Retail’s Slide Continues; No Affordability Relief As Home Supply Remains Low
December 19, 2019—LOS ANGELES, CA—Despite increasingly tight labor markets and historically low levels of unemployment, all of California’s major metropolitan areas have continued to add new jobs, according to a regional outlook released today by Beacon Economics. Led by a handful of industries including Professional & Business Services and Education & Health Services, annual job growth as of October 2019 (the latest data available) ranges from 3.5% in the powerhouse economy of San Francisco to 1.3% in the massive Los Angeles market.
While some major metros, and other areas of the state, have seen job growth slow compared to past years, both San Diego and the East Bay posted annual growth that is slightly higher than their post-recession averages. “It’s important to note that this is all happening amidst tightening labor markets and little to no growth in the workforce,” said Adam Fowler, Director of Research at Beacon Economics. “Although prognostications that a recession is imminent seem to be all around us, the data we see coming out of California’s largest urban centers does not support that storyline – at least not in the foreseeable future.”
Across metros, perhaps the most battered industry is Retail Trade, which experienced declining annual employment everywhere except the South Bay and East Bay. In the East Bay, retail employment tracked into positive territory for the first time since September 2018. “Retail’s overall decline essentially follows a long-term trend that is the result of an industry disrupted by e-commerce and fundamental changes in the way consumers make purchases,” said Fowler.
While the picture is generally bright for job growth, the high-priced housing markets in the state’s major metros continue to challenge would be homebuyers and will likely constrain future workforce growth. Although the most recent numbers show home price appreciation has moderated or contracted across most metro areas (with the exception of Los Angeles in a unique trend reversal), the available supply of homes remains low, putting upward pressure on prices and keeping them in a range that is out of reach for the majority of California residents.
Moreover, single-family homebuilding activity has been lackluster across all of the state’s major metro areas. And although the issuance of multifamily building permits has been much more robust, rental costs in every major metro have risen considerably indicating that despite increased supply, new rental units are being quickly absorbed.
“These look and act like low-supply, high-demand markets,” said Fowler. “Unless we add to the housing stock at a meaningful level in these regions, as well as in other areas of the state, unaffordable prices will continue to be the norm and ultimately will constrain economic growth in California.”
For complete findings, please view the full reports for the East Bay, Los Angeles, San Diego, San Francisco, and the South Bay/Silicon Valley attached to this email.
Beacon Economics LLC is an independent economic research and consulting firm based in Los Angeles. Learn more at www.beaconecon.com.
IECE Presents its Inaugural State of Entrepreneur Report on Dec. 9
The first-ever State of Entrepreneurship Address for the Inland Empire is being held by the Cal State San Bernardino Inland Empire Center for Entrepreneurship on Thursday, Dec. 9, from 5-8 p.m. at 4th Sector Innovations in Ontario.
IECE’s goal in producing the State of Entrepreneurship research study is to bring the voice of local entrepreneurs to those who need to hear it most – local and state policymakers, community organizations, lenders, and other resource providers.
The Voice of the Entrepreneur survey, on which the address is based, sends powerful feedback on the challenges that entrepreneurs and business owners of the Inland Southern California region face.
Survey results were drawn out earlier this year by reaching out to IECE’s extensive network, consisting of more than 10,000 entrepreneurs and business owners representing a diverse group of industries. The IECE will continue to distribute the Voice of the Entrepreneur survey in the spring of each calendar year to find out what Inland Empire entrepreneurs and business owners are going through.
The report is a potent tool for policymakers, economic impact drivers, and business owners and entrepreneurs to analyze growth potential within the region. Using measurable data, the goal is to identify the challenges and opportunities facing local business owners and obstacles that may be impeding business growth.
The result is a concise report that gives insight into how we can effectively learn and evolve together with a regional focus.
The evening will start and end with networking and food; in between, the SOER report will be presented, which includes examining the indicators of entrepreneurial activity and how the IE measures up as a region; learning of the Voice of the Entrepreneur direct survey results and the common themes, as well as an IE Ecosystem assessment; and regional perspectives from influencers that include:
- Rod Vandenbos, founder and CEO, buzzbox beverages, Indio;
- Mike Napoli, Tech Coast Angels, Palm Springs;
- Edward Ornelas, Jr. President, Inland Empire Regional Chamber of Commerce
- Ana Karina Suchánek, president, Cask Restaurant Group, Inc., Rancho Cucamonga; and
- Pepi Jackson, president and CEO, Riverside Black Chamber of Commerce
Click the following link – Secure Your Spot for the 2021 State of Entrepreneurship Address – to attend, network and learn more about entrepreneurship in the region. Whether you are a seasoned or soon-to-be entrepreneur, there is a perspective for everyone who wants to know more about how to strengthen the Inland Empire economy.
The presentation will unveil breakthrough metrics and perspectives on the State of Entrepreneurship throughout the Inland Empire, including:
- Why a report like this is essential for the collective growth of our region;
- What the report consists of: indicators for entrepreneurship and what real entrepreneurs in our communities are telling us through our Voice of the Entrepreneur survey results; and
- Regional perspectives from influencers and officials that are active in our ecosystem.
The event will also include food and cocktails while networking within an inspirational setting at 4th Sector Innovations Ontario.
To learn more, visit the IECE State of Entrepreneurship Report website.
Southwest Airlines will fly from Ontario International Airport, CA, to Austin in 2022
The announcement from Southwest Airlines that it will fly daily nonstop from Ontario International Airport (ONT) to Austin (AUS) starting in March 2022 is welcome news for the Southern California gateway and the Inland Empire.
The announcement from Southwest Airlines that the low-cost carrier will fly daily nonstop from Ontario International Airport (ONT) to Austin (AUS) starting in March 2022 is welcome news for the Southern California gateway and the Inland Empire.
Southwest will offer flights between ONT and Austin-Bergstrom International Airport daily on the following schedule effective March 10, 2022.
|1204||ONT||AUS||10:55 a.m.||3:35 p.m.||Mon – Fri &|
|474||ONT||AUS||9:50 a.m.||2:30 p.m.||Sat||737-700|
|1739||AUS||ONT||4:35 p.m.||5:55 p.m.||Mon – Fri &|
|257||AUS||ONT||2:55 p.m.||4:10 p.m.||Sat||737-700|
The new flights are available for booking immediately at southwest.com.
“The addition of the Texas state capital to our route map is welcomed news and further indication of confidence by ONT’s largest air carrier,” said Alan D. Wapner, President of the OIAA Board of Commissioners. “It is also another sign that ONT’s recovery from the COVID-19 pandemic is well underway and gaining momentum.”
The announcement of the new Southwest flights comes as ONT continues to experience an impressive pandemic recovery. In August, ONT reported passenger traffic was within 7% of pre-COVID levels.
Family Fun Month of Rides, Slides & Glides
Alpine Slide Big Bear Observes Family Fun Month with a Variety of Delights
August is Family Fun Month, and Alpine Slide Big Bear (Alpine Slide) is the premier spot in Big Bear that gives families an opportunity to soak up the joys of summertime fun together. Alpine Slide provides guests of all ages, from toddlers to grandparents, a variety of family-fun offerings, which includes a double waterslide, a mountain coaster thrill ride, a zipline-style flight, the Alpine Slide bobsled experience, go-karts and miniature golf.
“The great thing about having a variety of attractions is it gives families a chance to pick and choose what best appeals to them,” said Alpine Slide Big Bear General Manager Julie Eubanks.
Family Fun Month occurs every August, and undoubtedly August happens to be one of the hottest months that many Southern California communities have to face each year. However, Big Bear is a great place to escape the daunting heat. Not only is Big Bear 20 to 30 degrees cooler than most of Southern California’s hot zones, but Alpine Slide’s double waterslide gives families who seek refuge from the heat an extra bonus to cool off. Kids can splash all day on two flumes of cascading water, turning and banking on the way to a 3 ½ – ft. deep, heated splash pool. Parents can spread a blanket out on the grass, or relax on the shaded, wrap-around deck at the base of the double waterslide.
“Alpine Slide is also home to three attractions that are the first and only in California, which includes the Mineshaft Coaster, the Soaring Eagle, and the Alpine Slide,” added Eubanks. “Each of these rides offers something unique and suitable for all ages.”
Mineshaft Coaster, which is the first and only mountain coaster in California, is an amusement-style, thrill ride that stretches over one mile long on a stainless-steel-tube track. It has all the bells and whistles of a roller coaster such as steep descents, hairpin turns, tunnels, bridges and 360-degree corkscrews. Here’s the kicker…the rider actually controls the speed of the coaster cart, which can reach max speeds of 30 mph.
The Soaring Eagle is a one-of-a-kind ride not seen anywhere else in California either. The Soaring Eagle has dual seats so a parent and child can ride side-by-side. It starts by lifting riders backwards on a zipline cable to a 70-foot tall launch tower. Once it reaches the top, it then catapults forward at 26 mph, on a 100-foot long vertical drop, that travels 500 feet back to the base. The Soaring Eagle not only offers folks an opportunity to experience the sensation of flying, but they are treated to a bird’s eye view of Big Bear Lake and surrounding mountain vistas, too.
Another distinctive attraction on site is the Alpine Slide, which is the only authentic bobsled /luge experience in California. Riders navigate their own individually controlled sleds down a quarter-mile long concrete track with high-banked turns and long straight-aways. Each sled is equipped with Teflon runners, ball bearing wheels, control handle and brakes. Youngsters who meet the height requirements can ride with their parents on this fun-filled feature ride.
Rounding off the family-fun activities at Alpine Slide is a go-kart track, putt-putt golf and video arcade. When it’s time for a break, head inside for an ice-cream cone. An ice-cream bar located at the snack bar offers 12 different tasty flavors to choose from, such as Banana Split, Cotton Candy or Birthday Cake!
Alpine Slide, located at 800 Wildrose Lane (just off Big Bear Blvd.), is open daily. The Summer hours of operation are Sunday through Thursday from 10 a.m.- 6 p.m. and Friday and Saturday from 10 a.m. to 9 p.m. For general information, height requirements, pricing and specific hours for each attraction, please visit AlpineSlideBigBear.com or call 909-866-4626.
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