By Roneshia Thomas
From the July/August 2022 Issue
California has the fifth largest economy in the world, offering a workforce of over 19 million people. With an economy that inspires innovation and developing technologies, semiconductor companies find California an ideal place to settle. The Golden State is responsible for a quarter of the technology productivity in the United States, with twice as many qualified workers as any state. With more than 600 semiconductor businesses residing in the state, California has positioned itself to be one of the leading states in the nation in semiconductor industry jobs.
This year alone, Bosch and Akash Systems have committed to making more than $1.3 billion of capital investments in California. Both companies taking advantage of the California Competes Tax Credit (CCTC), which is a tax credit awarded to support cutting-edge technologies and businesses.
“California has the ecosystem that is ready to maximize the investments, great jobs, and national and economic security benefits that will result from the forthcoming CHIPS and Science Act federal funding,” said CalCompetes Deputy Director Scott Dosick. “These latest investments in the state’s semiconductor and microchip manufacturing sector ensure that California will remain a global leader in technology innovation for decades to come.”
“California has the ecosystem that is ready to maximize the investments, great jobs, and national and economic security benefits that will result from the forthcoming CHIPS and Science Act federal funding.”
— Scott Dosick, Deputy Director, CalCompetes
In addition to a booming semiconductor industry, the state is also responsible for 10% of all U.S. exports. Due to the number of exports the state makes, California has a strong interest in maintaining and prioritizing its international trade and investment. There are 600,000 jobs supported by foreign direct investment (FDI) in the state. Partnerships that have developed trade and investment desks in Mexico, Armenia, and Japan play an important role in supporting the international network and attracting investment to the state.
California provides no-cost, confidential services for incentive and grant navigation for businesses looking to expand or relocate to the state. In an effort to expand international trade interest, the Golden State offers the California State Trade Expansion Program (STEP). This program aims to help businesses who want to export and enter global markets, as well as tap into the benefits of selling their products and services overseas. California handles more than $645 billion in exports and imports annually.
City Of Industry, CA: Business Continues To Flourish
Celebrating 66 years of incorporation, the City of Industry continues to double down on its commitment to being a business-friendly city by focusing on its mission to foster the growth of businesses and jobs in the region. City staff actively monitors federal, state, and county policies and outlooks to respond accordingly and ensure that businesses there are adequately prepared with resources to adapt and thrive in the ever-changing economic climate.
As the economic engine of the San Gabriel Valley, the city is positioned to deliver over $85 million in annual revenue back to taxpayers, businesses, and public agency partners, including local schools. This is made possible due to the city’s sound business policies which allowed city staff to pay off three of the remaining property tax-based bonds, including General Obligation Bonds and Tax Allocation Revenue Bonds, in 2022. The removal of the tax lien provides Industry property owners with financial relief and opportunities to reinvest in their businesses.
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Since partnering with the Industry Business Council (IBC) on their “Made in City of Industry” campaign, great progress has been made in positioning the city as a regional manufacturing hub. Through workshops tailored for manufacturers regarding the changing business climate and workforce challenges they face, the IBC and city have been able to bring together the appropriate stakeholders to create strategic initiatives. Partnerships have been developed between the Hacienda La Puente Unified School District, Hacienda La Puente Adult School, and manufacturers to target young adults, encouraging them to explore employment opportunities in manufacturing and helping them recognize the availability of well-paying jobs in exciting industries. This year, the IBC and the city have expanded their efforts to include metal/welding industries and auto dealerships to replicate the learnings and successes from the manufacturing workshops.
Key regional infrastructure projects are underway as construction moves forward with the Fullerton Grade Separation and Turnbull Canyon Road Grade Separation Projects. In addition, the city is proud of its partnership with the San Gabriel Valley Council of Governments (SGVCOG), the leading agency for the State Route 57/60 Confluence Chokepoint Relief Project. In June 2023, SGVCOG held a groundbreaking ceremony marking the start of construction of the $444.12 million project to address California’s worst bottleneck and facilitate the smooth movement of goods in the city’s vital regional trade corridor. Through continued advocacy, the city continues its work in securing additional funding for critical regional projects at all levels of government.
The City of Industry is committed to our motto, “Jobs, Enterprise, and Regional Infrastructure” because when our businesses, residents, and community thrives, the city thrives.
Visit www.cityofindustry.org for more information.