SACRAMENTO, United States — California Governor Gavin Newsom has announced that California secured approximately $1 billion in new private investment through the California Competes Tax Credits (CalCompetes) program, a state-backed initiative aimed at attracting and retaining major industries.
The announcement, made on Wednesday, covers 17 companies operating in sectors including aerospace, clean energy, semiconductor manufacturing, advanced technology, and industrial production.
The initiative is administered by GO-Biz, California’s economic development office, which provides tax incentives to firms that commit to creating jobs and expanding operations within the state.
According to state officials, the awarded companies are expected to create 4,489 new jobs across California, with an average weighted annual salary of approximately $132,218.
“This investment shows California continues to lead in innovation and economic growth,” Newsom said in a statement. “Through programs like CalCompetes, we’re investing in the sectors that drive California’s growth, creating good-paying jobs and expanding opportunity across the state.”
Several aerospace and defense firms are among the beneficiaries. Companies including Mach Industries, Apex Technology, Voyager Technologies, and Lanteris Space are expanding research and manufacturing operations in Southern California and the Bay Area.
The projects include satellite production, aerospace component manufacturing, and defense systems development.
In the clean-energy sector, companies such as MP Materials and Peak Energy Technology are investing in battery storage systems and rare earth mineral processing — industries viewed as strategically important for electric vehicles and renewable energy supply chains.
Meanwhile, Harbinger Motors and Radiant Industries are expanding production linked to electric vehicles and portable energy technologies.
The investment package also includes manufacturing expansions in food processing, industrial fabrication, electrical components, and medical devices. Samsung Semiconductor is among the firms scaling operations in San Jose, focusing on semiconductor research and manufacturing.
California officials said the industry mix reflects the state’s strategy of maintaining competitiveness in both traditional manufacturing and emerging technologies. The CalCompetes program ties tax incentives directly to commitments on job creation and capital investment.
Since its launch, the program has supported more than 1,200 companies, which officials say have generated nearly 169,000 jobs and over $54 billion in private investment statewide.
The announcement comes amid intensifying competition among U.S. states seeking to attract high-value industries, particularly in semiconductors, aerospace, battery technology, and clean energy manufacturing.
States have increasingly relied on tax incentives and infrastructure support to lure corporate investment as global supply chains shift and governments push for domestic industrial production.
At the federal level, industrial policy has also gained prominence under US President Donald Trump, whose administration has emphasized reshoring manufacturing and strengthening domestic supply chains in critical sectors.
As competition for strategic industries accelerates globally, states such as California are increasingly using targeted economic incentives not only to attract investment, but also to secure future leadership in sectors expected to define the next phase of industrial and technological growth.
