Governor Newsom Makes Big Announcement About California's Economy

Photo byGage Skidmore via Wikimedia Commons

California Governor Gavin Newsom recently announced positive news about the economy. "We're one of the fastest growing economies on planet Earth," he said during an interview with Fox News. "25.6% of all American jobs came from this state in April. We're on our way to be the fourth largest economy. California continues to be the dominant economic engine for America."

Gavin Newsom Cares About The Economy Of California.

California is poised to overtake Germany as the world’s 4th largest economy, according to a statement published by the Governor's office. After all, the state is outperforming other states (and countries) in GDP growth, companies’ market value, renewable energy, and more.

“While critics often say California’s best days are behind us, reality proves otherwise – our economic growth and job gains continue to fuel the nation’s economy,” said Governor Newsom. “California’s values and entrepreneurial spirit have powered this ascent to becoming the 4th biggest economy in the world, and we’ll continue doubling down on industries of the future, like renewables and clean energy. I feel tremendous pride in California’s resilience, leadership, and our formula for success.”

Some California Residents Are Struggling With The Rising Cost Of Living.

It's no secret that the economy of California is booming. However, it's worth noting that many residents are concerned about the rising cost of living.

"30 percent of Californians are concerned that they or someone in their family will lose their job in the next year," according to the Public Policy Institute of California. "45 percent are concerned about having enough money to pay their rent or mortgage. Lower-income residents are more concerned than others about possible job loss and having enough money to pay for their housing."

Nearly nine out of ten adults and likely voters are concerned that rising housing costs will prevent their family's younger generations from purchasing a home in their area of California, with solid majorities very concerned (60% adults, 64% likely voters).

What do you think? Leave a comment with your thoughts. And if you think more people should read this article, share it on social media.