California is on the cusp of surpassing Germany as the world's fourth-largest economy, and continues to outpace the nation and other countries in gross domestic product (GDP) growth, market value of companies, renewable energy and more, Bloomberg reported.
The American financial advisory, software, data and stock market media company said in a statement report signed by Matthew A. Winkler that “contrary to popular belief, the Golden State has proven resilient, outperforming its American and global peers.”
To this, the governor Gavin Newsom He responded that “while critics often say that California’s best days are behind us, the reality is otherwise: our economic growth and job creation continue to drive the nation’s economy.”
He added that California’s values and entrepreneurial spirit have fueled its rise to become the world’s fourth-largest economy, and “we will continue to double down on the industries of the future, like renewables and clean energy. I have tremendous pride in California’s resilience, leadership, and our formula for success.”
According to Bloomberg data, California outpaces the U.S. and the rest of the world in many industries, especially those involving renewable energy, the fastest-growing business in the state.
He also stressed that the state's trajectory "is more transparent in the growing divergence among its 379 companies with a market value of at least $1 billion."
"California's technology hardware, media and software saw sales rise 63 percent, 95 percent and 115 percent over the past three years, boosting market valuations by 184 percent, 54 percent and 58 percent," Bloomberg noted.
He also explained that job creation is a particularly strong area, “with unemployment falling to 3.9 percent in July, the lowest level since data was collected in 1976… California unemployment fell below that of Texas.”
Recently, Newsom implemented a $52 billion financial assistance package to help Californians with rising inflation and costs, positioning it as the most robust and comprehensive stimulus program in the nation, providing $26 billion in direct payments, $15 billion in tax relief and grants for businesses, among others.
As Bloomberg noted, renewable energy has become California’s fastest-growing business. Under the current state administration, it has doubled down on clean energy and zero-emission vehicles, implementing a $10 billion package to make it more affordable for Californians to buy Zero Emission Vehicles (ZEVs) while building out the state’s charging infrastructure.
California now has six times as many clean energy jobs as fossil fuel jobs, and ZEVs have become one of the state's top exports.
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