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Economic Development

March 05, 2008

Muni Bonds Bounce Back

Municipal Bonds bounced back Tuesday after two weeks of near freefall.  Bloomberg reports that "California, the largest borrower in the U.S. municipal market, sold $1.75 billion of bonds after attracting record demand from individuals drawn to the highest tax-exempt yields in more than three years."

The state's bond rating is the second lowest in the nation (edging only Katrina ravaged Lousiana), and on that front, Treasurer Bill Lockyer sent the letter to Standard & Poor's, Moody's and Fitch in an effort to shore up the bond rating as Congress prepares for a hearing on the state and local government bond market.  It's being reported that the state could save up to $5 billion in interest on voter approved infrastructure bonds if this rating improves.

February 25, 2008

Forbes List of The Top 100 US Cities For Jobs in 2008

Look who's back with another "Best of List" for cities - that's right, Forbes Magazine. And it wouldnt be a true top 100 list without the usual slight of California Cities. The full story complete with methodology is here, while the actual table listing the Top 100 is here.

Texas, The Lone Star State shines brilliantly in a list of the best places to work in the U.S. when some economists peer into their crystal balls for 2008.

Notable California cities include:

  • Riverside (42) comes in as the highest ranked California City.
  • San Francisco (56) beats regional neighbor San Jose (80).
  • Oxnard (67) a surprise contender makes the top 3 California City list.

So where does your city rank?

February 20, 2008

LAEDC Predicts State Will Avoid Recession

The Los Angeles Economic Development Council released a report this week saying the state should narrowly avoid a recession, but paints a less than rosy picture for employment growth and recovery of the housing market.

Read the review of the report in Business Week, here.  Accrording to the report: "The housing slump will likely keep stifling purchases of furniture, home appliances and building materials, according to the forecast.  That, in turn, will be a drag on local government coffers, which depend on retail sales tax revenue."

January 23, 2008

Stockton to Host All Star Game

Stocktonthunder Event seen as opportunity for city to show off

The City of Stockton is set to host the ECHL minor league ice hockey all star game this week, and as the Stockton Record reports, this is a chance for an oft-maligned city to shine. 

As the article points out, Stockton has often finished low on scorecards that examine things like literacy and crime statistics, but the efforts of the city to redevelop and push economic development resulted in the 2005 ECHL expansion team, the Stockton Thunder.  Now three years later, in an area not known much for winter sports the Thunder are a routine sellout at the new Stockton Arena, and are something to cheer about in this Central Valley city forging a positive identity. 

December 12, 2007

Joel Kotkin Speaks on Cities, Economic Development

Joel Kotkin, a renowned author on urban issues, spoke at the Santa Ana Chamber of Commerce Annual Luncheon today, and praised the work the city has done in meeting the needs of its future residents. 

Kotkin, who is now a professor at Chapman University, addressed what he deemed "the metaphysical question of: what are cities for?"  Reflecting on his own upbringing in Brooklyn, Kotkin mused how his "crumby" neighborhood was yet able to turn out a generation of youths that all reached the middle class, and how this might be they key purpose for modern cities -- acting as an engine for the middle class and promoting an economy of opportunity. 

He would go on to encourage city officials to shun "hail mary" real estate development and "cosmetic downtown projects" in favor focusing on the families that constitute the core of a community's identity.  This, in addition to an off-hand suggestion that the state exchange property tax dollars for sales tax dollars and eliminate that whole fisicalization of land use thing, made for some interesting dialogue and raises some interesting points about the overall purpose cities serve in this new millennium. 

Perhaps most thought provoking, Kotkin condemns what he calls "luxury cities," such as today's New York or even California's own San Francisco, as these don't fit his model of urban centers creating a robust economy that serves all residents.  One might argue that these are merely hubs of larger regional economies, but the this argument is becoming pretty familiar: walling off certain communities for the very affluent creates host of additional problems when it comes to importing a workforce, the traffic that creates and the 'talent gap' left behind when young workers leave for more affordable areas, hurting the local economy and so on.  The City of Santa Barbara treated this very issue in a documentary released this year, The Price of Paradise

So what are cities for?  It's an interesting question with more than one answer, would love to hear thoughts from our readers...

December 05, 2007

AT&T Making Big Investments In City Technology

AT&T ANNOUNCES MORE THAN $275,000 IN GRANTS TO SUPPORT TECHNOLOGY INITIATIVES IN THE SACRAMENTO AREA

Att

$50,000 Grant to Support Website Development and Web Dialogues on Building Healthy Communities.

The AT&T Foundation, the corporate philanthropy organization of AT&T Inc. (NYSE: T), today announced over $275,000 in grants to support 15 non-profit organizations in the greater Sacramento area through the AT&T Excelerator competitive technology grant program.


The Excelerator program helps non-profits integrate technology into their operations and community outreach, and also places technology tools in the hands of underserved populations.  In addition, the grants provide resources such as education programs, Internet access, computer training and job-skills development.

Continue reading "AT&T Making Big Investments In City Technology" »

December 02, 2007

San Diego Shows How Good Government Can Mean Good Business

Story from The San Diego Union Tribune

City helps finance face-lifts for storefronts

Dozens of businesses benefit from program
STAFF WRITER December 2, 2007

IMPERIAL BEACH – Fixing the roof and otherwise sprucing up his storefront have translated to more business for Nader Jajou, co-owner of Palm Avenue Market & Liquor on a busy Imperial Beach thoroughfare.

Jajou has the city to thank.

The property's owner and city officials worked together to design the changes, which the city paid for as part of the Imperial Beach Facade Improvement Program.

Continue reading "San Diego Shows How Good Government Can Mean Good Business" »

November 24, 2007

For The First Time in World History The Planet is More Urban Than Rural - More Of The Worlds Citizens Are Moving To Cities

By Mike Madrid

25migrants_600 Here in California it's easy to forget about the rest of the world. We live on the cutting edge of almost everything humankind has to offer. We're arguably at the most fascinating, diverse and complex place in the world at any point in history.

In fact, as California cities grapple with terms like exurbs, gentrification and revitilization, its hard to conceive of the plight faced by cities and their people from throughout the world. To put some of these changes in perspective, I've linked to an extraordinary story from the New York Times that ran this weekend illustrating the radical transformations occurring among people largely as migratory shifts occur in India and China. A monumental move of people to cities.

Much of what our country experienced during The Age of Industrialization is just now occuring throughout the developing parts of the world. And while, for many, learning about this urbanization trend was merely an academic exercise - we should stand back and realize that we have a unique opportunity to witness those historic changes firsthand.

Indeed, for the first time in mankinds history, there are more people living in urban settings than rural. This massive shift is chronicled in this story from The New York Times

November 15, 2007

Rent Control Elimination Measure Met With Public Outrage

As reported yesterday in California City News, growing public awareness about the Howard Jarvis Associations measure to eliminate rent control continues to grow. Media coverage of a press conference in San Francisco was heavy as voter sentiment grew more intense.

Check below for early reported coverage related to the press conference:

ABC 7 San Francisco

KCBS News Radio

San Francisco Sentinel

Golden Gate Press

November 10, 2007

No Longer Lost in Yonkers

The cities of Yonkers and Hoboken were long the butt of jokes for the sophisticated set in New York, but as an NPR Weekend Edition story this morning outlined, these cities have fought their way back into vogue, and are successfully competing for new businesses and young professional workers. 

Take a listen here.  Though these are clearly not California cities, the story has a lot to say to cities in transition, and particularly those vying for new life and offering young workers and their families opportunities no longer available in urban areas whose cost of living has outpaced them. 

Most inspiring about this story is the way in which these cities overcame the loss of industry and increasing crime rates throughout the 80's and 90's and took their rusting, vacant waterfronts and have transformed them into bustling commercial districts, including a 5-star restaurant -- in Yonkers of all places!  Says a lot about the potential lying within every city, and the capacity for local governments to transform their community.