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The Economy of Kings County

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The Economy of Kings County THE ECONOMY OF KINGS COUNTY 2017 . A YEAR IN REVIEW Kings County Economic Development Corporation & Workforce Development Board BUSINESS… THE ECONOMY OF KINGS COUNTY . A YEAR IN REVIEW - Demographics - Business Retention and Attraction Projects POPULATION – KINGS COUNTY 2013 2014 2015 2016 2017 Annual % Change `16 to `17 Total 150,537 149,942 149,721 149,822 149,537 -0.2% Avenal 14,118 13,212 13,159 12,335 12,491 1.3% Corcoran 23,005 22,479 22,084 22,636 21,786 -3.8 Hanford 54,909 55,234 55,804 55,617 55,645 0.1 Lemoore 24,979 25,225 25,325 26,093 26,369 1.1 Unincorp. 33,526 33,792 33,349 33,141 33,246 0.3 California 38.03M 38.36M 38.90M 39.19M 39.52M 0.9 Source: California Department of Finance POPULATION PROJECTIONS 250,000 KINGS COUNTY 217,058 352,750 202,760 200,000 187,048 250,516 170,105 154,403 149,537 150,000 100,000 2017 2020 2030 2040 2050 2060 Source: California Department of Finance Red text reflects DOF Projections from 2010 Kings: .2 CA .8 ANNUAL UNEMPLOYMENT RATE 18% 16.10% 15.90% 16% 14.90% 14.20% 13.40% 14% 11.90% 12% 10.60% 10 Year Average 12.6% 10.50% 10.00% 10% 9.40% 8% 6% 4% 2% 0% '08 `09 `10 `11 `12 `13 `14 `15 `16 `17* Source: EDD Labor Market Information, *2017 projected by Kings EDC EMPLOYMENT BY INDUSTRY KINGS COUNTY 2016 Agriculture 16% Natural Resources, Mining Government & Construction 32% 2% Manufacturing 11% Other 1% Trade, Leisure & Transportation & Hospitality Utilities 7% Educational & 13% Health Services Professional & Information 13% Business Services Financial Activities 0% Source: CA EDD, LMID 3% 2% EMPLOYMENT BY INDUSTRY KINGS COUNTY 2016 TAXABLE SALES $2.00 $1.87 $1.80 $1.70 $1.56 $1.60 $1.46 Billions $1.39 $1.40 $1.32 $1.17 $1.19 $1.20 $1.00 $0.80 $0.60 $0.40 $0.20 $0.00 2009 2010 2011 2012 2013 2014 2015 2016* Source: California State Board of Equalization * 2017 Projected by Kings EDC `11 – 11%, `12 - 5% `13 – 6% ASSESSED VALUATION FY’S 2008-2016 Kings County 10.5 $10.48 $10.03 10.0 $9.47 $9.63 9.5 $9.32 $8.95 $8.92 $9.08 $9.19 9.0 8.5 $Billions 8.0 7.5 7.0 6.5 6.0 Source: Kings County Assessor TOP TEN COMMODITIES - 2016 2016 2016 2015 2015 1966 Rank Value $M Rank Value $M Values 1. Milk $637 1 $652 $16 2. Cotton $222 3 $177 $28 3. Cattle and Calves $220 2 $226 $22 4. Pistachios $179 4 $86 5. Almonds $123 5 $173 6. Tomatoes, Processed $119 6 $132 7. Walnuts $56 8 $55 8. Corn, Silage $46 9 $58 $3 9. Grapes $38 7 $43 $3 10. Peaches $32 $35 $3 2016 Ag Crops and Products: $2.002 Billion, Down 0.9% $18.8M from 2015 Source: Kings County Agricultural Commissioner Red Numbers = Lower value than previous year. HARVEST PITMAN FAMILY FARMS Mary’s Free Range Chickens, Turkeys and Ducks Purchased Former Cargill Granary, Plus 110 Acres Developed Soybean Meal and Oil Mill Constructed Rail Loop, Storage and Offload Infrastructure for Unit Trains 40 Employees FARADAY FUTURE Announced Hanford Location for Assembly FF 91 Ultra- Luxury Supercar Advanced Technology & Connectivity Forward-Thinking Mobility Ecosystem Innovative and Talented Team Construction and Production 2018 Tesla Lockheed-Martin SpaceX Toyota BMW Numi GM Ricoh Detroit Diesel Deutsche Bank KELLY SLATER WAVE COMPANY Longest Rideable Open- barrel Man Made Wave in the World Unincorporated Kings County, between Stratford and Lemoore Prototype for Worldwide Market Surfing Competitions, Olympic Training, Recreational Facility and Special Events - Concerts, etc TULARE LAKE COMPOST Operational Spring 2016 175 Acre Modern Composting Facility East of Kettleman City Capacity to Generate 100,000 Tons of Nutrient Rich Compost from Biosolids, Ag Waste and Other Green Waste Annually Owned and Operated by the Sanitation District of Los Angeles County BENNETT & BENNETT Significant Growth in Irrigation Business Established Irrigation Retail Store Established Drone Imaging Service Opened Pump Business in Armona and Bakersfield Environmental Business – Wastewater Disposal Focus HANFORD MARKETPLACE 500,000 sq. ft. Regional Commercial Current Center Costco Costco Opened Late 2016 Starbucks 10 Year Build Out Panda Express Taco Bell Verison 201 Kitchen MEDICINAL CANNABIS . City of Hanford Reviewing Applications to Cultivate, Process, Test and Package Medicinal Cannabis Products in Industrial Zone . Anticipate Construction and Startup in 2018 Caliva Genezen Others HOME2 SUITES BY HILTON Extended Stay Hotel 80 Suites Scheduled to Open Late 2017 FAMILY HEALTHCARE NETWORK Major Addition to Downtown Hanford 10,000 Sq. ft., 3 Story Health Clinic 17 Medical Exam Rooms 6 Dental Operatories Projected to Open 2017 AIRGAS High Quality Industrial Ammonia Production Used in o NOx Abatement o Refrigeration o Food Processing o The Production of Semiconductors Construction and Production in 2018 UTILITY SCALE SOLAR PROJECTS Kings County: Received 30 Project Applications (1,171 MW of Power) Approved 26 Projects (734 MW) Completed 17 Projects (556 MW) Notice of Preparation for ‘Mega’ 2.4GW Project on 24,000 Acres on West side 190,000 PUBLIC PROJECTS Kings Economic Development Corporation October 26, 2017 CAPT David James NAS Lemoore Commanding Officer Naval Air Station Lemoore U.S. Navy West Coast Master Jet Base NAS Lemoore Growth NASL Completed Growth NASL Remaining Growth • 19% increase in Aviation • Complete manning of VFA-125 Squadrons (3) from FY13-FY23 (600+) in MIL, Civilians, Contractors • 2 F/A-18 Squadrons arrived & Dependents • 1 F-35C FRS arrived FY17 • MILCON Facilities Projects • 23% increase (2,300+) in MIL, Awarded/Completed: Civilians, Contractors & • F-35 Simulator BLDG:$22.5M Dependents • Engine Repair BLDG: $26.7M Potential Economic Impacts • Training Facility : $8.2M • Increased Local Business Sales: • Hangar 5 (2 phases): $73.1M Maintenance, Food, Fuel, • Aircraft Fuel Facility: $52.5M Supplies, Services & Total: $183M Construction NASL End State 2028 • Increased Personal Expenditures: Apartment Rentals, Real Estate • 9 F/A-18 E/F Fleet Squadrons Purchases, Child Care, Dining, • 1 F/A-18 E/F FRS Squadron Auto Purchases, Entertainment & • 7 F-35C Fleet Squadrons Recreation • 1 F-35C FRS Squadron • Increased need in Public Services: Transportation, • 1 Search and Rescue (SAR) unit Education Enrollments, Utilities, Police, Fire For Official Use Only – Pre-Decisional NAS Lemoore Aircraft Growth 2013 2017 2019 2025 2030+ 0 10 20 100 100 F-35C Joint Strike Fighter + 30 Aircraft for FRS 224 236 224 164 180 F-18 Hornet + 60 aircraft for FRS ±12,100 11,500 (est.) 10,587 Aug. 2017 Strike Fighter Realignment F-35C Joint Strike Fighter through 2028: VFA-86 and VFA-136 have arrived First Aircraft Arrived: January 25, 2017 Additional est. Payroll: $9 million Additional est. Payroll: $36 million For Official Use Only – Pre-Decisional Agricultural Lease Program Total Acres in Program: ~9665 acres • 14 active leases in 2017 lease year • 100% Allocation • 50% fallowed, due to allocation timing • 2 times/year disking requirement (fallowed) • $1.02 M annual revenue to USN • Largest Ag Program in Navy • 16 operational ground wells • Constructed between 1967-1994 • Major Crop: Pima Cotton Bird/Animal Aircraft Strike Hazard (BASH) 2017 Strikes: 44 Damaging: 1 Species: Western Red Bat, 10-15g Cost: $52K For Official Use Only – Pre-Decisional KINGS COUNTY JAIL EXPANSION Day Reporting, Mental Health Wing 9 Shops/Classrooms Total 625 Beds Teaching Kitchen March 2018 Completion Warehouse WEST HILLS COLLEGE LEMOORE 2017 Dedication Student Union Gathering Space Bookstore Food Court Student Government Offices COLLEGE OF THE SEQUOIAS Student Quad o Outdoor Event Center - 200 Seats o Student Gathering Space o Sound, Wifi, Power New Education Building o 3 Classrooms o Conference and Office Space Amphitheater Winter 2017 Dedication BUSINESS RETENTION & ATTRACTION BUSINESS RETENTION Business Financing Onsite Meetings with Industry Industrial Managers’ Luncheons Local, State and Federal Advocacy Incentive Management Workforce Development BUSINESS ATTRACTION California Central Valley EDC o Eight Missions to Major Markets o Three Trade Shows o 4,200 Email Blasts Throughout U.S. o Direct Mail Available Properties o Lead Management Website .
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