Newsom spotlights San Francisco as he touts California economy

SAN FRANCISCO (KRON) — California Gov. Gavin Newsom namechecked San Francisco several times in a news release Monday touting California retaining its title as the world’s fifth largest economy.

“Since April, Governor Gavin Newsom has announced that the state has retained its title as the world’s fifth largest economy, broken tourism-spending records, increased its population, created thousands of fast food jobs, has the most companies on the Fortune 500 list, and expanded businesses in San Francisco,” the news release said.

According to Newsom, California’s economy is the fifth largest in the world for a seventh consecutive year, with a nominal GDP of almost $3.9 trillion in 2023 and a 6.1% growth rate, according to the U.S. Bureau of Economic Analysis.

“On a per capita basis, California is the second largest economy in the world among large economies,” the news released continued.

In addition to expanded businesses, Newsom’s office highlighted Visa opening a “new state-of-the-art” headquarters in San Francisco and the opening of a second U.S. Nintendo store in Union Square. The governor’s office also made note of Chobani owner Hamdi Ulukaya re-establishing iconic SF brewery, Anchor Steam.

“There’s only one state with a dream — the California Dream,” Newsom said. “Built on opportunity, promise, and ingenuity, California is the nation’s economic drive and the place people across the globe look to to see what’s possible. That’s why we continue to grow businesses, expand our economy, break records, and create thousands of jobs across the state.”

Other factors Newsom’s office cited in California retaining its position as the fifth largest economy in the world included a high level of tourism spending, increased population, and thousands of new jobs in the fast food industry.

Newsom began his political career in San Francisco, where he was mayor for eight years, prior to serving as lieutenant governor of California.