SANTA CLARITA VALLEY 2021 ECONOMIC OUTLOOK The 2021 Santa Clarita Valley Economic Outlook Volume 21 • Number 1 March 2021 This publication was prepared by: The California Economic Forecast Mark Schniepp, Director 5385 Hollister Avenue, Box 207 Santa Barbara, California 93111 (805) 692-2498
[email protected] Visit our website at: www.californiaforecast.com Copyright 2021 by the California Economic Forecast Reproduction of this document or any portion therein is prohibited without the expressed written permission of the California Economic Forecast. All queries regarding this publication should be directed to the California Economic Forecast. 2021 ECONOMIC OUTLOOK 1 SANTA CLARITA VALLEY 2021 ECONOMIC OUTLOOK Table of Contents Executive Summary 3 Employment and Workforce 17 Residential Real Estate 29 Commercial Real Estate 35 New Development 41 Acknowledgements 53 2021 ECONOMIC OUTLOOK 2 EXECUTIVE SUMMARY General U.S. Economy California The Santa Clarita Valley The Outlook 3 CALIFORNIA ECONOMIC FORECAST EXECUTIVE SUMMARY / SANTA CLARITA VALLEY 2021 ECONOMIC OUTLOOK Executive Summary by Mark Schniepp March 23, 2021 index Consumer Sentiment / University of Michigan Survey General U.S. Economy 1985=100 September 2017 -- March 2021 100 After the first 90 days of 2021, the evidence 95 on the U.S. economy remains mixed. Through 90 December, the economy was losing momentum 85 as new restrictions on businesses were 80 mandated during the winter surge in COVID-19 cases. 75 70 The surge has clearly abated and despite new 65 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 Mar-20 Sep-20 Mar-21 predictions of another surge by infectious health professionals, we believe the pandemic is now fading away.