Newsom highlights California’s edge in innovation as new awards target tech-focused production and expansion
Sacramento, California – Governor Gavin Newsom has announced about $100 million in new initiatives to help California’s manufacturing industry grow and create more jobs across the state. The money, which came from the most recent round of California Competes Tax Credits, shows that the state continues to invest to support industries that are important to its innovation-driven economy.
The Governor’s Office of Business and Economic Development said that nine corporations will split up $99.9 million in tax credits. In return, these companies are expected to hire 2,752 additional people, each of whom will make an average of $139,000 a year. Officials in California said that the achievements will also lead to more than $370 million in private investment, which will make California even more attractive to companies that focus on innovative manufacturing and technology.
Newsom said that the state’s leadership in cutting-edge industries remains one of its most important strengths.
“California’s global leadership in innovation and manufacturing continues to set us apart. Through programs like CalCompetes, we’re attracting companies and helping them grow successfully in our state, creating good-paying jobs and opportunities for Californians,” Newsom said.
The new awards include a lot of different areas and industries. Atomic Machines Inc. will spend more than $156 million in the Bay Area to increase production of micro-electromechanical systems in Santa Clara, Emeryville, and other areas, creating more than 300 jobs. Bright Machines wants to expand its data center infrastructure manufacturing operations in Fremont. It will do this with the help of $62.9 million in funding and around 300 new jobs.
Southern California will also experience big improvements. Hadrian Automation, Inc. is going to make more aircraft parts in Torrance and Northern California. This will create 650 jobs and cost $52 million. True Anomaly’s $12.7 million expansion will provide 400 new jobs in Long Beach’s satellite manufacturing sector. In the meantime, Color Image Apparel will add 774 new jobs to its Beverly Hills headquarters as part of a $2.5 million upgrade to its design and production operations.
Other businesses that get help will focus on meeting important industrial needs around the state. Investments include making new vitamins and supplements in Sonoma County, making food from seaweed in Madera, expanding the production of diagnostic devices in Hollister, and building a facility in Fresno to treat wastewater.
“These companies represent the next generation of California innovation,” said Dee Dee Myers, Senior Advisor to Governor Newsom and Director of GO-Biz. “From advanced manufacturing to clean technology, these investments strengthen the industries that define our economy and accelerate inclusive, economic growth across the state.”
The announcement fits in with the California Jobs First Economic Blueprint, which is a statewide plan that started this year to speed up regional economic growth, improve job training, and keep the state ahead of the competition. Officials claim that California’s economy is still set up for growth based on innovation and a wide range of opportunities.
The state has a growing population, record tourism expenditure, and is a national leader in business formation and venture investment.
