November 27 2017 Carpinteria Valley Economic Report We are in year 8 of the economic expansion and the regions economy continues to grow Tourism remains strong throughout the County Industrial and office commercial real estate are currently very tight ID: 796918
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Slide1
2017
Mark Schniepp Director
November 27, 2017
Carpinteria
Valley
Economic Report
Slide2We are in year 8 of the economic expansion and the region’s economy continues to grow
Tourism remains strong throughout the County
Industrial and office commercial real estate are currently very tightjob creation has slowed but remains positiveProcore
-- the fastest growing co. in the countyhome prices continue to rise . . . existing
home
sales are limited by inventory
Value of flower production off substantially
Recent Evidence / Carpinteria Valley
Slide3Carpinteria
City Population (2017)
W-2 Jobs in
Carpinteria
Valley (Oct 2017)
Employed Residents (Oct 2017)
Unemployment
Rate (Oct 2017)
Carpinteria
SB
County CaliforniaMedian Household Income (2016) Carpinteria SB County CaliforniaMedian Home Price (2017)
13,9439,2507,5003.84.04.9$ 69,979$ 66,581$ 63,566$ 1,085,000
California $ 536,400
Slide4Slide519,700 jobs
(6 years)
Slide6BegaGigavac
ProcoreNusil
NusilFreudenberg
Linked inForms/SurfacesVenecoCKE
Procore
Astro
Aerospace
1,293 jobs
(6 years)
Slide7Slide8421 new hires
Slide9Slide10Slide11Slide12Lodging Industry
2017 occupancy: 72.2 %, Carpinteria2017 occupancy: 75.5 %, South CoastCarp: $ 15.7 million in total room sales
YTD7.7 percent less than 2016 salesAverage room rate is $ 108 in 2017$ 70 at Motel 6$ 161 at Best Western Plus
$ 185 at the Holiday Inn ExpressPrivate home vacation rentals
Slide13Slide14Real Estate
• Commercial real estate Office market: 467,000 SF
Industrial Market: 1.3 million SF• Virtually no available office space thanks to Procore and Linked In
• Residential real estate . . . . . - sales slightly higher this year (83 vs
74)
- inventory holding steady
- selling values have risen sharply
Slide15CKE leaves…
…Procore & Linked In expand
19k SF available on Mark Ave. adjacent to Dako
Slide161 percent
Slide171.5%
Slide18Slide19Slide20$1,085,000
+21 %
Slide21$1,257,900
Slide22Principal Residential ProjectsCarpinteria / November 2017
Punto de Vista 6155 Carp. Ave. 49
Mixed Use Residential & CommercialGreen Heron Spring 1300 Cravens Lane
30 20 3-bedroom townhomes
10 1-bedroom flats
Misc. projects 29
Remaining Units
Development
Location in ProjectApplication SubmittedApproved November 6by planning commission
Slide23Lagunitas & Dahlia Court II
Casa de Las Flores
Slide24Principal Non-Residential ProjectsCarpinteria / November 2017
Lagunitas 6380 Villa Real 85,000
office buildingPunto de Vista 6155 Carp. Ave. 76,000 TBD
Via Real Via Real & Cravens 55,465 102 room hotel
M3 Carp. Ave. & Holly Ave 6,448
Office & retail + 2 apartments
Carpinteria Valley Arts Center 865 Linden Ave 2,500
Total Development Location square feetProject for saleEIR UnderwayEntitlements Expiring ApprovedApproved November 6by planning commission
Slide25Slide26Cannabis Industry, Carpinteria
Estimated 10% or more of greenhouses now grow cannabis (May 2017 estimate)Reports of 300+ jobs already created in the Carpinteria ValleyThe City has received many complaints of cannabis odors north of Foothill RdSome growers installing odor control systems52 growers of recreational cannabis registered in
Carpinteria, and 506 countywide
Slide27For Sale: 3561 Foothill Road355,000 SF in 5
greenhouses, 14.5 acres16,800 SF warehouse$11 million
Slide28Cannabis Industry
September 27, 2017 Independent article claimed that nearly 50 percent of all county production originates in CarpinteriaEstimated 1 million pounds harvested per year in Santa Barbara County
500,000 pounds; $1,500 per pound = $ 750,000,000Assuming tax rate of 35 percent
= $ 262 million going to State and City
Slide29Slide30Slide31Slide322017
Mark Schniepp Director
November 27, 2017
Carpinteria
Valley
Economic Update