Today, Gov. Gavin Newsom said six companies landing California Competes tax credits are expected to pour more than $1.3 billion in private investment into the state and hire over 2,000 workers across aerospace, advanced manufacturing, clean energy and high tech. The awards are being rolled out as part of the California Jobs First strategy to lure and keep high-wage employers in multiple regions.
What the state announced
In a press release from the Governor of California, officials said the six California Competes awards are projected to generate more than $1.3 billion in private investment and more than 2,000 new jobs, with a weighted average annual salary topping $110,000. The Governor’s team linked the awards to priorities in the California Jobs First Economic Blueprint, highlighting the program’s focus on strengthening and accelerating sectors rather than one-off deals.
Which companies won credits
State documents sketch out where that money is supposed to land. Eleven Labs is slated to invest about $1.15 million and add 173 jobs in San Francisco. General Atomics plans a $38 million expansion in Poway. The Quartz & Silicon Materials Company has pledged roughly $679 million in investment and about 894 jobs split between Chula Vista and Calipatria. Ross Dress for Less is lining up a roughly $494 million expansion in Bakersfield. SubSea Craft US is planning about $6.9 million in Southern California maritime manufacturing facilities. And Vast, Inc. is proposing an $87 million expansion in Long Beach that would come with roughly 667 jobs. These figures are drawn from GO-Biz meeting materials.
How this fits California's economic plan
The Newsom administration is folding the latest awards into its broader California Jobs First narrative, which it says helped generate nearly $1.6 billion in investment and train more than 142,000 workers in 2025. The program leans hard on regional strategies and sector-specific growth, according to California Jobs First. Zooming out, a recent report from the Public Policy Institute of California notes that the state’s GDP reached about $4.3 trillion in 2025, a data point officials frequently cite when arguing that targeted incentives are needed to keep high-value industries rooted in California (PPIC).
Why critics worry
Even as new credits are being celebrated, there is an active fight in Sacramento over how generous California should be. Lawmakers are weighing a proposal that would limit broad business tax credits starting in tax year 2027, capping them at the greater of $5 million or 50 percent of a corporation’s pre-credit tax liability. According to testimony compiled in CalMatters Digital Democracy, supporters frame the cap as a basic guardrail for the state budget, while industry groups warn that tighter limits could undercut research-heavy firms that rely on predictable incentives. Local reporting, including coverage headlined that Newsom’s tax credit squeeze has labs on edge, has tracked how those worries are playing out in regions that depend on lab and tech jobs.
What's next
GO-Biz says the full details of the latest California Competes awards, including negotiated milestones and clawback provisions, are posted for public review, and that the agency will monitor hiring and investment benchmarks as projects move from press release to construction and staffing. The CalCompetes committee signed off on the recommendations at a June meeting, and the state plans to track company compliance using the agreements now available on GO-Biz’s site.
