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NEW: California revenues come in $2.9 billion above forecast as state's innovation economy continues to grow

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Oct 20, 2026

NEW: California revenues come in $2.9 billion above forecast as state's innovation economy continues to grow

Nine "unicorn" billion-dollar start-ups underscore state's economic strength and innovation leadership

What you need to know: September revenues came in nearly 15% above forecast, bringing in $2.9 billion more revenue, as nine new California unicorn startups reach billion-dollar valuations.

SACRAMENTO — Forget fairy tales — California's economic story is very real. Governor Gavin Newsom today announced that in September, California's revenue came in $2.9 billion above forecast — nearly 15% higher than projected. As another sign of innovation and entrepreneurship shaping the state's economy, nine new California companies have recently been valued at more than $1 billion.

The world's best talent comes to California to take risks, raise capital, build companies, and create whole industries that didn't exist a few years ago. As our economy continues to grow and our revenues show everyone what's possible – we will keep betting on the future being built right here.

Governor Gavin Newsom

The September revenue results were driven primarily by higher-than-forecast personal income and corporate tax receipts, with new economic data showing California's economy continued to grow in the second quarter of 2026.
  • Revenue outperforms forecast: September revenues exceeded the monthly forecast by $2.9 billion, or 14.9%.
  • Personal income tax receipts: Receipts came in $1.1 billion, or 8.5%, above forecast.
  • Corporation tax receipts: Receipts came in $1.3 billion, or 49.1%, above forecast.
  • California economic growth: The state's real GDP grew at a 2.5% annualized rate, compared with 2.2% nationally.
  • Personal income: California personal income grew 4.5% year over year, compared with 4.4% nationally.
  • Housing permits: California permitted 113,300 housing units at an annualized rate through August 2026, up 15.5% from the same period in 2025. Multifamily permits increased 37.3%.

California's innovation economy

California is the nation's top destination for start-ups and venture capital. The Golden State brings together an unmatched concentration of investors, entrepreneurs, researchers, and talent.

🦄 California's nine newest unicorn companies are headquartered across the state—San Francisco, San Jose, Sunnyvale, and Irvine—and specialize in AI, semiconductors, robotics, and healthcare.

Known as a "unicorn," these privately held startups are valued at $1 billion or more. This achievement is mythical almost everywhere, but increasingly at home in California — which accounted for 43% of new U.S. unicorns and nearly a quarter of new unicorns worldwide in September — with the Golden State creating more "unicorns" in September than any country outside the United States.

Since Governor Newsom took office, California's economy has grown by more than $1.58 trillion. The Golden State represents only 11.5% of the U.S. population but accounts for nearly 14% of U.S. GDP — 47% larger than Texas. California continues to lead the nation economically, outpacing all states and every developed nation, according to a Bloomberg analysis.

💵Under Governor Newsom, the Golden State leads the nation in 17 of 20 major economic sectors, including manufacturing, agriculture, construction, and health care. California's manufacturing sector alone generated $391 billion in economic output in 2025 — 18% more than Texas — and employed 1.2 million people.

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⬆️According to federal data, California outpaced the next three largest state economies in 2025, growing 3.5% after inflation, compared with 2.8% in Texas and Florida and 2.5% in New York.

🏢California is home to more than 4.3 million small businesses, representing 99.8% of all businesses in the state and employing 7.6 million people.

💪 California is creating more jobs. More than one in four American jobs added over the past year were in California. The state added 129,300 of the nation's 496,000 net payroll jobs from September 2025 through September 2026—about 26%. California accounted for 14.6% of America's net payroll job growth through September, adding 89,100 jobs during the first nine months of 2026.

🧑‍💻California's payroll job growth rate was more than twice the national rate over the past year. California also created more than twice its population share of new U.S. jobs from September 2025 to September 2026.

💼Unemployment fell by 106,500 Californians over ten consecutive months through September. The unemployment rate held steady at 5.1%, matching its lowest level since February 2024.

Keeping California at the forefront of innovation

California's world-leading innovation ecosystem has been a major driver of the state's economic success. Governor Newsom's final bill of his tenure as Governor seeks to drive the next wave of Golden State innovation by putting a $7.5 billion research bond before voters to invest in the science, technology, universities, and breakthroughs that will shape California's future and advance California's status as the capital of innovation, research, and technology.
  • As of August, California companies attracted $366 billion in venture capital in 2026—more than three times the total raised in all 49 other states combined.
  • California businesses performed more than one-third of all U.S. business R&D in 2023 — more than the next five states combined.
  • California residents received more than 50,000 U.S. patents in fiscal year 2025—more than any other state and more than four times as many as second-place Texas.
  • The University of California system received more U.S. patents than any other university worldwide in 2025, with 571 patents granted.
  • California is home to more Nobel laureates than any other state or any country outside the United States, and this year's awards only widened that lead. More than a third of America's science Nobel laureates this century have ties to California, including five of the world's nine science winners in 2025 alone.
  • California's colleges and universities performed $14.4 billion in R&D in fiscal year 2024 — more than any other state.
  • California's life sciences industry generated $394 billion in total economic output and supported more than 1 million jobs in 2025, including more than 400,000 direct jobs.
  • Through California's Technical Assistance Expansion Program and other state-supported small-business assistance efforts, California has helped launch more than 17,600 businesses and secure over $4 billion in equity.
  • Since 2019, California Competes has awarded more than $1.8 billion in tax credits to 271 businesses, securing commitments for $37.6 billion in private investment and more than 75,000 full-time jobs.

Governor Newsom recently signed new legislation to continue powering California's economic engine:

✅ Making a major update to California's antitrust and consumer protection laws. Clamping down on anti-competitive behavior, encouraging competition, and expanding opportunities for entrepreneurs and workers — including by creating new authority for the Attorney General and district attorneys to combat monopolistic behavior while also protecting small businesses.

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✅Helping retailers open and operate faster by allowing businesses undertaking certain tenant improvements to hire qualified architects or engineers to review and certify that building plans comply with life-safety, health, and building code requirements.

✅ Protecting small businesses from abusive financial practices by unscrupulous financing companies.

✅Ensuring access to small business technical assistance by supporting providers who offer free or low-cost one-on-one, confidential consulting and training. This will help small businesses and entrepreneurs start, grow, and create jobs in California.

✅Cutting unnecessary red tape that has kept a lower-cost fuel option out of reach for California drivers. Removing a regulatory barrier to make E15 — gasoline blended with up to 15% ethanol — available to California drivers.

✅ Building California's fusion industry by creating a statewide strategy for fusion research, commercialization, manufacturing, and workforce development — helping turn cutting-edge science into a new California industry.

✅ Allowing entrepreneurs to turn empty storefronts into new businesses by creating a streamlined permit for pop-up businesses to operate in vacant commercial spaces for up to 120 days.

✅ Keeping California competitive for major investments and jobs by extending the California Competes Tax Credit through 2032–33, helping attract and retain businesses investing and creating jobs in the state.

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