolstering California's status as a center of innovation. This plan supports the creation of a job-friendly environment and the expansion of employment opportunities for Californians.
California maintains its position as a formidable economic force, with a $4.1 trillion GDP that has recently surpassed Japan's. The state also leads the nation in the number of Fortune 500 companies, new business ventures, and venture capital access. Additionally, it is a major trade player and manufacturing hub, emphasizing strengths in aerospace, electronics, and zero-emission vehicles.
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