California's Economy Thrives Under Newsom, Says Bloomberg

Governor touts state's economic dominance despite national challenges

Apr. 8, 2026 at 5:21pm

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A geometric abstract illustration featuring bold shapes in shades of blue, yellow, and grey, conceptually representing the strength and growth of California's economy under Governor Newsom's leadership.California's economic engine powers ahead, defying national trends.Los Angeles Today

California's economy has continued to thrive under the Newsom administration, according to a glowing column by Bloomberg News editor-in-chief emeritus Matthew Winkler. The state's GDP has surged 40% to over $4 trillion, outpacing major economies like China and Germany. California companies have also spent billions on acquisitions and the state leads the nation in venture capital funding and clean energy growth.

Why it matters

The column counters the common narrative of California's failings, highlighting the state's economic strength and dominance under Newsom's leadership. This could bolster the governor's potential presidential ambitions in 2028 and provide a rebuttal to critics who have pointed to the state's challenges with issues like wildfires, housing, and homelessness.

The details

The Bloomberg column praises California's economic performance, noting it has surpassed Japan as the world's fourth-largest economy. The state's GDP grew 40% to over $4 trillion under Newsom, accounting for more than 14% of U.S. output. California-based companies also spent $527 billion annually on acquisitions, nearly triple the $179 billion spent in the 20 years prior to 2019. The state leads the nation in venture capital funding, clean energy growth, and talent pipeline through its extensive higher education system.

  • Newsom took office as California's governor in 2019.
  • The Bloomberg column was published on April 8, 2026.

The players

Gavin Newsom

The current governor of California, who has presided over the state's strong economic performance according to the Bloomberg column.

Matthew Winkler

The editor-in-chief emeritus of Bloomberg News, who wrote the column praising California's economic dominance under Newsom.

Elon Musk

The CEO of Tesla, who initially moved the company's headquarters and R&D to Texas but later admitted he couldn't find the necessary talent there and sought Newsom's help to bring engineers back to California.

Kush Desai

A White House spokesman who questioned the Bloomberg column's conclusions, noting the recent exodus of people and businesses from California.

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What they’re saying

“Of all the prevailing media narratives around Gavin Newsom, the one that is most conspicuous by its absence is how under its two-term governor California became the top performing economy not just among its 49 siblings but also any developed nation.”

— Matthew Winkler, Bloomberg News editor-in-chief emeritus

“If California's economy was doing so well under Gavin Newsom's watch, millions of Californians would not have fled to GOP-led states like Texas and Florida over the past 10 years.”

— Kush Desai, White House spokesman

“I will never forget' when Musk 'called me,' Newsom told Bloomberg. 'He said, 'I'm surprised you're picking up the phone. I may actually ask you for some help' because 'I can't find the talent in Texas. Don't say a word.'”

— Gavin Newsom

What’s next

The Bloomberg column's positive assessment of California's economy under Newsom could bolster the governor's potential presidential ambitions in 2028, though the White House has questioned the findings. The state's economic performance will likely continue to be a key political issue in the coming years.

The takeaway

Despite persistent criticisms of California's challenges, the state's economy has thrived under Newsom's leadership, according to a high-profile endorsement from Bloomberg News. This could provide a powerful counternarrative as the governor considers a potential run for the White House.