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2021 Annual Report
The COVID-19 pandemic brought both health implications and serious economic ones, extending into its second year in 2021 as the Santa Clarita Valley Economic Development Corporation celebrated its 11th anniversary. The SCVEDC continued supporting SCV businesses as they navigated public health orders, supply chain snarls, hiring challenges and the emergence of inflation. SCVEDC continues to focus on business assistance, business attraction and retention, community marketing, and providing quality information and data. The vast diversity of businesses in the Santa Clarita Valley has established a strong foundation for its future economic security.
Here are highlights that we would like to share:
Unlike much of the neighboring metropolitan areas of greater Los Angeles, SCV has been expanding, building, and growing. In population, housing, real estate, business expansion, and more.
BUSINESS ATTRACTION & EXPANSION
The Fastest Growing Sector Comes to SCV
Pandemic-related shut downs caused an explosion in demand for e-commerce support companies. COVID-19 accelerated adoption of ecommerce by both consumers and businesses, by 4 to 6 years, according to experts. Logistics, warehousing and distribution companies expanded nationwide. The SCV was well positioned to take advantage of this trend due to its proximity to the Los Angeles marketplace, convenient freeway access, and high quality industrial space.
While giants such as Amazon are often the center of attention in this sector, their presence also creates jobs for many small logistics companies who support them. SCV now has three Amazon facilities and many office facilities supporting direct-to-consumer trends.
BUSINESS ASSISTANCE
While much of our business assistance was focused on recovery related efforts, SCVEDC continued with other programs as well, including helping companies access incentives and resources, helping developers quickly address County permit issues at LA County Connect meetings, and helping numerous companies determine eligibility for the Employee Retention Tax Credit (ERTC), facilitating generation of millions of dollars in tax credits locally.
Also in 2021, SCVEDC continued hosting the Aerospace & Defense Forum, and paired with the Chamber of Commerce to offer several webinars to help businesses navigate everything rom legal considerations to social distancing protocols and testing requirements to sanitizing spaces.
COMMUNITY MARKETING
In 2021, SCVEDC continued to promote the SCV's many accolades and desirability as a prime location to live and work. Of note is the continued success of LiveWorkSCV.com, a free resource offered by SCVEDC that connects SCV companies and talent, and SCVEDC’s podcast series where we meet the leaders of great companies making a difference in the Santa Clarita Valley.
As the pandemic continued, SCVEDC continued to offer robust resources through it's website. Often cited as a place to find comprehensive information about the Santa Clarita Valley, scvedc.org houses important data bout the business advantages and quality of life of the SCV.
DATA AND INFORMATION
Economic Information Becomes Even More Essential
Due to the tremendous uncertainty in the economy, SCVEDC hosted not one but two Economic Outlook events. The spring, virtual Outlook featured Economist Mark Schniepp. In the fall, SCVEDC hosted one of the first events for the business community that included an in-person component. Hosted for the first time at the College of the Canyon’s Performing Arts Center, this hybrid event featured a business panel of SCV business leaders who discussed the challenges of the pandemic and their vision for the future.
>>> Watch the Fall Outlook Business Leader Panel
The challenges facing businesses will end as the pandemic recedes. Companies are working hard to resolve supply chain issues and rising costs. As millions of people left the workforce nationally, businesses are competing for workers. Talent attraction and training will be key issues. Fortunately, the SCV is a growing community, affording us the opportunity to bring more residents and workers to the area.
LOOKING FORWARD
The rapid recovery of the industrial sector has helped improve the jobs situation in the Santa Clarita Valley. As we move forward, SCV will temporarily be challenged by a lack of industrial inventory, but new development projects in the pipeline will soon provide new opportunities. The recovery of the office real estate market is expected as the threat of the pandemic wanes, and employees return to the office.
With significant new construction planned and underway, the SCV will continue to offer unparalleled opportunities to companies looking for a business-friendly environment. The Santa Clarita Valley remains one of Southern California's best places to live and work, as many new residents and employees are discovering.
As SCVEDC moves into its second decade of work, we will continue to grow high quality jobs here in the SCV, securing our economic future and providing opportunities for residents. We will continue to provide valuable resources to the business community as we hopefully put the disruption of the pandemic in the rear-view mirror.
Click below to read the entire 2021 Annual Report
The Santa Clarita Valley Economic Development Corporation (SCVEDC) is a unique private / public partnership representing the united effort of regional industry and government leaders. The SCVEDC utilizes an integrated approach to attracting, retaining and expanding a diversity of businesses in the Santa Clarita Valley, especially those in key industry clusters, by offering competitive business services and other resources.
