7 minute read
Econowatch
Economic DEvElopmEnt corporation
26455 Rockwell Canyon Road | UCEN 263 | Santa Clarita, CA 91355 | (661) 288-4400 | www.scvedc.org
2022 Economic Outlook is Quickly Approaching!
BY HOLLY SCHROEDER
President and CEO of the Santa Clarita Valley Economic Development Corp.
The Economic Outlook Conference, scheduled for September 9th, 2022, features speakers that will help business leaders prepare for both the short term and the long term. Economic forecasts are important for companies that need to have a short and long-term picture of what the economic trends will be and how that will affect the decisions they make.
Designed to provide attendees with an economic analysis and outlook for the coming year, the conference will include national, state, and global perspectives, but will focus primarily on the trends and issues associated with the Santa Clarita Valley and the surrounding business community. Attendees will first hear from our business leader panel discussing current and future trends, issues around corporate resilience, agility, and innovation in the face of unique challenges.
Our great business panel lineup includes Nate Patena, John Prabhu, and Ana Fonseca.
Advanced manufacturing is one of the key target clusters in the Santa Clarita Valley. This sector employs a large percentage of our workforce with highpaying jobs, and in many cases is at the forefront of innovative technology in its respective industry. One of the biggest success stories recently has been the arrival and growth of DrinkPAK LLC, a premier West Coast contract manufacturer of premium alcoholic and nonalcoholic beverages. Nate Patena, CEO of DrinkPAK, has rapidly expanded the company’s footprint in the SCV to an over 570,000 SF manufacturing campus. They anticipate hiring up to 425 employees in the next 5 years, with a total five-year economic output of more than $1.3 billion.
The Santa Clarita Valley has been one of the premier locations for filming in LA County for decades. After severe restrictions and modifications in 2020 were finally lifted, the digital media and entertainment industry exploded in 2021 with major soundstage expansion. Santa Clarita is home to more sound stage space than the entire country of Australia, and still growing! At Outlook you’ll get the inside scoop on film and entertainment in the SCV, its economic impact, and more from John Prabhu, Partner at LA North Studios.
The SCV is home to several high-profile company headquarters like Princess Cruises, Scorpion, Sunkist, and more! After 87 years in Burbank, Logix, Southern California’s largest credit union, made the choice to move their HQ to the SCV. Bringing hundreds of jobs to our valley and becoming one of our largest employers! Ana Fonseca, President & CEO for Logix since early 2019. Fonseca has successfully overseen the company throughout the pandemic, and their continued transition to the new HQ in the Valencia Commerce Center.
Following the business leader panel, Economist Dr. Mark Schniepp from California Economic Forecast will release the full Economic Outlook. Attendees will hear about topics such as demographics, employment, residential and commercial real estate trends, new developments, and quality of life. This is the only place to get economic data specific to the Santa Clarita Valley and is a must attend event for company leaders.
To purchase tickets, or for more information about the 2022 Economic Outlook, visit www.scvedc.org/outlook..
Econo Watch
Santa Clarita Valley
Commercial Vacancy Rates Office Space Q2 2022 Q1 2022 Q2 2022 Sq Ft
18.95% 22.70% 2,869,754 Industrial Space 1.40% 1.10% 25,317,438 Total Marked Sq. Ft. Vacancy Percentage: 28,187,192 Office Space - as a % of Vacancy 10.18% 9.97% N/A Industrial Space - as a % of Vacancy 89.82% 90.03% N/A
Building Permits Jul ’22 Jun ‘22 Ju1 ’21
New Commercial/Industrial Building Permits 3 17 0 Commercial Tenent Improvements/Alterations 27 57 27 Local Company Stock Prices Jul ’22 Jun ‘22 % Change
California Resources Corp (CRC) 44.86 43.26 3.70%
Carnival Corp. (CCL) 9.06 8.65 4.74%
FivePoint (FPH) 4.22 3.91 7.93%
Mission Valley Bank (MVLY) 13.6 13.6 0.00% Six Flags * (SIX) Woodward (WWD)
Unemployment Rates
Santa Clarita Palmdale Lancaster Glendale Los Angeles County State 22.67 21.7
4.47% 104.7 92.49 13.20%
Ju1 ’22 Jun ‘22 % Change
4.7% 5.1% -7.84% 7.2% 7.7% -6.4% 7.3% 7.7% -5.19% 4.9% 4.9% 0.00% 5.0% 5.2% -3.85% 3.9% 4.0% -2.50%
Housing Stats SCV Average Home Price
SCV Average Condo Price SCV Home Sales Jul ’22 Jun ‘22 Ju1 ’21
938,800 917,100 879,500
574,900 580,900 559,300 1,331 1,161 1,773 SCV Condo Sales 515 450 560 SCV Avg. # of Days on Market (SF) 49 41 29 SCV Single Family Home Inventory 226 281 320
VALLEY INDUSTRY ASSOCIATION
A D V O C A T E . E D U C A T E . I N N O V A T E .
VALLEY INDUSTRY ASSOCIATION
A D V O C A T E . E D U C A T E . I N N O V A T E .
CEO
FORUM
VIA SCV City Council Candidates Forum
The Valley Industry Association has a keen interest in our local, state and federal elected officials. As such, we were pleased to conduct a City Council Candidates Forum on Thursday, August 25, at the Dianne G. Van Hook University Center. The sold out event hosted all nine candidates with each able to share their campaign platform and answer pertinent questions posed by the audience and the business community. The forum was moderated by Ed Masterson of Michael Elliott & Associates.
Laurene Weste,
Mayor, City of Santa Clarita*
Marsha McLean,
Councilwoman, City of Santa Clarita*
Bill Miranda,
Councilman, City of Santa Clarita* Denise Lite, Attorney at Law Selina Thomas, Businesswoman David Barlavi, Tax Attorney Kody Amour, Entrepreneur Jeffrey Malick, Chief of Staff Douglas Fraser, Citizen
*INDICATES INCUMBENT
INTERPRETING THE INFLATION REDUCTON ACT
What does this mean to California Employers?
The Inflation Reduction Act takes aim at reducing the deficit through taxes on the largest corporations and lowering health-care costs on prescription drugs. At the same time, it is far-reaching legislation to combat climate change. VIA CEO Forum 2022
VIA is pleased to announce the date for our 2022 CEO Forum/Business Innovation Forum. Scheduled for Friday, December 2nd, this event will bring together top executives and decision makers to work actively on solutions to recognized business and community issues. Based on information supplied by a survey of local business leaders, the following topics will be included in the discussion at the 2022 Forum.
Post Covid Infrastructure:
How has the infrastructure of your workplace changed post-Covid? Are your employees physically in the workplace, remote of hybrid? How have changes in the workplace affected productivity?
Inflation:
Inflation is at a rate not seen since the 1970’s. How is inflation affecting your business? How are you coping with increases in the cost of wages, materials, supplies, fuel, rent, etc.? How much flexibility do you have to increase prices to clients or customers? Can you add surcharges (i.e., fuel surcharges) , or do business on a “cost-plus” basis? Has the time that a supplier’s or subcontractor’s bid remains valid been reduced? How does this affect your business?
Emerging Workforce:
What are you seeing with new entry level employees in terms of their skill set?
Has that changed over the past several years? What would you like to see in the skills of entry-level employees? What skills are needed in today’s world/business for entry level and moving forward? How can the “next generation workforce” be trained in what your business needs? What would you like to see in leadership training programs for new entry level employees? For your entrylevel employees in whom you see potential for leadership, how can VIA help get them their with training?
VIA encourages CEOs, Presidents, Business Owners, HR Directors, other toplevel executives and interested business professionals to participate. Please take a moment today to register for the Forum.
Tickets and sponsorships are available at www.via.org/ceo-forum
Join VIA and our panel of guest speakers as we take a deep dive into the legislation to see what it means for businesses.
Speaker: Chris Ingram, Chief Executive Officer, Prosperitas Financial
Additional Panelists will be announced soon! UPCOMING EVENTS
20
SEPT
BREAKFAST MEETING INTERPRETING THE INFLATION REDUCTON ACT
8:00 - 9:30 a.m. Hyatt Regency Valencia
04
NOV VIA BASH Midnight in Morocco
6:00 - 11:00 p.m. Hyatt Regency Valencia
