Newsom: California's September Revenues Beat Forecast by $2.9 Billion as Nine New Unicorns Emerge
California Governor Gavin Newsom announced on October 20 that the state's September tax revenues came in $2.9 billion above forecast — 14.9% higher than projected — with personal income tax and corporate tax receipts both far exceeding estimates. At the same time, nine more California startups have been valued at over $1 billion, becoming new "unicorn" companies and underscoring the strength of the state's innovation economy.
According to data released by the state, personal income tax receipts beat the forecast by $1.1 billion (8.5%) and corporation tax receipts by $1.3 billion (49.1%). New economic data show California's economy continued to grow in the second quarter of 2026, with real GDP rising at a 2.5% annualized rate, above the national 2.2%; personal income grew 4.5% year over year, slightly above the national 4.4%.
Housing construction is also picking up: housing permits ran at an annualized rate of 113,300 units through August 2026, up 15.5% year over year, with multifamily permits jumping 37.3%. Newsom said: "The world's best talent comes to California to take risks, raise capital, build companies, and create whole industries that didn't exist a few years ago.
As our economy continues to grow and our revenues show everyone what's possible — we will keep betting on the future being built right here."
Published by GSM · USA (original Chinese edition)
Photo: 图：加州州长加文·纽森肖像。图片来源：Wikimedia Commons / Photo: California Governor Gavin Newsom. Source: Wikimedia Commons
