Since 2013, California Competes Tax Credit has awarded tax credits to more than 1,200 businesses who collectively committed to creating nearly 160,000 jobs and spurring more than $50 billion of private capital investment across the state. Photo courtesy of Governor Gavin Newsom


SACRAMENTO, CA (MPG) - June 13, the Governor’s Office of Business and Economic Development (GO-Biz) announced the latest round of awards through the California Competes Tax Credit (CalCompetes) program, creating good-paying jobs and spurring $86.8 million in new investment across the Golden State.

“California is turning bold ideas into real opportunities," said Governor Gavin Newsome. "With major investments in the industries driving our economy, we're creating good-paying jobs, bringing in millions in private investment, and building a resilient economy that supports all Californians.”

The awardees span a number of strategic sectors, including the clean economy, aerospace and defense, high-tech and manufacturing, that continue to drive the future of California’s economy:

Nextracker is investing nearly $33 million to deliver reliable solar power and integrated software solutions in Fremont

A.S. Aerospace is investing $19 million to continue manufacturing precision aerospace hardware

EVO Power USA is investing more than $1 million to deliver fully integrated battery energy storage solutions in Rancho Santa Margarita

RIS Rx will expand development of their personalized healthcare software in Newport Beach through a $4 million investment

Le Vecke Corporation is investing $30 million to expand their adult beverage manufacturing facility in Jurupa Valley

“Companies focused on long-term, sustainable growth are expanding across the state, creating new opportunities for California’s worldclass workforce,” said Dee Dee Myers, Senior Advisor to Governor Newsom and Director of Governor’s Office of Business and Economic Development. “These investments reinforce California’s continued leadership in the emerging sectors shaping the state’s economic future.”

Since 2013, California Competes Tax Credit has awarded tax credits to more than 1,200 businesses who collectively committed to creating nearly 160,000 jobs and spurring more than $50 billion of private capital investment across the state.

Over the past five years, California Competes Tax Credit has invested in companies such as Pacific Steel to construct the first steel mill in California in more than 50 years in Kern County; Relativity Space to expand their ability to manufacture 3D-printed rockets to carry satellites into space; advanced exploration systems to expand solar energy and battery storage operations across the state; Element Resources to build a hydrogen fuel manufacturing facility in the Antelope Valley; and many more.

See full award details here.

California Jobs First: A bold plan, realized locally:

In February, Governor Newsom released the California Jobs First Economic Blueprint – a new economic vision for California’s future. The Blueprint, which is being implemented by the nine state agencies on the California Jobs First Council, outlines key initiatives to support regional growth, invest in 21st century job training, create an attractive environment for job creators and strengthen California’s innovation economy – all to help increase access to good-paying jobs for Californians.
 
California’s economic leadership:

With a nation-leading Gross Domestic Product (GDP) and more Fortune 500 companies than any other state, California’s economy remains a global powerhouse driven by diversity, creativity and opportunity.

Fourth Largest Economy in the World: California’s $4.1 trillion Gross Domestic Product recently surpassed Japan.

First in the nation: Leads the U.S. in Fortune 500 companies, new business starts, venture capital access, manufacturing output, high-tech industries and agriculture.

Major trade powerhouse: Over $675 billion in two-way trade, making California the largest importer among U.S. states and a key driver of job creation.

Manufacturing hub: Home to 36,000+ manufacturing firms, employing over 1.1 million workers, with strengths in aerospace, electronics, and zero-emission vehicles.

Artificial intelligence and innovation leader: California hosts 33 of the world’s top 50 artificial intelligence companies and produces 25% of global artificial intelligence patents and conference papers.