The Californer - ICYMI: Private sector jobs are backbone of California's job growth

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~ In case you missed it, the private sector is the driving force behind California's job growth. According to recent data, California is home to 1.7 million private sector businesses, which account for nearly 87% of the state's jobs.

This information was released by the Governor's office in Sacramento, highlighting the strength of California's economy and its impact on the nation. Between January 2022 and June 2024, employers in California created over 523,000 jobs in the private sector alone.

Governor Gavin Newsom stated that California is an economic powerhouse and is leading the way for the future of the American economy. He emphasized their focus on creating opportunities for businesses, workers, and families alike.

The U.S. Bureau of Economic Analysis reported that California remains the fifth-largest economy in the world for seven consecutive years with a nominal GDP of nearly $3.9 trillion in 2023 and a growth rate of 6.1% since the previous year. On a per capita basis, California has the second-largest economy among large economies.

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California also boasts several top rankings in various industries, including being #1 in Fortune 500 companies, new business starts, manufacturing, venture capital funding, high-tech business, agriculture, and tourism.

The state is home to most Fortune 500 companies in the nation and has surpassed other states like Texas and Florida. Additionally, it leads in new business starts and has a significant presence in manufacturing and high-tech industries.

In terms of revenue-generating companies, California tops Inc. Magazine's annual rankings with 672 businesses generating over $317 billion in revenue over three years and creating nearly 875,000 jobs.

Tourism also plays a significant role in California's economy as it has the largest market share in the nation. In 2023 alone, travel spending reached an all-time high of $150.4 billion – a 3.8% increase from 2019 and 5.6% increase from 2022. This spending also generated $12.7 billion in state and local tax revenue and created over 64,000 new jobs.

To continue fostering growth and expansion, Governor Newsom and regional partners in 13 economic regions have announced the framework for the California Jobs First Economic Blueprint. This blueprint will guide the state's investments in key sectors to drive sustainable economic growth, innovation, and access to good-paying jobs over the next decade.

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In addition, the Governor has allocated $120 million to support "ready-to-go" job-creating projects statewide within the next three years.

Recently, California launched a revamped build.ca.gov website that highlights billions of dollars in infrastructure investments over the next ten years and their impact on communities throughout the state. This initiative aims to create more jobs and stimulate economic growth.

One of the most pivotal infrastructure projects for California's water supply has also hit a major milestone with support from water agencies serving more than half of the state's population. This project is expected to create more jobs and improve water resources for Californians.

Governor Newsom continued his California Jobs First "tour" by visiting a historic farm in Colusa to highlight efforts in building critical water infrastructure faster and creating more jobs. With these initiatives, California is committed to promoting job creation and economic development across all regions of the state.

Filed Under: Government, State

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