Question: What was the most surprising economic news of 2017 that affected San Diego County?Phil Blair, ManpowerUnemployment rate: San Diego County’s jobless rate at 3.3 percent, lower than the state at 4 percent and the U.S. at 3.9 percent. One year ago our county rate stood at 4.3 percent. We can argue with the economists over what full employment is for a community but this has to be pretty darn close to full employment for San Diego. If someone wants a job or is considering getting off the couch and into the job market this is the time to do it. And it is looking good for first quarter of 2018 and into the second quarter.Kelly Cunningham, San Diego Institute for Economic ResearchSan Diego’s slower GDP growth: The surprising significant reassessment of local economic activity indicating much weaker GDP growth than previously realized. San Diego’s economy slowed from 3 percent in 2013 to only 0.4 percent in 2015 and 0.3 percent in 2016, according to the latest … [Read more...] about Biggest economic surprise of 2017?
As the economy rebounds in San Diego County so has traffic congestion.With more people employed and the price of gas low, commute times are now at their highest since before the start of the recession.Regional planning experts say traffic isn’t likely to get better anytime soon in San Diego or in other growing metropolitan areas across the country.San Diego County's top 10 worst bottlenecks for 2017 »Building rail projects and clustering homes near job centers can spur economic growth while limiting the impacts to clogged freeways, according to officials. However, travel routes are in such high demand that traffic jams will be, at least for the foreseeable future, just part of the American way of life.“If you build additional highway lanes, there’s this latent demand out there — people who would be using the highway if it were faster, if there were less congestion — so those people will come in once the highway is wider,” said Michael Anderson, … [Read more...] about San Diego County traffic spikes to new highs after economic recovery
The Inland area’s economy grew during 2017, surpassing statewide numbers in employment increases and taxable sales, but along with the rest of California faces a possible drag on future growth as new housing lags behind population growth both Riverside and San Bernardino counties, an analysis concludes. While residential construction in the area grew for the Inland area this year, “considerably more building over several years will be necessary to alleviate Southern California’s need for additional housing,” concluded a Regional Intelligence Report from the UC Riverside School of Business Center for Economic Forecast & Development. Otherwise, the local economy is projected to continue expanding in 2018, the report said, pushed by expected sustained passenger increases at Ontario International Airport, the Pechanga Resort & Casino’s $285 million expansion, and overall growth in commercial and industrial real estate. Nonfarm employment in the … [Read more...] about Inland economic growth may be boxed in by housing lag
Omaha merchants and event organizers are counting this year’s College World Series as a home run for the cash register. A key factor, according to downtown merchants: Louisiana State University making it to the final best-of-three championship series and the presence of other fan-attracting teams like Texas Christian University and Texas A&M. “LSU’s fans are an economic force by themselves,” said Mike Kelley, part owner of the Blatt Beer & Table and the Zesto ice cream window across the street from the baseball stadium. “They are a phenomenon.” Omaha businessman Jack Diesing, chairman of College World Series of Omaha Inc., estimated a $70 million economic impact for the 12-day event, based on growth from the last official study in 2014, and credited a lineup of fan-heavy teams that appealed to local fans, too. “There’s no question that this is a record year for the economic impact and for the image of Omaha and Nebraska … [Read more...] about College World Series’ economic impact, national exposure and attendance all knocked it out of the park for Omaha
What’s on the economic horizon for Hampton Roads in 2018? Here’s some insight from three local experts: Warren Harris, director of economic development, Virginia Beach Department of Economic Development “Global economic conditions are steadily improving and we must ensure that our region is poised to capitalize on a rising market,” Harris said. According to Goldman Sachs, “for the first time since 2010, the world economy is outperforming most predictions, and we expect this strength to continue.” The International Monetary Fund agrees, stating “the global upswing in economic activity is strengthening.” Harris said one way to ride this wave of economic expansion is to continue to focus on economic diversification. “The international direct investment should continue in 2018, depending on the final form of the tax reform legislation under consideration in Washington,” Harris said. A variety of global companies are expected to … [Read more...] about Hampton Roads economic influences will include globalism, sequestration, growth in ’18
IT TOOK ONE COLLEGE CLASS for Robert Moore to reorient his career aspirations. “I took one computer science class and I realized that Turbo C++ was not for me,” said Moore of his time at the University of Virginia. The graduate of Indian River High School in Chesapeake who also has always been interested in finance shifted to economics, graduating with a degree in that field instead. In September, Moore became Portsmouth’s director of economic development. His previous professional experience in Hampton Roads includes working in Suffolk as a planner, in economic development in Chesapeake, and as a community development director for Portsmouth’s housing authority. “I always liked finance and the opportunity to spend money and make money, so I ended up with an economics degree. I didn’t really want to hone in on just accounting. … I always thought at one point that I would be going to law school.” CAREER GROWTH “A good friend of mine … [Read more...] about Robert Moore, Portsmouth Economic Development director
The revitalization of Oklahoma City’s downtown was inspired by economic failure and wounded civic pride, but sustained over time by leadership — political and civic. In the late 1980s, a swoon in the oil and gas industry delivered a body blow to the city, so to create more jobs and boost the economy, Mayor Ron Norick in 1991 decided to compete with other cities to attract a United Airlines maintenance center. He even got voters to approve a 1-cent sales tax to support a rich incentive package. But United picked Indianapolis. “The mayor asked them why,” said Cathy O’Connor, president of The Alliance for Economic Development of Oklahoma City. “They told him a group of United executives and their spouses came to Oklahoma City, and there wasn’t anything to do, nothing going on. A dead community.” Norick quietly visited Indianapolis to see for himself: “I drove around downtown, and I said, shoot, I know why they got that United plant. … [Read more...] about Oklahoma City: Rising from economic slide
Economic segregation in San Antonio: how we got here, is it real? Christine Drennon, For the Express-News December 23, 2017 Photo: JERRY LARA /San Antonio Express-News Day workers flag a passing truck while waiting for jobs at the corner of North Frio and West Houston Streets in 2013. San Antonio’s economic segregation did not grow in the same way as a whole lot of other cities. Day workers flag a passing truck while waiting for jobs at the... Recently, San Antonio received the distinguished recognition of being the most economically segregated city in the United States. In turn, local news sources repeat these findings incessantly. In this age of statistics, incessant reporting, and races to the top, San Antonio seems to lead. These studies and their repeated reporting have led to community-wide conversations about our future. Most Popular 1 2 3 4 5 I have two concerns that I wish to share … [Read more...] about Economic segregation in San Antonio: how we got here, is it real?
0 View Comments The public discussion of the Tax Cuts and Jobs Act is obsessed with a narrow view of short-term winners and losers. It is based on greed, envy, and coveting. Those negative human emotions are not solid ground upon which to make public policy. The discussion misses the long-term purpose of tax reform. The U.S. economy has been barely on life support for the past eight years, with annual GDP growth averaging a mere 1.7 percent. This is less than one-half the historical long-term average. In fact, we have been told over and over again by our self-appointed "betters" that this is the new normal; that all we can expect is sluggish economic growth into the foreseeable future. Instead of doubling our standard of living every generation, we are told to accept that it will now take two generations. Related: GUEST COLUMN: Walker Stapleton wrong about pensions But it is a self-evident truth, understood by the vast majority of normal Americans, that we the people spend our … [Read more...] about Long-needed tax reform will end nation’s sluggish economic growth
0 View Comments While about 50 million Americans traveled recently for the Thanksgiving holiday, my family stayed put. Normally, as a military family, we're on the road for the major holidays. One year it's Christmas in Utah to see my wife's family and summer break in Minnesota to see my relatives. The next, it's the other way around. But not this year. We stayed local, and several neighbors graced our table for the big feast of gratitude. Two are exceptional writers and educators, another's a lawyer, one a linguist and cybersecurity expert, and another is a retired professional ballerina. An impressive crowd, they collectively share a descriptive term - they're "Anywheres."Author David Goodhart's book, "The Road to Somewhere," describes the modern phenomenon of economically mobile professionals. Anywheres are those with portable skills that often move every few years to capitalize on ever-improving opportunities in the national and global marketplace. Armed with advanced degrees … [Read more...] about COLUMN: Social dynamics key to a community’s economic growth