California's Economic Boom Proves Gavin Newsom's Critics Wrong - Bloomberg https://archive.is/2026.04.06-095319/https://www.bloomberg.com/opinion/articles/2026-04-06/california-s-economic-boom-proves-gavin-newsom-s-critics-wrong
"Of all the prevailing media narratives around Gavin Newsom, the one that is most conspicuous by its absence is how under its two-term governor California became the top performing economy not just among its 49 siblings but also any developed nation. No wonderElon Musk quietly sought Newsom's help when the world's richest man sought to move a bunch of Tesla Inc. engineers back to the state after relocating them to Texas…..
Gross domestic product surged 40% to more than $4 trillion, accounting for more than 14% of US output, after Newsom took office in January 2019. China's, the world's second-largest economy, expanded 32% and No. 3 Germany increased 16%, according to data compiled by Bloomberg. (The US dollar's appreciation was as little as 1.6% since the end of 2018 as measured by the Bloomberg Dollar Spot Index, so the currency wasn't a primary factor behind California's performance.)…..
California companies are similarly booming, spending $527 billion annually on acquisitions during Newsom's tenure, almost three times the $179 billion spent annually in the 20 years prior to 2019, according to data compiled by Bloomberg. Software and technology services accounted for $1.9 trillion, including SpaceX's $250 billion offer for xAI. The healthcare industry initiated $410 billion of transactions, including Thousand Oaks-based Amgen's $27 billion purchase of Ireland's Horizon Therapeutics PLC in 2023. The deal enabled the biotechnology medicines company to increase its market value 39% to $200 billion.
Even accounting for less than 12% of the US population, California contributed more than 40% of the growth in the value of nation's publicly traded equitiesas measured by the companies in the Russell 3000 Index, which returned 182% for investors since 2019. California accounted for 70 percentage points, more than triple No. 2 Washington (20 points), almost five times No. 3 Texas (15 points) and No. 4 New York (13 points) and almost 12 times No. 5 Ohio (6 points), according to data compiled by Bloomberg. California-based companies overall returned 328% to investors, crushing the equity returns from the world's largest economies: US, 182%; China, 89%; Germany, 110%; Japan, 96%; and India, 63%, data compiled by Bloomberg show."
"Of all the prevailing media narratives around Gavin Newsom, the one that is most conspicuous by its absence is how under its two-term governor California became the top performing economy not just among its 49 siblings but also any developed nation. No wonderElon Musk quietly sought Newsom's help when the world's richest man sought to move a bunch of Tesla Inc. engineers back to the state after relocating them to Texas…..
Gross domestic product surged 40% to more than $4 trillion, accounting for more than 14% of US output, after Newsom took office in January 2019. China's, the world's second-largest economy, expanded 32% and No. 3 Germany increased 16%, according to data compiled by Bloomberg. (The US dollar's appreciation was as little as 1.6% since the end of 2018 as measured by the Bloomberg Dollar Spot Index, so the currency wasn't a primary factor behind California's performance.)…..
California companies are similarly booming, spending $527 billion annually on acquisitions during Newsom's tenure, almost three times the $179 billion spent annually in the 20 years prior to 2019, according to data compiled by Bloomberg. Software and technology services accounted for $1.9 trillion, including SpaceX's $250 billion offer for xAI. The healthcare industry initiated $410 billion of transactions, including Thousand Oaks-based Amgen's $27 billion purchase of Ireland's Horizon Therapeutics PLC in 2023. The deal enabled the biotechnology medicines company to increase its market value 39% to $200 billion.
Even accounting for less than 12% of the US population, California contributed more than 40% of the growth in the value of nation's publicly traded equitiesas measured by the companies in the Russell 3000 Index, which returned 182% for investors since 2019. California accounted for 70 percentage points, more than triple No. 2 Washington (20 points), almost five times No. 3 Texas (15 points) and No. 4 New York (13 points) and almost 12 times No. 5 Ohio (6 points), according to data compiled by Bloomberg. California-based companies overall returned 328% to investors, crushing the equity returns from the world's largest economies: US, 182%; China, 89%; Germany, 110%; Japan, 96%; and India, 63%, data compiled by Bloomberg show."
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I got some friends inside
“I love Cal deeply, by the way, what are the directions to The Portal from Sproul Plaza?”
