scv econ snapshot jul2011

of 5/5
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 ESTATE New 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/Alter ations A total o3 building permits or tenant improvements were issued in July 2011, down 63% rom the 8 permits in June 2011 and down 73% rom the 11 permits in July 2010. In July 2011, a total o32 permits or commercial alterations were issued, up 14% rom the 28 permits in June 2011, and up 10% rom the 29 permits or commercial alterations in July 2010. Certicates oOccupancy In July 2011, a total oour Certicates oOccupancy were issued, owhich two each were or retail and oce space. By comparison, there were our Certicates oOccupancy issued in July 2010 (also two or retail and two or oce space). The Certicates oOccupancy issued in July 2011 represent a total o14,092 square eet, owhich 60% was or retail and the remaining 40% was or oce space. This represents a slight decrease rom the 14,467 square eet covered in Certicates oOccupancies issued in July 2010. Vacancy Rates In the entire Santa Clarita Valley (including the City) oce, retail and industrial vacancy rates have remained steady in Second Quarter 2011 rom the previous quarter. During the Second Quarter 2011, the Santa Clarita Valley’s oce vacancy rate was 19.3% and retail and industrial vacancy rates were 7.4% an 6.0%, respectively. Within the City oSanta Clarita, the oce vacancy rate was 17.1% and retail and industrial 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 oSanta Clarita Square 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 VALLEY Economic Snapshot a publication othe Santa Clarita Valley Economic Development Corporation July 2011 Economic Snapshot  Presented By 

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  • 8/3/2019 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 Valleys 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

    WHATS 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

    July2011EconomicSnapshotPresentedBy

  • 8/3/2019 SCV Econ Snapshot JUL2011

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    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 Claritas 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 2SANTA CLARITA VALLEYEconomic 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

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    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 FiscalYear

    SANTA CLARITA VALLEYEconomic 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

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    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 regions ADR increased 9% to $164.25 in July 2011rom the previous July.

    Santa Claritas 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 4SANTA CLARITA VALLEYEconomic 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

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    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

    SANTACLARITAVALLEY

    ECONOMICDEVELOPMENTCORPORATION

    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 StatisticsUpdated 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 SCVs 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