Economic Development

Kern County has bragging rights when it comes to job numbers in a new report by the U.S. Bureau of Labor Statistics. That’s because Kern County had the largest employment increase in not only the state but in the country as well when it came to employment numbers for the last quarter of 2011. Kern County experienced a 5.3 percent jobs gain in the last three months of 2011.

Does the future of redevelopment financing in America lie with China? Here in the state of California, reports are circulating that negotiations are underway to have the China Development Bank (CDB) finance a massive urban redevelopment project in San Francisco that would result in the creation of an urban research-and-development campus, office and retail space, and nearly 20,000 new homes. The developments, known as Treasure Island and Hunter’s Point, could receive as much as $1.7 billion from the CDB. This would be the first significant funding of a private U.S. investment by the CDB.

A controversial “Hotel Incentive Program” has narrowly been approved by supervisors in Santa Barbara County, which led dissenting voter Supervisor Doreen Farr to memorably describe the ordinance as having “more holes in it than my husband’s work-out T-shirt.” Farr and opponents of the plan raised concerns about the vagueness of the plan’s stipulations on local hiring requirements and prevailing wage, as well as the dedication of funds under the formula for slicing up revenue.

The San Diego Military Advisory Council recently released its annual report on the economic impacts of the military in San Diego County and despite the fact that some cutbacks are in the pipeline, the county’s local economy will receive $20 billion in economic benefits thanks to the region’s military installations and contractors. According to the report, that $20 billion will stem from direct spending. Overall, defense spending in the region in 2012 appears to be holding steady as opposed to demonstrating significant growth.

The summer months are here and as a result thoughts turn toward travel and a top destination for visitors around the world is the state of California. In a report prepared for the California Travel and Tourism Commission, Dean Runyan Associates has compiled the direct economic impacts of travel to and through the state of California and each of its 58 counties and 12 tourism regions since 1992. The report also covers the level of travel spending and the impact this spending has on the economy in terms of earnings, employment and tax revenue.