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2014 GAVEA Economic Roundtable Report

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2014 GAVEA Economic Roundtable Report ECONOMIC ROUNDTABLE 2014ROUNDTABLEREPORT REPORT www.aveconomy.org $26.00 Ridgecrest TEHACHAPI MTNS Bakersfield Randsburg California City Tehachapi Mojave Edwards Boron EDWARDS AIR FORCE BASE Barstow Rosamond Lancaster Lake Elizabeth Lake Palmdale Los Angeles Santa Littlerock Clarita Acton Pearblossom Valencia Newhall Ventura SAN BERNARDINO MTNS Burbank Los Angeles Pomona San Bernardino PACIFIC OCEAN Anaheim Find your place along Southern California’s Leading Edge Antelope Valley: 60 miles from L.A. and light-years ahead in industry! LOWER PROPERTY COST OF DOING BUSINESS TAX RATES Lower than most cities including Property Tax rates average Austin, Phoenix, Los Angeles, Long 2 ½ - 3 ½ times less than AZ, Beach and Sacramento NV, UT, WA, OR and TX – Moody’s Kosmont Report, 2012 COMMERCIAL SITES HOUSING PRICED priced 50% less than 30-50% LESS comparable Southern than nearly all other California California locations housing markets Table of Contents Introduction ■ INTR ODUCTION The Greater Antelope Valley Welcome to Antelope Valley ................ 1 To grow our local economy and create jobs, Los Angeles County appreciates the strong leadership the Greater Antelope Valley Economic Alliance is providing in the ■ DEMOGRAPHICS development of a business-friendly environment here in the Valley. Area Profile ............................................. 2 Population Detail ................................... 3 Fostering public-private partnerships, and with the cooperation of our Antelope Comparisons/Housing .......................... 4 Valley residents, community groups and business organizations in our cities and Antelope Valley Cities ...................... 5-10 unincorporated areas, the Alliance is working to support and grow existing businesses and encouraging new business to locate or expand here. ■ ECONOMY Michael D. Antonovich Employment By Industry..................... 11 LA County Supervisor 5th District Workforce .............................................. 12 International Trade/ The Greater Antelope Valley Economic Alliance is pleased to present this 2014 Economic Cost of Doing Business ..................... 13 Roundtable Report! This annual report is prepared by GAVEA to provide economic and Foreign Zone ......................................... 13 demographic information specific to our region and is a valuable tool in our economic Small Business Support ............... 14, 15 development efforts. Now home to some 520,000 residents, the Greater Antelope Valley Economic Region covers over 3,000 square miles and incudes portions of both Los Renewable Energy ................................ 16 Angeles and Kern County and includes five (5) incorporated cities as well as a number Motion Pictures/Agriculture/ of unincorporated communities. Our region is larger than the state of Connecticut and Mining .......................................................17 very diverse in resources, topography and climate! The Greater Antelope Valley continues its heritage as one of the premier aerospace ■ EDUCATION flight test and research resources in the nation with accomplishments ranging from STEM Education ..............................18-20 breaking the sound barrier to the first manned private space flight! Our region has also Public/Private Schools ....................... 21 maintained its agricultural roots and is the largest Los Angeles County producer of a number of crops! Community Colleges/ Universities ................................... 22, 23 Our region is rich in opportunities for economic growth offering a wide range of benefits to forward thinking companies seeking to expand or re-locate their business. We offer a large inventory of affordable land and existing facilities along with a skilled ■ INDUSTRY labor force. With our proximity to the LA Basin which boasts a GDP of some $925 Aerospace/Aviation....................... 24, 25 Billion, the largest in the state and 15th in the world, Antelope Valley business are Business Parks/Industrial Space . 26, 27 close enough to participate in this market while enjoying our regions low cost of doing Public Transportation ................... 28, 29 business and quality of life. Retail Sales Growth ............................. 29 This report is made possible through the efforts and support of the GAVEA membership, a dedicated group of business and civic leaders partnering with our cities ■ HOUSING and counties! Our members recognize that our economy is too important to leave to chance and have invested their time, money and expertise in supporting GAVEA’s vital Housing Market ..............................30-32 role in attracting and retaining jobs in our region! ■ HEALTH CARE Harvey Holloway Hospitals/Health Services ............ 33, 34 GAVEA Chairman Broker/Owner, Coldwell Banker Commercial Valley Realty ■ QUALITY OF LIFE Air & Water ............................................ 35 Entertainment & Facilities ........... 36, 37 Utilities ................................................... 37 Kimberly Maevers, President 1028 West Avenue L-12, Suite#101 Lancaster, CA 93534. 661/945-2741 • FAX: 661/945-7711 www.aveconomy.org A lbert Gatton, GAVEA Executive Assistant ECONOMIC ROUNDTABLE REPORT 2014 | 1 AREA PROFILE TOTAL POPULATION OF GREATER ANTELOPE VALLEY REGION 520,690 ANNUAL GROWTH 2014-2019 Projected 552,863 6.26% 2010-2014 Estimated 520,690 5.02% 2000-2010 Census 495,799 24.39% 1990-2000 Census 398,598 20.25% POPULATION BY ORIGIN n 69.7% Not Hispanic or Latino 292,049 56.09% 225,084 Primarily n 54.84% n 54.29% Hispanic or Latino 282,641 43.91% English 18-54 HS Grad & some college POPULATION BY RACE n 25.98% Age n 27.81% Ethnicity 125,260 0-17 Education n 25.9% White Alone 283,890 54.52% Specific Spanish n 11.29% Higher degree Black/African American Alone 72,745 13.97% speaking 55-64 n 19.81% American Indian/Alaskan Native 5,433 1.04% n 4.33% n 10.06% No degree Asian Alone 18,700 3.59% 20,861 Over 65 Other Native Hawaiian or Pacific Islander 1,314 0.25% speaking Some Other Race 109,736 21.08% Two or More Races 28,872 5.54% MAJOR ECONOMIC IMPACT AREAS Air Force Plant 42 China Lake MEDIAN AGE 33.10 Contractor Employees 6,758 Full-Time Civilians 4,324 REGIONAL HOUSING Government Civilian 701 Military 714 Average Household Income $66,022 Government Military 14 On-site Contractors 1,580 Per Capita Income $20,827 Payroll (Annualized) $637,736,097 Payroll Housing Units 158,996 Local Contracts $176,156,856 Civilians $322,000,000 Persons per Household 3.17 *Does not include FAA/LM Aero/FAA LA Center Military $30,000,000 Owner Occupied 66.02% Edwards Air Force Base Visitors/Year 30,000 Average Length of Residence (yrs.) 15 Employees 10,647 Local Contracts $250,000,000 Military 2,126 *ECONOMY Bankcard Programs $2,500,000 Civilians 8,521 Cost of Doing Business Low to Moderate Mojave Airport & Spaceport* 71 Military Family Members 2,714 2011 Major Retail Sales $3,300,397,787 Antelope Valley Mall Esti. Indirect, induced Jobs 12,451 2011 Retail Sales Growth 8.51% Stores 100 Local Contract $214.5 Million 2012 Cost of Living Index (US avg. 100) *92.7 Kiosks 32 Total Payroll $653.7 Million (Property taxes not included) Employees 1,500 (Home to 47 companies) 2012 Sector Job Growth 1.89% Total Economic Impact $1.52 Billion** *2013 Numbers not available at press time 2 | GAVEA www.aveconomy.org **Source: FY2012 EIA POPULATION DeTAIL LANCASTER 158,630 PALMDALE 154,535 TEHACHAPI 13,313 14,000 150,000 150,000 12,000 120,000 120,000 10,000 90,000 90,000 8,000 6,000 60,000 60,000 4,000 30,000 30,000 2,000 2013 – Estimate 2013 – Estimate 2013 2013 – Estimate 2013 2000 2000 – Census – Census 2010 – Estimate 2012 2000 – Census – Census 2010 – Estimate 2012 2000 – Census – Census 2010 – Estimate 2012 118,718 156,633 157,902 158,630 116,670 152,714 153,785 154,535 11,125 14,503 13,871 13,313 2010 2012 2013 2010 2012 2013 2010 2012 2013 State Rank in Size 38 30 31 State Rank in Size 33 33 33 State Rank in Size 334 334 337 Rank of Growth in LA County by % 2 87 55 Rank of Growth in LA County by % 1 22 38 Rank of Growth in Kern County by % 7 10 11 Annual Growth Rate 0.91% 0.1% 0.5% Annual Growth Rate 1.22% 0.4% 0.5% Annual Growth Rate 1.83% -4% -4% State Rank in Growth by % 110 394 315 State Rank in Growth by % 73 316 294 State Rank in Growth by % 102 477 477 % of Change from 2000 census 22.9% 33% 34% % of Change from 2000 census 31% 32% 32% % of change from 2000 census 25% 25% 20% State Rank by Numeric Change 33 228 79 State Rank by Numeric Change 19 113 76 State Rank by Numeric Change 249 476 477 from 2000 census *Tied from 2000 census from 2000 census CALIFORNIA CITY 13,150 RIDGECREST 28,348 16,000 “THE LOS ANGELES 30,000 14,000 COUNTY ECONOMY WILL CONTINUE 12,000 25,000 TO SHOW 10,000 20,000 IMPROVEMENT 8,000 in 2013 and 2014, barring an 15,000 unforeseen pullback in the national 6,000 economy...In addition, venture capital 10,000 4,000 will flow to the area as startups in a variety of technology industries grow 2,000 5,000 in number. And even as concerns about funding for government 2013 – Estimate 2013 – Estimate 2013 2000 2000 – Census – Census 2010 – Estimate 2012 2000 – Census – Census 2010 – Estimate 2012 aerospace programs linger, private 8,385 14,166 13,259 13,150 24,297 27,540 28,088 28,348 firms will continue to pursue 2010 2012 2013 2010 2012 2013 commercial space ventures from their State Rank in Size 325 338 340 State Rank in Size 247 249 248 operations in Los Angeles County and Rank of Growth in Kern County by % 1 1 10 Rank of Growth in Kern County by % 9 4 5 Annual Growth Rate 1.21% 3.7%
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