Gov Newsom announces statewide economic development push, investing in lucrative industries

(The Center Square) - During remarks in which he criticized President Donald Trump’s economic policies, Gov. Gavin Newsom announced on Wednesday that California needs to “reinforce our own path” by developing the state’s economy.

During his appearance at the California Economic Summit Wednesday in Stockton, Newsom advocated for investing more in lucrative industries in the state, including artificial intelligence, robotics, space, agriculture, nuclear fusion energy and other next-generation technologies.

“This is ‘code red’ from an economic perspective,” Newsom said during a news conference. “Today is important to reinforce our own path, our strategies to also reinvigorate our economic engines.”

Increased taxes and tariffs, increased fees on H1-B visas and changes the Trump administration made to the realm of higher education featured prominently in remarks that opened Newsom’s press conference.

The Democratic governor’s appearance on Wednesday follows his push to position California as a leader in fields as diverse as quantum computing and fusion energy development. He has highlighted business incubators at universities across the state, among other efforts.

“California is an economic powerhouse,” Newsom said in a press release. “We are entrepreneurs, innovators, pioneers, and self-starters. California invests in all corners of the state, building a strong economic future for all, helping every Californian get one step closer to fulfilling their California Dream.”

California Forward, the organization that hosts the California Economic Summit each year, identified several key goals in its Vision 2025 paper, “Building a New California Economy.” Energy transition, fiscal resilience in a changing climate, models for inclusive economic growth, thriving regions and leadership development were among the organization’s key goals outlined in that paper.

"California's nation-leading economy continues to set the foundation for sustainable and inclusive growth, ensuring that the industries of today and tomorrow provide the good-paying jobs Californians deserve,” said Dee Dee Myers, director of the Governor’s Office of Business and Economic Development, in a press release. “Our continued dominance proves that a bottom-up, community-driven approach to economic development can build on local strengths, drive innovation and guarantee every region across the state has the opportunity to thrive.”