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California Economy is Leading the Nation, Newsom Announces

California has the largest state economy in the United States with a nominal Gross domestic product (GDP) of approximately $3.9 million in 2023, reported the U.S. Bureau of Economic Analysis. Last year, the state had a growth rate of 6.1%, making it the fifth-largest economy in the world for the seventh consecutive year, the economic analysts stated. The state experienced increases in the tourism industry, population growth, fast food jobs, and profits for Fortune 500 companies, Gov. Gavin Newsom announced last week.

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Gov. Gavin Newsom. Courtesy of California Governor’s Office.
Gov. Gavin Newsom. Courtesy of California Governor’s Office.

By Bo Tefu, California Black Media

California has the largest state economy in the United States with a nominal Gross domestic product (GDP) of approximately $3.9 million in 2023, reported the U.S. Bureau of Economic Analysis.

Last year, the state had a growth rate of 6.1%, making it the fifth-largest economy in the world for the seventh consecutive year, the economic analysts stated. The state experienced increases in the tourism industry, population growth, fast food jobs, and profits for Fortune 500 companies, Gov. Gavin Newsom announced last week.

“There’s only one state with a dream – the California Dream. Built on opportunity, promise, and ingenuity, California is the nation’s economic driver and the place people across the globe look to see what’s possible,” said Newsom in a statement his office released on July 15.

“That’s why we continue to grow businesses, expand our economy, break records, and create thousands of jobs across the state,” he said.

The governor’s office released state data indicating that California had the largest market share of tourism in the country. In the previous year, tourists spent over $150 billion in the state, a 5.6% increase in travel spending since 2022. Also, the tourism industry created more than 64,000 jobs in 2023.

According to the California Department of Finance, the state’s population increased by 67,000 people due to legal foreign immigration and a higher birth rate.

State and federal employment data indicated that California created over 10,000 jobs in the fast-food industry since Gov. Newsom signed a law that raised fast food minimum wage statewide.

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Oakland Post: Week of February 25 – March 3, 2026

The printed Weekly Edition of the Oakland Post: Week of – February 25 – March 3, 2026

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Chase Oakland Community Center Hosts Alley-Oop Accelerator Building Community and Opportunity for Bay Area Entrepreneurs

Over the past three years, the Alley-Oop Accelerator has helped more than 20 Bay Area businesses grow, connect, and gain meaningful exposure. The program combines hands-on training, mentorship, and community-building to help participants navigate the legal, financial, and marketing challenges of small business ownership.

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Bay Area entrepreneurs attend the Alley-Oop Accelerator, a small business incubation program at Chase Oakland Community Center. Photo by Carla Thomas.
Bay Area entrepreneurs attend the Alley-Oop Accelerator, a small business incubation program at Chase Oakland Community Center. Photo by Carla Thomas.

By Carla Thomas

The Golden State Warriors and Chase bank hosted the third annual Alley-Oop Accelerator this month, an empowering eight-week program designed to help Bay Area entrepreneurs bring their visions for business to life.

The initiative kicked off on Feb. 12 at Chase’s Oakland Community Center on Broadway Street, welcoming 15 small business owners who joined a growing network of local innovators working to strengthen the region’s entrepreneurial ecosystem.

Over the past three years, the Alley-Oop Accelerator has helped more than 20 Bay Area businesses grow, connect, and gain meaningful exposure. The program combines hands-on training, mentorship, and community-building to help participants navigate the legal, financial, and marketing challenges of small business ownership.

At its core, the accelerator is designed to create an ecosystem of collaboration, where local entrepreneurs can learn from one another while accessing the resources of a global financial institution.

“This is our third year in a row working with the Golden State Warriors on the Alley-Oop Accelerator,” said Jaime Garcia, executive director of Chase’s Coaching for Impact team for the West Division. “We’ve already had 20-plus businesses graduate from the program, and we have 15 enrolled this year. The biggest thing about the program is really the community that’s built amongst the business owners — plus the exposure they’re able to get through Chase and the Golden State Warriors.”

According to Garcia, several graduates have gone on to receive vendor contracts with the Warriors and have gained broader recognition through collaborations with JPMorgan Chase.

“A lot of what Chase is trying to do,” Garcia added, “is bring businesses together because what they’ve asked for is an ecosystem, a network where they can connect, grow, and thrive organically.”

This year’s Alley-Oop Accelerator reflects that vision through its comprehensive curriculum and emphasis on practical learning. Participants explore the full spectrum of business essentials including financial management, marketing strategy, and legal compliance, while also preparing for real-world experiences such as pop-up market events.

Each entrepreneur benefits from one-on-one mentoring sessions through Chase’s Coaching for Impact program, which provides complimentary, personalized business consulting.

Garcia described the impact this hands-on approach has had on local small business owners. He recalled one candlemaker, who, after participating in the program, was invited to provide candles as gifts at Chase events.

“We were able to help give that business exposure,” he explained. “But then our team also worked with them on how to access capital to buy inventory and manage operations once those orders started coming in. It’s about preparation. When a hiccup happens, are you ready to handle it?”

The Coaching for Impact initiative, which launched in 2020 in just four cities, has since expanded to 46 nationwide.

“Every business is different,” Garcia said. “That’s why personal coaching matters so much. It’s life-changing.”

Participants in the 2026 program will each receive a $2,500 stipend, funding that Garcia said can make an outsized difference. “It’s amazing what some people can do with just $2,500,” he noted. “It sounds small, but it goes a long way when you have a plan for how to use it.”

For Chase and the Warriors, the Alley-Oop Accelerator represents more than an educational initiative, it’s a pathway to empowerment and economic inclusion. The program continues to foster lasting relationships among the entrepreneurs who, as Garcia put it, “build each other up” through shared growth and opportunity.

“Starting a business is never easy, but with the right support, it becomes possible, and even exhilarating,” said Oscar Lopez, the senior business consultant for Chase in Oakland.

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Oakland Post: Week of February 18 – 24, 2026

The printed Weekly Edition of the Oakland Post: Week of – February 18 – 24, 2026

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