California Competes Tax Credits: $99.9 Million Awarded to Nine Companies

SACRAMENTO – Governor Gavin Newsom announced on November 17, 2025, that the Governor’s Office of Business and Economic Development (Proceed-Biz) has awarded $99.9 million in California Competes Tax Credits (CalCompetes) to nine innovative companies throughout the state. This investment is projected to create an estimated 2,752 new jobs and generate over $370 million in new private investment.

Boosting California’s Economy

The CalCompetes program is a key component of the California Jobs First initiative, designed to attract and retain businesses, fostering job growth and economic development in the state. According to Governor Newsom, programs like CalCompetes are crucial for attracting companies and supporting their growth within California, leading to well-paying jobs and opportunities for residents.

Investment in Manufacturing

This round of awards specifically targets a diverse range of manufacturers across sectors including aerospace, wastewater treatment, and microelectronics. Manufacturing is identified as a critical sector within the state’s Economic Blueprint, contributing $405.6 billion in output in 2024 and employing over 1.24 million workers. The state’s investment aims to bolster the workforce, infrastructure, and innovation within this vital sector.

GO-Biz Role and Services

The Governor’s Office of Business and Economic Development (GO-Biz) plays a central role in California’s economic strategy. GO-Biz serves as the state’s leader for job growth and economic development, offering no-cost consultation services to businesses for attraction, retention, and expansion. These services include site selection and permit streamlining [California Governor’s Office of Business and Economic Development].

Key State Leaders

Several key state leaders are involved in driving California’s economic initiatives, including:

• Governor: Gavin Newsom
• Lieutenant Governor: Eleni Kounalakis
• Attorney General: Rob Bonta
• State Treasurer: Fiona Ma
• GO-Biz Senior Advisor and Director: Dee Dee Myers

Digital Inclusion Efforts

California is also focused on bridging the digital divide, with 87% of Californians now having broadband internet access. Still, only 69% connect through a computer at home. Public-private partnerships, fostered by the California Emerging Technology Fund (CETF), are integral to achieving widespread broadband deployment and ensuring digital inclusion and equity for all Californians [California Emerging Technology Fund].