Governor Gavin Newsom today highlighted California's robust economic performance, presenting data to counter what he described as "tired right-wing narratives" about the state's financial health. Newsom emphasized California's leadership in innovation, business creation, and job growth, asserting its position as the world's fourth-largest economy.
Since January 2019, California's gross domestic product has increased by 40% to over $4 trillion, contributing nearly 14% of the total U.S. economic output. This growth surpassed major economies like China and Germany during the same period. California also accounted for over 40% of the growth in value of the nation's publicly traded equities and is the single largest contributor to national productivity growth.
The state boasts a strong talent pipeline with over 600 colleges and universities, producing more engineers than any other state. Key industries fueling California's economy include technology, with firms leading nationwide returns, and healthcare, which saw a 52% GDP contribution increase by 2025. Infrastructure and trade, exemplified by the Port of Los Angeles, and clean energy also demonstrate significant growth and innovation, with renewable energy companies projected to see 17% revenue growth in the coming year. California attracted more venture capital funding than 49 states combined in 2026, securing $366 billion.
California continues to lead in job creation, contributing one in six new jobs nationally through July 2026. Average weekly wages in the state increased by 4.6% in the fourth quarter of 2025, outpacing the national average. The statewide minimum wage is set to rise to $17.40 per hour on January 1, 2027, adjusted annually for inflation. The state is also home to over 4.3 million small businesses, employing 7.6 million Californians.
"Fox News needs to update their talking points, because their tired narrative simply doesn’t match reality," Governor Gavin Newsom said. "California is dominating, attracting talent, capital, businesses, and ideas that are shaping the future. The right wing propaganda can keep recycling the same tired attacks, but they don’t get to substitute ideology for reality. California isn’t just leading, it’s setting the pace for what comes next."