scv econ snapshot jul2011
TRANSCRIPT
8/3/2019 SCV Econ Snapshot JUL2011
http://slidepdf.com/reader/full/scv-econ-snapshot-jul2011 1/5
19.7% 20.0% 20.1% 20.0% 19.3%
5.7% 6.7% 6.2% 6.2% 6.0%
7.7% 7.7% 7.3% 7.6% 7.4%
0.0%
10.0%
20.0%
30.0%
Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011
Santa Clarita Valley (includes City)Square Footage Vacancy - Q2 2011
COMMERCIAL REAL ESTATENew Permits
No new permits or commercial space were issued in July 2011 by the City oSanta Clarita, compared to one new permits issued in July 2010 or 30,752 sq.f.
Tenant Improvements/Alterations
A total o 3 building permits or tenant improvements were issued in July 2011down 63% rom the 8 permits in June 2011 and down 73% rom the 11 permits inJuly 2010.
In July 2011, a total o 32 permits or commercial alterations were issued, up 14%rom the 28 permits in June 2011, and up 10% rom the 29 permits or commerciaalterations in July 2010.
Certificates o Occupancy
In July 2011, a total o our Certificates o Occupancy were issued, o which twoeach were or retail and oce space. By comparison, there were our Certificateso Occupancy issued in July 2010 (also two or retail and two or oce space).
The Certificates o Occupancy issued in July 2011 represent a total o 14,092square eet, o which 60% was or retail and the remaining 40% was or ocespace. This represents a slight decrease rom the 14,467 square eet covered inCertificates o Occupancies issued in July 2010.
Vacancy Rates
In the entire Santa Clarita Valley (including the City) oce, retail and industria
vacancy rates have remained steady in Second Quarter 2011 rom the previousquarter.
During the Second Quarter 2011, the Santa Clarita Valley’s oce vacancy rate was19.3% and retail and industrial vacancy rates were 7.4% an 6.0%, respectively.
Within the City o Santa Clarita, the oce vacancy rate was 17.1% and retail andindustrial vacancy rates were 6.8% and 5.4%, respectively.
Commercial Real Estate 1
WHAT’S INSIDE
Residential Real Estate 2
Employment 3
Enterprise Zone 3
Tourism 4
Film 4
Sales Tax 5
City o Santa ClaritaSquare Footage Vacancy - Q2 2011
Ofce Industrial Retail
Santa Clarita Valley Vacancy Rates
31%31%(692,774)(692,774)
32%32%(721,699)(721,699)
37%37%
(845,184)(845,184)
29.3%29.3%(907,363)(907,363)
29.4%29.4%(910,660)(910,660)
41.3%41.3%(1,279,900)(1,279,900)
Data through July 2011 | Published on October 10, 2011
SANTA CLARITA VALLEYEconomic Snapshot
a publication o the Santa Clarita Valley Economic Development Corporation
July 2011 Economic Snapshot Presented By
8/3/2019 SCV Econ Snapshot JUL2011
http://slidepdf.com/reader/full/scv-econ-snapshot-jul2011 2/5
0.0% 5.0% 10.0% 15.0% 20.0%
RESIDENTIAL REAL ESTATE ACTIVITYSanta Clarita Valley Home Values & Sales In the Santa Clarita Valley (including the City o Santa Clarita), single-amily sales
volume and values regained ground lost rom the beginning o the year. Single-amily median home values remained unchanged at $370,000 in July 2011 rom
June 2011, still below the $420,000 median home value seen in July 2010. A total o 187 single amily homes were sold in July 2011, down 14% rom June 2011 and
up 6% rom July 2010. Median condominium values increased 9% to $217,500 in July 2011 rom June 2011, yet
were down 11% rom July 2010. Condominium sales ell 9% to 73 sales in July 2011 rom June 2011, yet were up 7%
rom sales in July 2010.City o Santa Clarita Home Values & Sales In the City o Santa Clarita, single-amily home values declined, while sales volume
increased rom the Summer o 2010. Single-amily average home values in July 2011 were $416,100 or 4% above June 2011,
yet 10% below July 2010. A total o 142 single amily homes were sold in July 2011, down 11% rom June 2011, yet
up 10% rom July 2010. Condominium prices rose 6% to $221,700 in July 2011 rom June 2011, yet ell 6% rom
one year ago. Condominium sales volume dropped 9% to 69 units in July 2011 rom June 2011, but
were up 8% rom sales in July 2010.
APARTMENTSVacancies and Rents The Apartment vacancy rate during Q2
2011 in Santa Clarita Valley was 6.5%,which is lower than the Q1 2011 rate o8.8% and the Q2 2010 rate o 9.5%.
Despite the downward trend, vacancyrates or Q2 2011 in Santa ClaritaValley continue to exceed those incomparable L.A. Metro communities over
the past year. Average apartment rents in Santa Clarita
Valley remain steady at $1,433.
July 2011 SCV Residential Real Estate Summary
JULY 2011 JULY 2010 % Chg.
Median Home Value $370,000 $420,000 -12%
# o Single Family Homes Sold 187 176 6%
Median Condominium Value $217,500 $220,000 -1%
# o Condominiums Sold 73 68 7%
Avg. Days on Market (Single-Family) (City) 60 58 3%
Single-Family Home Inventory (City) 600 583 3%
Apartment Vacancy Rate (Q2 2011 v. 2010) 6.5% 9.5% -32%
Avg. Apartment Rents (Q2 2011 v. 2010) $1,433 $1,438 -0.3%
NODs recorded 117 173 -32%
UNEMPLOYMENT RATE The City o Santa Clarita’s unemployment rate was
8.2% in July 2011 compared to 13.3% or Los AngelesCounty and 12.4% or Caliornia
Unemployment in Santa Clarita is slightly lower romone year ago when the rate was 8.3%
The SCVEDC continues to work with the City oSanta Clarita, College o the Canyons and the SantaClarita WorkSource Center to attract jobs, createhiring opportunities and provide training programsor the region. For more inormation on the availableprograms, please contact or the SCVEDC at (661)288-4400.
Page 2
SANTA CLARITA VALLEY
Economic Snapshot July 2011
Unemployment Rate Comparison - July 2011
Los Angeles 14.6%
Santa Clarita 8.2%
Pasadena 10.1%
Palmdale 16.4%
Lancaster 18.4%
Glendale 11.6%
L.A. County 13.3%
Caliornia 12.4%
3 permits
July 2011permits
July 20106
City o Santa ClaritaNew Permit Activity
62 29
City o Santa ClaritaTenant Improvement/
Alteration Activity
Permits inJuly 2011
Permits inJuly 2010
8/3/2019 SCV Econ Snapshot JUL2011
http://slidepdf.com/reader/full/scv-econ-snapshot-jul2011 3/5
Construction6.2%
Manuacturing12.8%
Trade, Trans. &Utilities19.9%
Ino1.7%
FinancialActivities
5.0%
Pro. & Bus.Services13.7%
Ed. & HealthSrvcs10.2%
Leisure &
Hospitality14.4%
Other Services3.8%
Government11.8%
Nonclassiiable0.4%
Natural Resources& Mining
0.2%
Construction8.3%
Manufacturing
4.5%
Trade, Trans. &Utilities14.9%
Info1.9%
Financial Activities7.9%
Prof. & Bus.Services13.7%
Ed. & Health Srvcs9.0%
Leisure &Hospitality
8.2%
Other Services23.6%
Government1.8%
Nonclassified5.9%
0
500
1000
1500
2000
2500
FY 07-08 FY 08-09 FY 09-10 FY 10-11 FY 11-12
Jobs Created or Retained by Fiscal Year
$0
$40
$80
FY 07-08 FY 08-09 FY 09-10 FY 10-11 FY 11-12
Tax Sav ings for Local B usiness by Fiscal
Year
SANTA CLARITA VALLEY
Economic Snapshot July 2011 Page 3
$696.83
$794.17
$629.69
$667.00
$703.60
$797.59
711.6 717.21
658.43
700.88 693.57 700.21
600
700
800
Quarterly Payroll (in millions)
Quarterly Average Employment (x100)
Q3 2009 Q4 Q1 2010 Q2 Q3 Q4
Total Number o Area Jobs an Payroll
EMPLOYMENT | Santa Clarita Valley† In the ourth quarter o 2010 there ware a total o 6,051
establishments reporting employment and wages, down0.4% rom the 6,074 in ourth quarter o 2009.
Total employment in the Santa Clarita area was down 2%to 70,021 jobs in the ourth quarter o 2010 rom the sameperiod in 2009.
Employment ell during the ourth quarter 2010 rom theprevious year in every sector except construction, whichrose 8%.
Quarterly wages in the Santa Clarita area were up 0.4% to$797.59 million in ourth quarter o 2010 rom $794.17million in ourth quarter 2009.
Share o Business by Industry | Q4 2010
Since 2007, the award-winning Santa Clarita Valley EnterpriseZone has been creating jobs, encouraging local investment andsaving businesses money. For more inormation on how yourbusiness might benefit, visit www.scvedc.org/enterprise_zone.
2,018
152total jobs
612total jobs
1,937total jobs
3,955total jobs
159 in July
75,544,160
$5.69M inTax Savings
$22.91M inTax Savings
$72.52M inTax Savings
$148.07M inTax Savings
$5.95M in July
49,608,000
17,222,400
1,325
460
Employment by Industry | Q4 2010
4,114total jobs
$154.02M inTax Savings
8/3/2019 SCV Econ Snapshot JUL2011
http://slidepdf.com/reader/full/scv-econ-snapshot-jul2011 4/5
42%
17%19%
22%TV
Student/Other
Commercials
Features
Stills
Music Videos
0
100
200
300
400
2010 2011
$0
$5,000,000
$10,000,000
$15,000,000
$20,000,000
2010 2011
TOURISM | Santa Clarita Valley
PKF Consulting reported hotel occupancy in SantaClarita was 90% in July 2011, higher than the reportedoccupancy o 84% in July 2010.
In comparison, occupancy rates at hotels in Los AngelesCounty were at 85%, up 5% rom July 2010.
The year-over-year increase in occupancy rate in SantaClarita was comparable to that o San Gabriel Valley.
Local average daily room rates (ADR) increased 2% inJuly 2011 to $106.45 rom the previous year.
The region’s ADR increased 9% to $164.25 in July 2011rom the previous July.
Santa Clarita’s year-to-date (YTD) occupancy ratesincreased 9% to 75%.
The City o Santa Clarita collected $253,386 in transientoccupancy taxes (TOT) in July 2011, up 12.5% rom July2010.
July 2011 Southern California Occupancy & Rate Summary
TOURISM SUBREGIONOCCUPANCY
RATEJULY 2011
OCCUPANCYRATE
JULY 2010
ADRJULY2011
ADRJULY2010
Santa Clarita 89.88% 84.12% $106.45 $104.28
San Fernando Valley 82.37% 75.37% $129.88 $124.21
Pasadena 83.76% 80.04% $146.77 $139.04
Long Beach 79.60% 73.1% $125.47 $116.40
San Gabriel Valley 78.28% 73.36% $95.49 $90.97
Los Angeles Region 85.19% 80.01% $164.25 $150.09
Page 4
SANTA CLARITA VALLEY
Economic Snapshot July 2011
FILM | City o Santa Clarita In July 2011 a total o 28 film permits were issued within the City
o Santa Clarita, up 8% rom July 2010 Year to date, 200 film permits have been issued in 2011, up 14%
rom the 176 permits issues during the same period in 2010 The 28 permits represent a total o 59 filming days in July 2011,
up 5% rom 56 filming days in July 2010 July 2011 film days included: 42% or television shows, 22% or
eatures, 19% or commercials and 17% or student/otherprojects. No still shoots or music video production occurred inJuly 2011.
The estimated economic impact rom location filming in July 2011
was $1,320,000, less than 1% below the $1,330,500 in July2010.
Despite the July 2011 slight decrease rom the previous year, theyear-to-date economic impact, is up 8% to $9,444,000 versus$8,753,000 in July 2010.
Estimated Economic Impact o Filming
$18,136,000
$9,444,000
JULY: $1,320,000
Number o Permits Issues
319
200
JULY: 28
Percentage o Filming Days
8/3/2019 SCV Econ Snapshot JUL2011
http://slidepdf.com/reader/full/scv-econ-snapshot-jul2011 5/5
BOARD OF DIRECTORSExecutive Committee
Bill Kennedy – Co-ChairmanWingspan Business Consulting
Don Fleming – Co-ChairmanValencia Acura
Calvin Hedman – CFOHedman Partners
Dr. Dianne Van Hook – Secretary
College o the Canyons
Tim BurkhartSix Flags Caliornia
Greg McWilliamsNewhall Land
Ken PulskampCity o Santa Clarita
Larry RasmussenSpirit Holding, Inc.
Roger SeaverHenry Mayo Newhall Memorial Hospital
John Shaery
Poole & Shaery, LLP
Laurel ShockleySouthern Caliornia Edison
William SloanCaliornia United Bank
Arthur SohikianAVS Consulting
Morris ThomasThe Signal
Rosalind WaymanSupervisor Michael D. Antonovich
Board Members
Kerry CarmodyProvidence Health & Services
Chris ChaseTriple C Electric Inc.
Mark DelmarterKlassen Corporation
Thomas DudleyLiberty Building Maintenance & Services
Michael GibralterValencia Country Club
Adam GilbertDisney Corporate Real Estate
Casey KirkmanAQMS Mayflower
Joe MessinaWildcat Business Group
Rick RobbValencia Travel Village
Nigel StoutJones Lang LaSalle
Ken WisemanAMS Fulfillment
S A N T A C L A R I T A V A L L E Y
E C O N O M I C D E V E L O P M E N T C O R P O R A T I O N
REFERENCESThe Santa Clarita Valley Monthly Economic Snapshot is a publication o the SantaClarita Valley Economic Development Corporation, using inormation provided bythe ollowing sources: City o Santa Clarita, Building & Saety Division Southland Association o Realtors First American RealQuest Pro Reis, Inc. City o Santa Clarita, Film & Tourism Oce PKF Consulting Caliornia Board o Equalization Data rom City o Santa Clarita, Finance Division CoStar City o Santa Clarita, Economic Development Division CA Employment Development Department Bureau o Labor Statistics†Updated quarterly. The next update will in the September Economic Snapshot tobe released November 2011.
ECONOMIC DEVELOPMENT NEWS rom scvedc.org Valley Firms Honored by San Fernando Valley Business Journal SCVEDC Valencia Firm Master o Product Placement Domain SFVBJ SCV’s BioSolar Outshining Market SCVEDC
SCVEDC NEWSLETTERTo join our bi-weekly “Economic Update” e-newsletter mailing list, [email protected] or call (661) 288-4400.
scvedc.org | (661) 288-4400
SALES TAX | City o Santa Clarita† Sales tax generated in First Quarter 2011 was above that generated in
during First Quarter 2010 Total First Quarter Sales Tax revenue was $5.85 million, up 4.8% rom the
$5.58 million generated in First Quarter 2010 The sales tax revenue figures presented are adjusted or economic data, by
removing retroactive payments o $5,000 or more into the quarter the salewas generated
Dollars in Millions
$5.58
$5.85
$6.09 $5.96 $6.77
$0.00 $10.00 $20.00 $30.00
2010
2011
Jan-Mar Apr-Jun Jul-Sep Oct-Dec
$5.85M Total
$23.37M Total