Category: Economy

Central CaliforniaEconomy
By Faughn Economy • New Developments 0 Comments

Madera County begins multi-million-dollar Rio Mesa Blvd expansion project

A multi-million-dollar project that will expand Rio Mesa Boulevard in Madera County broke ground Thursday. The project was first envisioned in 1995.

Officials say that this paves the path forward for a safer commute and infrastructure that will serve residents, homeowners, businesses and drivers for generations to come.

Madera County Supervisor Bobby Macaulay said that Thursday’s celebration is more than just the start of a road project. “It’s the beginning of a long-planned investment in the future of Madera County,” Macaulay said.

The project will have modern infrastructure, a multimodal design and utilities built to support full build-out, Macaulay said. It will have two travel lanes, a bike lane, landscaping and a total right-of-way. The Highway 41 bypass project design will stretch from Avenue 15 to Avenue 12. Completion of the project’s first phase is slated for 2026.

https://www.yourcentralvalley.com/news/local-news/rio-mesa-boulevard-expansion/

By Faughn Economy • Education • Workforce 0 Comments

Fresno Area’s Newest College Grads Boast Nearly $24 Billion in Earning Power

Thousands of students are graduating from local universities and transitioning into the work world, bringing fresh faces and ideas — and immense career earning power. Fresno County is home to Fresno State, Fresno Pacific, and California Health Sciences University. Additionally, University of California, Merced is just an hour away. The four universities report a total of almost 8,500 students walking at commencement this spring. This includes hundreds of students receiving master’s and doctorate degrees. Georgetown University’s Center on Education and the Workforce says a bachelor’s degree holder will earn a median average of $2.8 million during their career — 75% more than the median average for a high school grad ($1.6 million). Multiply the Fresno area’s 8,500 college graduates by $2.8 million and their career earning power computes to $23.8 billion.

However, the figure is conservative because of California’s higher wages and the expected lifetime earnings of grads with master’s degrees ($3.2 million) and doctorates ($4 million). And it doesn’t include 2025 graduates from schools such as University of Phoenix-Fresno and National University-Fresno. Now here’s more good news for the Fresno economy: Much of that income will be generated, invested, and spent here. Based on data from Lightcast, an economic data mining service that the CSU partners with, of the 20,701 public profiles of Fresno State alumni who graduated between 2015 and 2025, 83.96% live and work in Central California, said Fresno State public information officer Lisa Bell. The other universities do not track where students go after college, but an analysis by Tallo, a website that connects students with resources, showed that 61% of college students plan on finding a job close to where they attended college. In addition, UC Merced and Fresno State report that over 50% of the graduating class are first-generation students.

Top Majors Among Graduates

The programs promising the highest pay are all STEM courses, but there is a wide variety of top majors from the four universities. Engineering and computer science are highest-paying majors according to Forbes. Both were a part of UC Merced’s most popular majors alongside biological sciences. However, Fresno States’ top majors were psychology, liberal studies, and biology. Fresno Pacific undergrads swayed towards liberal arts and early childhood development. There’s a clear mix of humanities, social sciences, and sciences among the Central Valley graduates, promising an even distribution between fields. California Health Sciences University had 109 medical students, and 22 master’s program students graduate with 23% completing residencies in the Central Valley. Sixty percent of the residencies are in Primary Care.

Breakdown of Colleges and Degrees

Fresno State had the biggest graduating class with 6,018 students walking at commencement: 5,125 receiving bachelor’s degrees and 866 getting their master’s. The doctoral cohorts and candidates consisted of 58 students receiving Doctor of Physical Therapy, Doctor of Educational Leadership, and Doctor of Nursing Practice. The College of Science and Mathematics had the largest class with a little over 1,000 graduates. UC Merced had 1,417 students walk at commencement with 1,296 getting a bachelor’s degree, 41 receiving a master’s degree, and 80 obtaining doctorates. The School of Social Sciences, Humanities, and Arts had the largest class with 781 students walking. Fresno Pacific held ceremonies for 863 students graduating this spring. There were 467 students completing a bachelor’s degree and 396 students finishing a master’s degree. The largest number of students, 636, graduated from the School of Graduate and Professional Studies.

https://gvwire.com/2025/06/20/fresno-areas-newest-college-grads-boast-nearly-24-billion-in-earning-power/

By Faughn Economy • New Developments • Tourism • Workforce 0 Comments

Visalia’s retail growth just doubled the national average, what’s behind the surge?

The Visalia metropolitan area more than doubled the national average for retail growth between 2020 and 2024, according to an analysis of U.S. Bureau of Labor Statistics numbers. The report, conducted by Michigan-based printer Printastic, ranked the area 27th for retail establishment growth among midsize U.S. metropolitan areas, with an 8.1% increase. The analysis also showed that retail employment in the area increased 9.5% during the same period. Nationally, the increase in retail stores was 3.7% between 2020 and 2024, according to the report. The study showed that there were 1,123 retail establishments in the Visalia metro area last year, and they employed a total of 16,668 people. These numbers indicate increases of 84 retail establishments and 1,450 retail employees since 2020.

“That’s consistent with what I’m seeing in terms of new building permit activity for retail and the buildout of new shopping centers across town, not only on Mooney, but in North Visalia (Orchard Walk West and the North Costco) and East Visalia (The Hub at Walnut and Lovers Lane, and the second Vallarta by Noble and Lovers Lane),” said Devon Jones, Visalia economic development manager.

Jones offered three reasons for the local growth in retail business.

“First and foremost, we are fortunate to have excellent retail development and property owner partners such as Paynter Realty, Brookfield Properties, the Orosco Group, Cal Gold Development, and the Shehadey and Shannon Families to name a few,” he said. “We’re lucky to have lots of investment interest in Visalia and will continue to be a strong development partner for those that choose to invest in us.”

Jones said that Visalia is fortunate to be the metro center for the Tulare/Kings and southern Fresno County region.

“Being the metro and services hub gives us the benefit of drawing visits from the broader trade area population beyond our own city’s population,” Jones said. “This gives us a true ability to provide quality sites for regional retail tenants. This is in addition to the flow of visitors we see annually for Convention Center events and the Sequoia and Kings Canyon National Parks.”

Lastly, Jones said that the city is remains focused on the “basic formula” for sound economic development and economic diversification.

“That is, creating primary jobs that add outside wealth into the local economy to spur new job creation that leads to new housing demand, which in turn generates more demand for local services such as retail, healthcare, education, etc.,” Jones said.

Primary jobs are those that produce goods and services in excess of what can be consumed at the local level, thereby exporting income into the local economy, he explained.

“Essentially, this export income grows the local economic pie that we divide up amongst ourselves – other businesses/vendors, public agencies, local services,” Jones said.

“In Visalia, we are blessed to have many primary job sectors including health care and tourism, but the sectors with the greatest reach are those typically found in our industrial park, such as food processing, manufacturing, and logistics/distribution,” he added. “Many of these businesses serve international, nationwide, or Western U.S. markets. Luckily, we have lots of great companies in our industrial park and again, have strong industrial development partners that will help us to realize more growth for years to come.”

There is an effort to encourage future growth, according to Jones.

“We will continue to focus on economic diversification and primary job creation as a core economic development priority, and also be a strong development partner for those seeking to invest in Visalia, whether it be commercial, industrial, or residential,” he said.

https://www.visaliatimesdelta.com/story/news/local/2025/05/15/visalia-metropolitan-retail-area-is-booming-heres-whats-driving-growth/83589547007/

By Faughn Economy • Top Stories 0 Comments

Central Valley cities, counties lead California in population and housing growth

On May 1, the California Department of Finance released a report highlighting the state’s 108,000-person increase during the 2024 calendar year.

In addition to the 108,000-person increase, California also saw an increase in K–8 enrollment of 13,890 students, a nearly 25,300-person increase in the 65-and-older population and the natural increase (births minus deaths) contributed 114,805 people, up almost 10,000 from 2023. The Central Valley followed these trends—Fresno County’s increase of 0.9% put it at the third-highest rate in California, while Tulare County’s 0.7% increase put it in sixth.

Lassen County, located in northeast California along the Nevada border, had the highest increase rate, at 2.9%.

At 2.7%, Madera County had the highest housing growth among all counties. Kings County was the eighth-highest county with a 1.2% increase. The state average housing growth for all counties was 0.8%.

With a city population of 557,032, Fresno was the fifth most populous city in California, behind Los Angeles (3,835,263), San Diego (1,408,937), San Jose (979,415) and San Francisco (842,027). Bakersfield was ninth with a population of 419,238.

Hanford and Tulare were among the fastest-growing cities with populations over 30,000, with increases of 2.3% and 2.0%, respectively.

Fresno County’s Huron and Firebaugh both made the top 10 for multi-family housing unit growth. Huron was fifth with a 13.73% growth, while Firebaugh was 10th at 9.81%.

https://thebusinessjournal.com/central-valley-cities-counties-lead-california-in-population-and-housing-growth/?mc_cid=47909cbf57&fbclid=IwY2xjawKTUdFleHRuA2FlbQIxMQBicmlkETFEQ3p6WXB5U0x2VE9JRmJVAR5UGJn3VvA_zQujEXiTcHxmxrnhKlT4jDsRAXdIOdDSASYekJGLLSlm-KMdwA_aem_XiAjxnVejOjnVtlzoOyBrA

By Faughn Economy • Education • Food Processing • Top Stories 0 Comments

‘Overnight success that has taken 30 years’: Wonderful’s Resnick jokes with audience at Shafter ribbon-cutting

His success in business is evident across the southern Central Valley, in sprawling ag fields and in a large distribution hub in Shafter. But it’s not often Stewart Resnick is seen at large events in Kern County. Late Thursday morning, though, the co-owner of Los Angeles-based The Wonderful Co. walked up, stood before an audience of more than 200 people just north of 7th Standard Road and took a moment to adjust the microphone downward. Then he opened with a joke.

Resnick, diminutive in a blue button-down, long-sleeve shirt and jeans, said normally when he comes to such events people look around and say, “You’re Stewart Resnick?”

“I say, ‘I used to be 6 foot 4. My competition came and beat me into the ground,'” he said.

He’s humble, folks. Even when surrounded by dignitaries celebrating another one of his company’s large investments in the local economy. Resnick had come to join them to mark the opening of Wonderful’s new Amenities Center, a gleaming new complex with a tech training center, office building and subsidized restaurant with an urgent care center still to come. The center serves as the welcoming heart of the Wonderful Logistics Center, which the company proposes to almost double in the years to come. If the City Council approves, the company hopes also to build thousands of new homes for workers and their families.

Resnick called the already large development “one of our most ambitious projects,” a state-of-the-art facility populated by Fortune 500 companies on land where three decades ago there were only orchards.

“This is an overnight success that has taken 30 years,” he quipped after thanking those in attendance for sharing the day.

“Now let’s go show the world what Shafter and the Central Valley can do!” he said in closing.

Wonderful has already had a big impact on farming communities in the valley portion of Kern County, especially in Lost Hills and Delano, where in addition to being a major employer, the company has opened charter academies, wellness centers and more. Shafter is the next big focus. If Wonderful moves forward with an expansion of the distribution-center hub, the logistics center’s employment base is expected to expand over time from about 13,000 to 50,000. Housing units the company proposes to build would expand Shafter’s population by about 40%. The Amenities Center is sort of a precursor to those developments. Its training center works in partnership with Amazon and Bakersfield College to introduce job-seekers to tech-oriented warehouse jobs. The office building boasts numerous art pieces, and the restaurant serves healthy meals at relatively low prices.

Thursday’s gathering drew representatives of many of Kern’s most prominent business, government and educational organizations, many of whom accepted offers to tour the new buildings. Resnick’s humility was matched by that of invited speaker Supervisor David Couch, who said he was coming from a local government perspective when he told the audience, “We can’t do anything, and I mean anything, until you all make something, provide a service.”

“The revenue that local government gets comes because you all come to work every day,” Couch said. “It all starts because somebody … took the risk to invest their money in this community.”

Shafter Mayor Chad Givens was up next. He said the city prides itself on how business operates in Shafter and how it is able to move in operators as fast as possible.

“We’re a very business friendly city and we’re thankful for that,” he said before expressing gratitude to Wonderful for its work in the city.

Former City Manager John Guinn, now Wonderful Real Estate’s executive vice president and chief operating officer, told the crowd Resnick and his wife, Lynda Resnick, have shown their commitment to the families of the Central Valley. In his experience, they want nothing more than for the region to become a strong, vibrant place to live.

“Everything they talk about, they actually do,” he said. “That’s uncommon.”

https://www.bakersfield.com/news/overnight-success-that-has-taken-30-years-wonderfuls-resnick-jokes-with-audience-at-shafter-ribbon/article_69e65582-0b2f-4266-bec6-8130c9954d6e.html

By Faughn Economy • New Developments 0 Comments

Dignity Village opens in Modesto with 42 tiny homes. A place to stop the downhill slide

A 42-unit complex providing interim housing for people battling homelessness and other challenges has opened in Modesto.

Ceremonies were held Thursday for Dignity Village, at the corner of Ninth and E streets, and the first residents will start moving in this weekend.

Officials said the 42 tiny houses will provide a safe and comfortable home for adults while they recover from substance use and mental health disorders. The housing program will include services and support to help them with their individual challenges.

Stanislaus County and the city of Modesto were partners in the project, which also engaged community groups in preparing the units for the first tenants. Volunteers and local groups adopted cabins and, on March 22, decorated the small units without knowing who would occupy them.

A team of case managers and social workers from the Stanislaus County Public Defender’s Office adopted a cabin and brought in toiletries, pictures, curtains, pillows and a welcome mat.

The unit was fresh off construction, so the team first wiped away the dust on the ceiling and the floor.

“If you have been on the streets for a long time, it’s a rough transition at first,” said Shelli Margarite, a client support manager who posed for a picture with co-workers at the cabin. “We really wanted to make it a home.” Mayor Sue Zwahlen expressed hope that Dignity Village can make a difference as the city grapples with the homeless crisis. “Having a roof over their heads gives them a real chance for recovery and hope for a better tomorrow,” Zwahlen said.

The county and Modesto collaborated with Dignity Moves to develop the complex on city-owned property after Stanislaus County was awarded more than $3 million in state Behavioral Health Bridge Housing Program funds in June 2023.

The fenced complex has toilets, showers, dining areas, offices, laundry, social areas and a dog run. Residents will stay in the interim housing for three to six months until ready for the next step to permanent housing.

Ruben Imperial, director of county Behavioral Health and Recovery Services, said those participating in Community Assistance, Recovery and Empowerment Court will have priority for some housing units as clients comply with treatment plans for mental disorders.For participants in CARE Court, the state program known for court-supervised treatment of adults with schizophrenic disorders, access to housing is considered essential. But Dignity Village also will house adults getting substance use therapy through Senate Bill 43 and other behavioral health programs.

https://www.yahoo.com/news/dignity-village-opens-modesto-42-201148720.html?utm_source=chatgpt.com&guce_referrer=aHR0cHM6Ly9jaGF0Z3B0LmNvbS8&guce_referrer_sig=AQAAAGEoMKQD4h0ZeuRcxvTURNdyW5vt6z6tHIPppFtbhnpCE_YF0uBThuR3NQFmvb5dvyqM6pRZvuijWQmS721MampW8DFUyvaNSZup19rzWBGyKRuCMOCHHyuKsfL7KbQkTLCy494QKqENb09CkCmC1K9xe9h_HiwHteSkd63tQMYC&guccounter=2

By Faughn Economy • Tourism 0 Comments

City of Hanford receives $15.5M grant from DOT

The City of Hanford has announced that it is a recipient of a $15.5 million grant thanks to the U.S. Department of Transportation (DOT). The grant award is part of the competitive Rebuilding American Infrastructure with Sustainability and Equity (RAISE) program through the DOT.

The City’s Fast Track Hanford project was chosen as one of 109 projects to receive a 2025 RAISE Round 1 award. The funding will be used to improve the downtown area between the Amtrak Station and 10th Avenue. The project also includes China Alley and Civic Center Park, with construction estimated to begin in March 2028.“The project will include roadway and intersection safety improvements, ADA upgrades, two bus stop improvements, wayfinding signage, micro-mobility amenities, lighting, stormwater improvements, electric vehicle charging stations, and electronic informational displays,” said the City.

The City aims to use the RAISE program funding to improve traffic and pedestrian safety in the downtown corridors by narrowing and reducing vehicular lanes, changing street parking from parallel to angled, and enhancing street lighting, among several other improvements.

“This is a transformational project that will provide easier and safer access to transportation options in the City, create a more walkable and bikeable downtown through various infrastructure improvements, and in combination with other efforts laid out in our five-year strategic plan, will lead to a more vibrant downtown atmosphere for residents, businesses and visitors,” said the City.

Three of the Hottest New Hotels to Book for Food. The project consists of more than 30 improvements beginning at the Amtrak Station, spanning to 10th Avenue, and branching out to encompass three sides of Civic Center Park.

The City has identified several measures to meet its goal of improving safety including a pedestrian-only section between Douty Street and Harris Street, noting that all upgrades will match other sections of the China Alley corridor except all vehicular access will be restricted.

Through the Fast Track Hanford project, the City learned that China Alley technically spans the block between Green and White Streets and is not the entire alleyway, as shown on Google Maps.

The project also ties in with the East Lacey Improvement Project and the Kings-Tulare High-Speed Rail Station Transit Oriented Development Project, which according to the city’s website “is a planning effort to identify recommendations for connecting transit services from downtown Hanford to the Kings-Tulare High-Speed Rail (HSR) Station… and will result in a planning document enabling the City of Hanford to promote transit-oriented and economic development and encourage context-appropriate development in areas surrounding the Kings-Tulare HSR Station…and is an early step in the longer-term shaping of Hanford to integrate HSR development for a positive and equitable outcome.”

On Jan. 10, the DOT announced it had awarded over a billion dollars in RAISE funds to 109 projects across the country, but received 195 qualified applications requesting a total of nearly $2.4 billion. The department reported that a large percentage of the grants selected in the first round of funding support areas defined as historically disadvantaged or of persistent poverty. The DOT’s RAISE grants are also awarded to invest in transportation infrastructure projects that would otherwise not receive the funding needed.

The project consists of more than 30 improvements beginning at the Amtrak Station, spanning to 10th Avenue, and branching out to encompass three sides of Civic Center Park.

The City has identified several measures to meet its goal of improving safety including a pedestrian-only section between Douty Street and Harris Street, noting that all upgrades will match other sections of the China Alley corridor except all vehicular access will be restricted.

Through the Fast Track Hanford project, the City learned that China Alley technically spans the block between Green and White Streets and is not the entire alleyway, as shown on Google Maps.

The project also ties in with the East Lacey Improvement Project and the Kings-Tulare High-Speed Rail Station Transit Oriented Development Project, which according to the city’s website “is a planning effort to identify recommendations for connecting transit services from downtown Hanford to the Kings-Tulare High-Speed Rail (HSR) Station… and will result in a planning document enabling the City of Hanford to promote transit-oriented and economic development and encourage context-appropriate development in areas surrounding the Kings-Tulare HSR Station…and is an early step in the longer-term shaping of Hanford to integrate HSR development for a positive and equitable outcome.”

On Jan. 10, the DOT announced it had awarded over a billion dollars in RAISE funds to 109 projects across the country, but received 195 qualified applications requesting a total of nearly $2.4 billion. The department reported that a large percentage of the grants selected in the first round of funding support areas defined as historically disadvantaged or of persistent poverty. The DOT’s RAISE grants are also awarded to invest in transportation infrastructure projects that would otherwise not receive the funding needed.

https://hanfordsentinel.com/news/local/city-of-hanford-receives-15-5m-grant-from-dot/article_1d82d572-d772-11ef-80e7-8f3e3ef51fbe.html

By Faughn Economy • Quality of Life 0 Comments

Tiny homes for the homeless now open in Madera

A ribbon cutting ceremony was held Monday for the Madera Rescue Missions’s Triage Center. The Triage Center consists of six pre-manufactured tiny homes located on the Mission’s 7,600-square-foot lot. The county plans to build more in the future to accommodate those experiencing homelessness like resident David Campos. Campos said it was around 2020 when times became really tough for him.

“During Covid, we had trouble paying our bills,” Campos said.  “So, I went to several places, you know, trying to find a place.”

Campos moved around from different places in Fresno and eventually landed at the Madera Rescue Mission. On Monday, city and county officials held a ribbon cutting ceremony to celebrate the opening of the tiny homes and how they will be benefiting those in the county, like Campos. The project was funded through the U.S. Department of Housing and Urban Development (HUD), Community Development Block Grants, as well as ARPA funding.

https://www.yourcentralvalley.com/news/local-news/tiny-homes-for-the-homeless-now-open-in-madera/?mc_cid=39a7626c23&mc_eid=c4726fd3b7

By Faughn Economy • New Developments 0 Comments

Massive Visalia Industrial Park project ahead of schedule, no deal with Amazon

CapRock Partners, a Los Angeles based industrial real estate investor, announced this month that their Central Point III complex in Visalia at 1.27 million square-feet is ahead of schedule for construction.

Building 1, the first phase of a 2.7-million-square-foot, four-building industrial complex, has completed the tilting of the building’s concrete panel walls. Moving ahead of its original development timeline, Building 1 is now slated for completion in summer 2024, probably July. The building sits on 75 acres within CapRock Central Point III, part of CapRock’s larger 5-million-square-foot Central Point master plan in Visalia.

Bob O’Neill, senior vice president at CapRock Partners says the building is “designed to serve Fortune 100 corporations seeking a state-of-the-art industrial complex accessible to a large percentage of the West Coast’s population, CapRock Central Point III is drawing interest from leaders in logistics as well as food processing and manufacturing.”

Despite  rumors to the contrary, O’Neill says there is no lease in place with Amazon – the company that leased CapRocks other two large buildings constructed in the industrial park in the past few years.But O’Neill is optimistic the building will be spoken for soon with California’s strong economy, busy ports and the trend to re-shore companies manufacturing back to the US.

Visalia’s increasingly essential role in California’s industrial warehouse market and the broader U.S. logistics supply chain is drawing prominent corporations looking to benefit from the city’s unmatched connectivity, abundant land at relatively lower real estate costs, and robust supply of educated workers. UPS, Amazon, Ace Hardware, Smuckers, VF Corporation, FedEx, and International Paper, and others, have already established locations within Visalia’s industrial area.

“Visalia is grateful for the investment that CapRock has made in our community,” said Visalia Mayor Brian Poochigian. “CapRock has done big projects and Building 1 at Central Point III is another success in the making. Our city’s location gives us a logistical advantage when it comes to connectivity. That, coupled with our business-friendly environment and growing industrial park, makes Visalia ideal for projects like this.”

Building 1, located at 4001 N. Plaza Drive, is easily accessible to major Central Valley transportation including air, rail and highways, including State Route 99, which runs through the Central Valley and connects to major interstates I-5 and I-80. CapRock Central Point III’s position will allow its future tenants to reach over 50 million customers with one-day ground shipping, making it one of the only locations in the U.S. capable of reaching as large of a population base within the short timeframe.

At completion, Building 1 will feature 40-foot clear height, 274 dock-high doors and two ground-level doors. The cross-dock building will include approximately 6,600 square feet of office space, ample power, ESFR sprinklers and 890 auto parking stalls.

With a fully secured fenced yard, the property will provide drive-around access, a truck court depth of 185 feet, dedicated truck circulation and 542 excess trailer parking stalls.

“CapRock Partners is an experienced developer and builder of large-scale industrial warehouse facilities,” said Mike Fowler, executive managing director at JLL.

“The firm’s talented team is bringing its capabilities and expertise to deliver a world-class complex that will improve the overall efficiency of the U.S. supply chain, serve leading corporations and provide local employment and economic opportunities for Visalia and the Central Valley.”

https://www.visaliatimesdelta.com/story/news/2024/01/24/visalia-industrial-park-project-ahead-of-schedule-no-deal-with-amazon/72323793007/

By Faughn Economy • Workforce 0 Comments

Governor Newsom today in Stanislaus County — previews 2025-2026 state budget and receives California Jobs First Plan for North San Joaquin Valley, including Ag contributions

What you need to know: Governor Newsom continued his statewide California Jobs First tour today to outline a first-of-its-kind, bottom-up economic vision for California’s future, receiving the regional plan from local leaders in the North San Joaquin Valley. The Governor also previewed toplines of this year’s state budget — a balanced spending plan that makes government more efficient, increases accountability, and improves the safety, health, and well-being of Californians.

Stanislaus County, California – Governor Gavin Newsom, as part of his ongoing statewide California Jobs First tour, today received the North San Joaquin Valley’s regional economic plan from community leaders representing San Joaquin, Stanislaus, and Merced counties. The plan is one of 13 regional plans that will make up the upcoming California Jobs First Economic Blueprint.

Governor Newsom also previewed his 2025-26 state budget proposal by outlining the state’s continued plans to support robust economic growth, high-paying jobs and career development, and strong accountability measures to address housing, homelessness, and mental health.

“California is not only dominating but paving the way for the future of jobs and the American economy, with local homegrown economic plans for every region of our state. With a balanced budget and key investments maintained for the upcoming fiscal year, we are well-positioned to continue the forward momentum we have created. California remains the standard bearer for our nation, and we’re looking forward to another strong year ahead,” said Governor Newsom.

The California Jobs First Economic Blueprint will guide the state’s investments in key sectors to drive sustainable economic growth, innovation, and access to good-paying jobs over the next decade. The complete Economic Blueprint will be released in the coming weeks, along with a grant solicitation for a portion of the remaining $120 million over three years in competitive funding to support “ready-to-go” projects aligned to the state’s strategic sectors, ensuring that every region across California continues to play a critical role in the sustainable growth of the world’s fifth largest economy.

Made up of ten key industry sectors, this framework will help streamline the state’s economic, business, and workforce development programs to create more jobs faster.  The state’s thirteen economic regions engaged more than 10,000 local residents and experts who collectively identified these sectors as key to driving local economies into the future.

Today, leaders in the North San Joaquin Valley region presented their regional plan to the Governor and provided information about their key economic sectors.

  • Advanced Manufacturing, including building materials, mobility technologies, and measurement and testing products
  • Clean Economy, particularly solar energy, green hydrogen, biofuels, and carbon management, an emerging sector with enormous growth potential, driven by the increasing demand for carbon capture and sequestration technologies.
  • Bioeconomy, a forward-looking sector that is transforming waste streams from biomass (such as agricultural and forestry residues, municipal solid waste, and food processing byproducts) into valuable bioproducts such as fuels, plastics, chemicals, solvents, fabrics, polymers, food additives, and alternative proteins.

A balanced budget and a more efficient government

Continuing to deliver key investments and responsible fiscal management, Governor Newsom previewed the toplines of his 2025-26 state budget proposal — a balanced budget that emphasizes fiscal stability and lean and efficient government. The full budget release, accompanied by a briefing led by the Department of Finance, is scheduled for Friday, January 10, 2025.

The Governor’s $322.2 billion proposal includes $228.9 billion in general fund spending. The proposed budget is fully balanced with no deficit and projects $16.5 billion in additional revenue above the 2024 Budget Act thanks to a stronger economy, stock market, and cash receipts. It includes savings from the elimination of 6,500 government positions, resulting in $1.2 billion in savings over two years, alongside operational efficiencies like reduced travel budgets, printing costs, and IT modernizations that further reduce costs by $3.5 billion.

While introducing no cuts to core programs, the proposal maintains transformative initiatives that include the full implementation of Universal Transitional Kindergarten (TK), expanded after-school and summer programs, and Universal School Meals.

Investments focus on education, economic growth, public safety, and accountability. The full Governor’s budget proposal will be released on Friday, January 10, 2025.

https://plantingseedsblog.cdfa.ca.gov/wordpress/?p=28513&utm_source=chatgpt.com