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The 2022 Economic Outlook Forecast

The 2022 Economic Outlook Forecast 

Designed to provide attendees with an economic analysis and outlook for the coming year, the 2022 Economic Outlook Conference included global, national, and state perspectives, while focusing primarily on the trends and issues associated with the Santa Clarita Valley and the surrounding business community. Alongside the conference the SCVEDC also releases it's Outlook Book, containing more in-depth data and economic forecast information.

 

Summary Overview:

  • Our population continues to grow steadily and we built almost 2000 new homes in the last 3 years alone. It's expected to average 0.8% per year through 2027, increasing by approximately 12,000 residents.
  • Meanwhile, our jobs base has also grown as we've built millions of square feet of new industrial, commercial, and retail space.
  • We have nearly recovered all the jobs lost during the pandemic and our job creation rate is still up, having added approximately 5,200 jobs in 2022 alone. Many of these jobs were in the hardest hit industries in the Santa Clarita Valley by the Coronavirus Recession.
  • The rate of job growth exceeded the rate of population growth.
  • Industrial vacancy is at zero, but commercial office space is expected to steadily recover. There are millions of square feet of mixed-use space under current construction, already approved, or awaiting approval.
  • Inflation has likely peaked and should normalize by the end of 2023. While overall growth predicted for this year has been downgraded, and stagflation is a continued concern, a bona fide recession is not likely according to Schniepp.

Williams Ranch Announces Grand Opening

WILLIAMS HOMES INTRODUCES NAMESAKE WILLIAMS RANCH MASTER-PLANNED COMMUNITY WITH LONG-AWAITED GRAND OPENING CELEBRATION

 

Williams Homes, one of the nation's leading, privately-held homebuilders, will debut its brand new Williams Ranch master-planned community in the Santa Clarita Valley, California on September 24 and 25.

 

Located in the hills of Castaic and overlooking the Santa Clarita Valley and Valencia® below, the grand opening celebration will allow home shoppers to experience the Williams Ranch lifestyle and tour 15 stunning model homes that include a selection of both single-story and two-story designs. All are invited to join in the festivities with food, fun, giveaways, and music both Saturday and Sunday from 11 a.m. to 3 p.m.

New Extension in Film Tax Credits Is Good News for Santa Clarita

New extension of Film & TV Tax Credit will support continued growth already seen in SCV film industry.

 

When people think filming television and movies, of course Hollywood and Los Angeles are the first to come to mind. Santa Clarita Valley however is one of the most filmed locations in the State, and that includes LA. Santa Clarita is consistently one of the most filmed places in California because it’s located within the industry’s well-known 30-Mile Zone and offers thousands of film-friendly locations that can double for almost anywhere in the world. Throw in a  City Film Incentive Program, Movie Ranch Overlay Zone, low-cost permit fees and expedited permit processing, and it's easy to see how we recently broke our own record this year by generating over $40 million in economic impact!

 

California has long been known as the entertainment capital of the world, and one of the ways the state has been working to keep filming here is through the Film & Television Tax Credit Program. The program has been shown to generate $24 in economic activity for every $1 invested – spurring tens of billions of dollars in economic output, helping create over 110,000 jobs, and bringing shows and films to California. In July of last year, Governor Gavin Newsom expanded The legislation expands the current film credit program with a $180 million increase over two years and an additional one-time $150 million incentive to be used over multiple years for the construction of certified motion picture soundstages – building out studio infrastructure to keep pace with the growth in production.

 

Valley 200 List Recognizes SCVEDC BOD Members and CEO

The SCVEDC would like to congratulate everyone who made this years list of most influential leaders in the region, including our own President & CEO - Holly Schroeder. Several members of the Santa Clarita Valley Economic Development Corporation’s Board of Directors have also been named to the San Fernando Valley Business Journal’s Valley 200 list announced on August 1st.

 

“[The Valley 200 list] is 200 people we consider the most influential in our area - the San Fernando, Conejo, Santa Clarita, Simi and Antelope valleys,” writes Charles Crumpley, SFVBJ publisher and editor, in the August 1st, 2022 edition of the bi-weekly business publication. “They are the leaders we depend on, the ones whose work – whether at the office or in nonprofits or in other ways –improve our community and make our local economy sturdier. [W]e also tend to select those who are active – in professional, political and community organizations.”

California Competes Tax Credit Application 2022-2023 Fiscal Year

Have you heard about the California Competes Tax Credit (CCTC)? It’s a state income tax credit supporting growth of high quality jobs in California, available to businesses who want to come to, stay in, or grow in our state. Through a two-phase process, businesses apply and compete for this credit during three application periods each fiscal year.

 

Here's how it works: Phase I is an online application process, where businesses submit information on their 5-year growth plans including a comprehensive description of their growth project, projected new hires and wages, projected amount of investment equipment and facilities, and their requested tax credit. A cost-benefit ratio is then calculated, and companies with the most advantageous cost-benefit ratio move on to Phase II for final negotiation and selection.

SCVEDC Releases New Talent Recruitment Resource

The SCVEDC is happy to announce the release of our newest resource to help Santa Clarita Valley businesses succeed and grow.

 

The focus of economic development has expanded over the past months to include talent attraction and workforce development. In todays labor market, companies are doing everything they can to maintain their current staff, while simultaneously competing with other businesses for top talent.

2022 Santa Clarita Valley Business Survey

SCV Companies: Business Climate in SCV is Robust

Local companies positively rate the business climate and quality of life in the Santa Clarita Valley. That’s the key takeaway from the Santa Clarita Valley Economic Development Corporation’s 2022 Business Survey of 155 companies.

Honor Ranch Development Project Takes Next Steps

The Honor Ranch Site (Honor Ranch) is a potential development located in a County-owned vacant lot in the Santa Clarita Valley. This 206-acre plot along the eastern edge of the I-5 (north of the Castaic Junction) offers an excellent opportunity for a new jobs-creating development. It consists of a large contiguous land area with high visibility and freeway access.

 

The location has been identified as a potential development site for years. A motion was introduced by 5th District Supervisor Kathryn Barger on June 14, 2022 that enters LA County into an exclusive negotiation phase for the project. The "Honor Ranch Development Project" has now moved further in the process than ever before towards making this project a reality.

 

Trammell Crow Company (TCC) was chosen as the preferred developer for a 1.8 million SF project consisting primarily of new industrial facilities. TCC will work closely with LA County Public Works on the pre-development phase, as well as negotiating a final agreement. Honor Ranch has great potential to bring more high quality jobs to our valley, allowing more residents in our expanding population to live and work right here in SCV!

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SCVEDC Releases Santa Clarita Valley Talent Report

Curious about the Who, What, Where, When, and Why of Santa Clarita Valley? 

 

Since before 2006, our valley has seen steady population growth and Santa Clarita is the 3rd largest city in LA County. So what is drawing people to the SCV?

 Our rankings over the past year alone speak for themselves!

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Minimum Wage Increases for Unincorporated SCV Businesses on July 1 (2022 Update)

Minimum Wage Increases for Businesses in Unincorporated LA County on July 1

Are you confused about the minimum wage increases? You’re not alone! The Santa Clarita Valley is in an especially unique situation in that the City of Santa Clarita and the County of Los Angeles have two different minimum wage increase schedules which has caused confusion and challenges for many of our local employers and residents alike.

 

The City increases its wages in keeping with the State of California’s schedule (January - December), while the County of Los Angeles has adopted a wage increase schedule based on their fiscal calendar (July - June).

SCVEDC Announces 2021 Power Brokers in Commercial Real Estate

Congratulations to the Top Power Brokers!

 

The Santa Clarita Valley Economic Development Corporation (SCVEDC) invests not just in growing our local businesses, but attracting great companies to the region with a focus on industries that provide our residents with high quality, high paying jobs.

 

Bringing these businesses to our community takes a combined effort from the SCVEDC and our partners in economic development, and of

course, from the tireless commercial real estate brokers who work hard to get these businesses set up at the right location that works for them. Each year we recognize the top commercial real estate brokers active in the Santa Clarita Valley, who will be honored this week at a private breakfast event.

 

 

SCVEDC Releases Adept Fasteners Case Study

Adept Fasteners expands to their new home in Valencia Commerce Center

 

SCVEDC's recent case study about Adept Fasteners provides a look at the company's objectives and space needs. The case study illustrates their reasoning behind the decision to expand their operations in the Santa Clarita Valley by designing a custom layout facility. Adept Fasteners provides engineering fastener solutions for the global aerospace and defense industry. The company offers customized inventory solutions supported by technology to meet customers' production needs and delivery times. Adept is an approved supplier for top names in the industry, including Lockheed Martin, Boeing, Northrup Grumman, Raytheon Technologies, and more.

2021 SCVEDC Annual Report

2021 Annual Report

 

 

The COVID-19 pandemic brought both health implications and serious economic ones, extending into its second year in 2021 as the Santa Clarita Valley Economic Development Corporation celebrated its 11th anniversary. The SCVEDC continued supporting SCV businesses as they navigated public health orders, supply chain snarls, hiring challenges and the emergence of inflation. SCVEDC continues to focus on business assistance, business attraction and retention, community marketing, and providing quality information and data. The vast diversity of businesses in the Santa Clarita Valley has established a strong foundation for its future economic security.

4 Ways to Prevent 'The Great Resignation' at Your Company

Labor shortages and “the great resignation” are leaving most companies working hard to hold on to the employees they have. One strategy they should use: looking internally at ways they can reduce their own bureaucracy.

 

Working from home, most employees found time in their day wasn’t productive. Remote work gave many people a fresh perspective on their jobs. The “Great Resignation” suggests they didn’t like what they saw, and they decided to pursue other opportunities. In fact, NIST recently called it the “Great Recognition,” an awakening of people to how they spend their time.

LA North Acquires 5th Studio Building in SCV

After snagging the last available building at the IAC Commerce Center in January, LA North Studios has not slowed down in their drive to meet the fervent demand for production space. On Tuesday last week CBRE announced that the company has signed yet another long-term lease at the previous headquarters of MechanixWear Gloves. Just down the street from their most recent acquisition, this striking building adds 70,550 square feet of industrial space to their inventory. 

LA North Studios Continues Rapid Growth at IAC Commerce Center

The Santa Clarita Valley continues to grow its footprint of local production facilities, with Newmark Knight Frank (“NKF”) announcing Monday that LA North Studios signed a pre-lease for the final available building at the IAC Commerce Center. Expected to be ready in Q1 of 2022, Building 8 will add an additional 113,400 square feet to LA North's already substantial amount of production space. Film industry companies have been busier than ever during the spike in production the last few years, giving credit to SCV's moniker of "Hollywood North". There is no doubt that SCV is a happening location for filming, and with soundstage space at a premium, our region has added several more over the past years to accommodate the demand.

Importance of Shopping Local

As we approach the end of 2021, most of our businesses have re-opened, with events and gatherings restoring slowly but surely. We have come a long way since March 2020, and people are eager to return to as close to a pre-COVID normal as possible. There are unfortunately still lingering problems from the lockdown that continue to be felt. Especially by our local employers. With normal supply chains still facing big delays, it’s more important than ever to support the local businesses and manufacturers in the SCV this holiday season.

Come on in, stay a while - Tourism Bouncing Back in SCV

The Santa Clarita Valley has long been known as an ideal location to live, work and play. From theme parks and historic house tours to outdoor recreation and sporting events, you can fill your days with plenty of fantastic experiences for all ages. As the third largest (and still growing) city in the county, it’s no wonder Santa Clarita has been dubbed the “Gateway to L.A.”. Here you’ll find everything you value in one outstanding Southern California destination that's central to everything. Santa Clarita is the hub for family entertainment and a short drive to beaches, snow and other nearby attractions. Not to mention home to the thrill capital of the world: Six Flags Magic Mountain!

Building 10 Welcomes New Tenant at Needham Ranch

Newmark Knight Frank (“NKF”) negotiates 169,854-Square-Foot Industrial Lease at The Center at Needham Ranch in Santa Clarita, CA.

 

Newmark Knight Frank (“NKF”) announced it has negotiated a 169,854-Square-Foot Industrial Lease at 21480 Needham Ranch Parkway, at The Center at Needham Ranch. The new tenant, Tire's Warehouse, will occupy newly constructed building 10 at the site. Tire's Warehouse will join current tenants Amazon, LA North Studios, Illumination Dynamics, and recently expanded beverage manufacturer DrinkPAK. With this move to SCV from the San Fernando Valley, Tire's Warehouse has now tripled their facility space in North Los Angeles. Phase 1 at The Center at Needham Ranch is completely leased and construction on Phase 2 is well underway, with buildings 11 through 18 still in the works. 

 

Five Reasons Why Santa Clarita Valley is Business Friendly

As we celebrate the City of Santa Clarita's nomination once again as a business-friendly city by the Los Angeles Economic Development Corporation, it's a good time to reflect on what makes the Santa Clarita Valley so business friendly.

 

 

 

SBA Dramatically Increases Disaster Loans Under the COVID EIDL Program

The Small Business Administration has significantly upped the cap for COVID-19 Emergency Injury Disaster Loans (COVID EIDL) from $500,000 to $2 million, providing low-interest, long-term loans for small businesses and nonprofits who experienced or continue to experience economic harm resulting from the pandemic.  

 

Santa Clarita Named Finalist for LAEDC "Most Business Friendly City" Award

City of Santa Clarita among 10 finalists for this year's "Most Business Friendly City" Award

 

It's been another banner year for Santa Clarita in terms of achievements and growth. Through a lot of hard work and collaboration, the citizens and businesses of SCV have really risen to meet the challenges of the last 18 months. As we heard from economist Dr. Mark Schniepp at our Economic Outlook Forecast, Santa Clarita is well on its way in terms of recovery. One of the biggest factors in growth and economic recovery is for your businesses to thrive. The City of Santa Clarita has once again been named as a finalist in the Los Angeles Economic Development Corporation's (LAEDC) award for "Most Business Friendly City" in LA County. As Los Angeles County's third largest city, Santa Clarita continues its commitment to maintain a healthy business environment for current and future companies, proactively promoting business-friendly programs and services--a critical factor in job creation. With award criteria including prioritizing and supporting business recovery, reinvention, growth and hiring throughout the COVID-19 pandemic, it's no surprise that we made the short list.

Final Building Gets Walls at IAC Commerce Center

  Last week the IAC Commerce Center celebrated the initial  raising of  the walls in the third and final phase of development.  The 7th  building is a 113,400 square foot Class A industrial  facility. The  construction is expected to be substantially  completed by the end  of this year, and ready for use in Q1 of  2022. Prospective tenants  would join current residents  Amazon, Bay Center Foods,  Happy Returns, and  more. 

 

2021 Economic Forecast Predicts Growth & Recovery

 The economic shutdown due to the COVID-19  pandemic coincided almost perfectly with the  Santa Clarita Valley Economic Development  Corporation’s previously scheduled, and ultimately  canceled, Economic Outlook on March 12, 2020.  With rapidly changing mandates and an uncertain  economic climate, we transitioned to hosting a September 2020 virtual event, with an additional virtual update in March of this year. Last Friday marked the highly anticipated return of the SCVEDC's Outlook to a hybrid in-person and virtual event, hosted at the Santa Clarita Performing Arts Center at College of the Canyons.

Inc. 5000, 2021: SCV Home to Seven of the Fastest-Growing Private Companies in America

The SCVEDC would like to acknowledge seven local employers AMS FulfillmentCSI Services, Inc.Lief LabsLIFT innovate, Medical Breakthrough®Medical Technology Solutions, LLC, and TLK Fusion Inc. on making it onto this year's list for the fastest-growing companies in the US!

 

Podcast Update: Film, Manufacturing, Medical, and More!

 

How well do you know the businesses in the Santa Clarita Valley?

 

Most residents don’t realize that SCV is home to a broad range of companies across major industry sectors including Aerospace & Defense, Advanced Manufacturing, Biotech & Medical Devices, Digital Media & Entertainment, and Information Technology. The Santa Clarita Valley is also one of the few places in LA County that is seeing increasing population growth, with numerous ongoing residential, commercial, and industrial projects.

Over the past several years I have been interviewing many of the leaders of these innovative companies for our podcast series “SCV Means Business”. I am inspired by their commitment and dedication to their employees, as well as our community.

Keep Those Cameras Rolling: California's $330 Million Increase in Film and Tax Incentives

In a smart move to keep California’s signature industry thriving in-state, legislators earlier this month voted to increase both film and television tax incentives by another $330 million. The new bill was signed into law on July 22 by Governor Newsom, and has two primary features. The currently available  $330 million is being bolstered with an additional $180 million, bringing the annual film tax incentive program total to $410 million. The entirely new component now adds $150 million, allocated towards the construction of soundstages in an effort to meet the ever-growing demand for these studio facilities. These changes could prove vital to meet California's film and television needs, stop production jobs from leaving the state, and potentially coax studios to return that had jumped ship for more enticing offers in other states.

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The 2021 Employee Retention Tax Credit

 

Has your business been disrupted due to COVID-related governmental orders? With the many COVID-19 pandemic challenges endured by small to mid-sized businesses, there is some good news. The newest 2021 Employee Retention Tax Credit (ERTC) program provides eligible businesses with a fully refundable, advanceable tax credit on qualified employee wages, and opens the ERTC program to PPP borrowers for the first time. 

Safe, Ambitious, and Ready for Business

Santa Clarita ranks top 10 in safety, as well as the 4th most ambitious and business ready city in the nation.

 

Santa Clarita has recently been recognized as being one of the safest cities of its size in the country, and for being one of the most business ready. While it may not seem obvious at first, these two endorsements go hand in hand. They result from deliberate efforts to grow the number and quality of jobs in the Santa Clarita Valley in order to provide great opportunities for residents.

GO-Biz Hosting Webinars for Businesses Interested in Applying for $284 Million in Tax Credits

Complete List of Upcoming Webinars 

July 28th, 2021

Details and Registration

August 5th, 2021

Details and Registration

August 10th, 2021

Details and Registration

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