California’s economy has grown by more than $1.58 trillion since Gov. took office, his office said Oct. 14, as Newsom highlighted the state’s economic record at the 2026 California Economic Summit in Long Beach.
The release said California, with 11.5% of the U.S. population, accounts for nearly 14% of U.S. GDP and is now a $4.5 trillion economy, 47% larger than Texas. It said the state leads the nation in 17 of 20 major economic sectors, including manufacturing, agriculture, construction and health care, and that manufacturing alone generated $391 billion in economic output in 2025.
Citing federal data, the office said California’s economy grew 3.5% after inflation in 2025, compared with 2.8% in Texas and Florida and 2.5% in New York. It said the state added 138,500 of the nation’s 603,000 net payroll jobs from August 2025 through August 2026, and 114,700 jobs in the first eight months of 2026, or 17.8% of U.S. job growth over that stretch.
Average weekly wages in California reached $1,986 in the first quarter of 2026, about 20% above the national average, and total wages and salaries grew 5.2% over the past year, the office said. The statewide minimum wage has risen from $12 an hour when Newsom took office to $17.40 next year.
On research, the release said California companies attracted $366 billion in venture capital in 2026 as of August, that California businesses performed more than one-third of U.S. business R&D in 2023, and that the University of California system received 571 U.S. patents in 2025. It said Newsom’s final bill as governor would put a $7.5 billion research bond before voters.
The office said the state has supported 694,528 earn-and-learn opportunities, including 266,756 registered apprenticeships, since Newsom took office. It said California Jobs First funding has supported 333 early-stage projects, and that Jobs First investments totaled nearly $1.6 billion across all 13 regions in 2025, supporting more than 61,000 jobs and training for more than 142,000 workers, including projected jobs and planned training.
The release also pointed to recent workplace AI laws, including a ban on employers relying solely on AI for disciplinary or termination decisions and a requirement that employers disclose when a mass layoff, relocation or termination is caused by an AI system.
“California has created the formula for success, with more jobs and more businesses, leading in every sector across the board,” Newsom said.
The release did not include independent analysis tying specific policies to the figures.
State
Gavin Newsom
Governor · Democrat
Named 7 times in this story.
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