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Gavin Newsom for a Better California

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Economy & Jobs

Communities throughout California have been hit very hard by the recession. Homes that once sold for $500,000 now sell for less than half that amount. California’s statewide bond rating has fallen to the worst in the nation, making it harder to fund state projects and create new jobs. Unemployment, at 10.6% in March of 2009, continues to rise across the state. More people are losing their employer-based health care, stressing already maxed-out family budgets. And it doesn’t help that politicians in Sacramento are hardly able to pass a balanced budget every year.

California has been hit hard by the economic downturn, but California is uniquely equipped for full economic recovery. Investments in transportation, infrastructure, housing, education, biotechnology, the green economy and other 21st century technologies will rebuild California’s tax base, create new jobs and generate economic opportunity.

In the midst of a national economic crisis, San Francisco’s economy has remained strong. The city’s bond rating has risen, its rainy day reserve is funded and the city’s unemployment rate is the fourth lowest among California's 58 counties. Mayor Gavin Newsom – building on his experience in the private sector where he built a thriving enterprise of 15 wineries, restaurants and hotels and created almost 1,000 jobs – has transformed the city’s economy by making San Francisco a headquarters city again – attracting life sciences, clean technology and digital media companies to San Francisco and launching a local stimulus plan to create jobs and spur economic development.

  • Local Stimulus Plan: In February of 2008, Mayor Newsom unveiled a local economic stimulus plan to support the local economy and put people back to work. This plan can be replicated in cities and towns across California. The program helps the local economy by (1) investing in infrastructure projects to create more than 30,000 new jobs. (2) Investing in local businesses by making available more than $25 million in no and low-interest small micro-business loans. (3) Reducing the burden that local government places on local businesses with a “new jobs” payroll tax credit and a tax rebate program for major equipment purchases. (4) Supporting workforce development by expanding CityBuild, a program to help recruit, train and place San Franciscans in the new green economy. (5) Attracting more foreign investment through the ChinaSF partnership program.

  • Job Creation and Workforce Development: One of Gavin Newsom’s first accomplishments as mayor was to bring the Center for Regenerative Medicine to San Francisco, which has in turn helped bring thousands of living-wage jobs in the growing stem-cell research field. Newsom has expanded job- training programs, particularly comprehensive training in green technology skills. In 2007, Mayor Newsom’s workforce development program, CityBuild, was named a Top 50 Government Innovations by the Ash Institute for Democratic Governance and Innovation, at Harvard University’s John F. Kennedy School of Government. CityBuild directs San Francisco residents to high-paying union construction jobs by providing pre-apprenticeship training and placement on city-sponsored projects.

  • Biotechnolgy/Life Sciences: Mayor Newsom has made supporting the growth of biotech a top priority, launching a targeted initiative to recruit, retrain and expand the life sciences industry – with clear results. In 2005, San Francisco won a highly competitive bidding race among nine other cities to host the new headquarters of California's $3-billion stem-cell institute, the Center for Regenerative Medicine. When he took office in 2004 there were two life sciences companies in San Francisco. Today, there are more than 47. The San Francisco Bay Area is home to more public biotechnology companies than any other region in the country.

  • Bank on San Francisco: Mayor Newsom launched the first comprehensive program in the U.S. to help people without bank accounts open a low-cost, starter bank account. The “unbanked” were losing as much as 5% of their net income on unnecessary fees, more likely to be victims of a crime and lacked the ability to save and build assets. Bank on San Francisco now has 24,000 accounts open and active and is a model being replicated by cities across the country.

  • Green Economy: San Francisco’s emerging clean technology economy boasts more than 197 companies. The city has recruited clean tech businesses through local attraction and retention programs and financial incentives. San Francisco has the largest local solar rebate program in the country and one of the most aggressive energy efficiency programs. And comprehensive job training programs in green technology assure that the growing green economy includes those who were once locked out of the old industrial economy.

  • Technology and Digital Media: The top technology firms and most talented workers are coming to San Francisco, with Google, Wikipedia and Fox Interactive Media all moving to San Francisco in 2008. San Francisco is also home to Lucas Films, Twitter, Digg, Salesforce, Current TV and more than 300 other digital media companies.

  • ChinaSF: Mayor Newsom launched ChinaSF in Shanghai in November 2008 – one the most ambitious China-focused business development initiatives in the nation. ChinaSF is a comprehensive international business recruitment, expansion, and retention initiative designed to bring the North American headquarters of Chinese companies to San Francisco.

  • Join Our Policy Team: Gavin Newsom believes that the best plan is a better idea. If you would like to share your ideas and insights on how to reshape California's Economy and Jobs policy, please email us at issues@gavinnewsom.com.