California's Top Three Revenue Sources Beat Forecast by $7.7 Billion as Newsom Touts No Projected Deficit
The Office of California Governor Gavin Newsom released economic figures in Sacramento on November 10, saying the state's top three revenue sources have come in $7.7 billion higher than projected since April, that California's $4.5 trillion economy has grown by more than 50 percent, or about $1.5 trillion, since Newsom took office, and that the state faces no projected deficit for two years.
"California's economy continues to lead the way, with strong revenues, job growth, and thriving small businesses. And now, thanks to voters, we can save more and build stronger financial stability," Newsom said. The governor's office said Proposition 2, recently approved by voters, raises the cap on deposits into the state's rainy day fund from 10 percent of tax revenue to up to 20 percent, allowing even larger deposits during economic booms.
On venture capital, the governor's office said $366 billion flowed to California companies as of August 2026, more than three times the other 49 states combined; 75 percent of all U.S. startup funding this year is going to California companies, with $385 billion raised year to date, more than double last year's total; 57 percent of all U.S. early-stage capital is in California, including $62 billion in seed and early-stage funding; more than half of America's unicorns are headquartered in California, and nine California companies became unicorns in September alone.
On jobs, the governor's office said California added 129,300 of the nation's 496,000 net payroll jobs from September 2025 through September 2026, about 26 percent; unemployment fell by 106,500 Californians over ten consecutive months through September, with the unemployment rate steady at 5.1 percent, its lowest level since February 2024; California wages are 20 percent above the national average, and the statewide minimum wage has risen from $12 an hour when Newsom took office to $17.40 next year.
On industry, the governor's office said California's manufacturing output reached $391 billion in 2025, the largest in the nation and 18 percent larger than Texas, with nearly 1.2 million manufacturing jobs; farm sales totaled $64.7 billion in 2025; goods exports hit a record $188 billion in 2025; and California is home to 4.3 million small businesses, 99.8 percent of all businesses in the state, employing 7.6 million Californians.
On innovation, the governor's office said California residents received more than 50,000 U.S. patents in fiscal year 2025, more than the next six states combined; the University of California system received 571 U.S. patents in 2025, more than any other university worldwide; and Newsom's final bill of his tenure seeks to put a $7.5 billion research bond before voters to invest in science, technology and universities.
(Source: Office of the Governor of California)
Source: Office of the Governor of California
Published by GSM · USA (original Chinese edition)
Photo: 图：位于加州 Sacramento 的加州议会大厦（GSM 固定图库）。 / Photo: California State Capitol in Sacramento, California (GSM asset library).
