A new report from the UCLA Anderson School shows that even as national economic growth is set to slow in 2020, California is still set to continue to outpace the country as a whole. This comes at the end of a year when we saw the continuation of a historic economic expansion, record job growth and when we maintained our lead as the state with the most new business starts and venture capital investment. It also comes at the end of a year when headlines across the state suggested that without lowering our standards and diminishing our ambitions for inclusive, sustainable growth, Sacramento is going to drive away every last business in our state.

First, let’s look at the facts:

• Since 2014, the Governor’s Office of Business and Economic Development has allocated $1.04 billion to 1,043 companies through the California Competes Tax Credit program. The return on that investment is the promise of more than $20 billion in new investments across the state and over 108,000 new, high-quality jobs — thousands of those jobs in innovative industries and thousands more going to our inland communities.

• A recent report by the Motion Picture Association showed that the California Film Commission’s $16.95 million investment in Ford Vs. Ferrari “pumped in $101.6 million to the local economy over the course of 68 days spent in the state. More than 13,600 local workers raced home with wages totaling over $73 million.”

• In December, the state’s Employment Training Panel announced an investment of more than $15 million to train nearly 12,000 people.

• In addition to these gains made in established and new industries, we are consistently working to elevate others which will help our efforts to lead in innovation and sustainable development, including commercial space exploration, biotechnology, and sustainable forestry construction.

Of course, we aren’t without our challenges, the biggest being stagnant economic mobility and rising income and wealth inequality. We are both the richest and poorest state in the country. We are home to the most millionaires in the nation and 8 million people who live in poverty. We have some of the most expensive ZIP codes in America as well as a decades-in-the-making homelessness crisis that has almost 130,000 people living on the streets.

Big challenges have not held us back before. Just look to the way we have tackled climate change, leading the country in reducing carbon emissions and supporting the growth of electric vehicles, which are our second biggest export this year. And look at what we are doing with housing. Gov. Gavin Newsom recently met with over a dozen executives to confront our housing crisis, from companies including Google, Pinterest, Minted, LinkedIn, Blue Shield, United Airlines, Facebook, Sequoia Capital, Splunk, Ripple, Stripe, Western Digital and Zoom. And at the same time Apple announced that they will lease a second San Diego office — growing the engineering workforce there — they have committed $2.5 billion to address California’s homelessness crisis. Alongside that investment and interest, the state is doing its part with a historic $1.75 billion investment to build more housing and is creating major incentives to inspire immediate action such as the 100 Day Homeless Challenge to encourage cities and counties to lean into innovative solutions to build more homes.

We can bring that same spirit of partnership across the private and public sectors to the other challenges we face. And we will.

Where a company chooses to place or move its headquarters is not a metric for whether that state is building inclusive, sustainable growth over the long term. Instead, for that we believe you should look to where you can find the best combination of innovative entrepreneurs, bold investors, skilled workers and world-class systems of education. If you look for that, you’ll always be looking first at California and at companies like Weber Metals, a CalCompetes awardee, or Bitwise Industries, which is expanding to its third city in inland California.

Maintaining that edge requires us, in Sacramento, to actively listen to and support businesses, especially our small and medium-sized businesses, that are eager to lead the way to inclusive, sustainable growth. Those are the businesses that know there is no trade-off between inclusion and growth and there is no greater legacy for us to leave our children than an economy that works for all.

Lenny Mendonca is chief economic and business adviser to Gov. Gavin Newsom and director of the Governor’s Office of Business and Economic Development