In a push to accelerate California’s manufacturing prowess and job market, Governor Gavin Newsom announced a substantial nearly $100 million in the state's manufacturing sector. Through the Governor’s Office of Business and Economic Development (GO-Biz), nine innovative companies are set to receive California Competes Tax Credits (CalCompetes) totaling $99.9 million, as detailed in an announcement on the governor's official website. This strategic move by the governor's office is poised to create an impressive 2,752 new jobs with a significant average weighted annual salary of $139,000, and is expected to usher in more than $370 million in new private investments.
With an eye on fortifying California's economic blueprint, these tax credits reach across a diverse spectrum of the manufacturing industry. From aerospace to wastewater treatment, this initiative is aimed at further cementing California as a dominant force in the innovation sector. Governor Newsom was quoted as saying, "Through programs like CalCompetes, we’re attracting companies and helping them grow successfully in our state, creating good-paying jobs and opportunities for Californians." This latest round of CalCompetes funding pledges to not only support but also to actively nurture the workforce, infrastructure, and innovation that are vital to the growth of these key industrial sectors.
The impact of this funding spans multiple companies and industries. Atomic Machines Inc., for example, plans to significantly enlarge its manufacturing facilities in various Bay Area locations, investing $156.3 million and creating 305 jobs. Aerospace manufacturer, Hadrian Automation, Inc., is also set to expand, with a $52 million investment that will create 650 new jobs across its Torrance and Northern California facilities. Other recipients include Bright Machines and Bella Phytologic, investing in data center infrastructure and vitamin supplement manufacturing, respectively. From expanding satellite manufacturing in Long Beach with True Anomaly to scaling snack production at Gimme Health Foods Inc. in Madera, these investments cover an array of innovative manufacturing approaches and technologies.
Dee Dee Myers, Senior Advisor to Governor Newsom and Director of GO-Biz, praised the award recipients, stating, "These companies represent the next generation of California innovation," as reported on the governor's website. She underscored the importance of these investments in strengthening essential industries and propelling economic growth. Furthermore, the CalCompetes program has already awarded tax credits to more than 1,200 businesses, pledging to create nearly 160,000 full-time jobs and generating more than $50 billion in private investment within the state, showcasing California's unwavering commitment to economic expansion and job creation.
Alongside the CalCompetes program, Governor Newsom's office has been actively implementing the California Jobs First Economic Blueprint. This Blueprint is the state's new master plan, aiming to foster regional growth, deliver 21st-century job training, and incentivize job creators. California’s sustained economic vigor, buoyed by its status as a global leader in sectors such as venture capital investment and manufacturing, is proof of the state's ongoing commitment to intertwining innovation with inclusion, securing high-paying jobs for Californians across the region.
