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The SCV Economic Development Corporation has released their economic snapshot to reflect data gathered in June. In canted Dickensian fashion these are the “meh” of times, these are the “eh” of times.
On the one hand, unemployment in Santa Clarita is lower from one year ago when the rate was 7.7 percent. On the other hand, median home values increased to $364,000 in June 2012 from May 2012, but disturbingly values dropped 1.62% from the June 2011. Neither set of data are dramatic enough to elicit excitement or fear.
Perhaps the best news for the Santa Clarita Valley came with new figures on economic impact of film production.
“For Fiscal Year 2011-2012 we saw $57 million in contributions to our local businesses through filming projects. This includes shows that are based in the area as well as on location filming projects within the area. Calendar year 2011 saw a banner year for filming and 2012 is on track to be even better. Film is certainly a significant economic driver and contribution to our local economy,” said Stacie House, Manager, Marketing & Business Retention, SCVEDC.
In June 2012, location filming in the Santa Clarita Valley rose 13.19 percent from the same month last year. The estimated economic impact in the City of Santa Clarita was $1,842,500 compared to $1,599,500 last year. The 84 permits issued in June 2012 represent 197 filming days in the Santa Clarita Valley, up from 66 in the same month a year ago. The June 2012 film days included 47 television shows, 15 student/other projects, 36 commercials, 86 for features, 10 for still shoots and 3 for music video production.
Two bills, AB2026 and SB1197, which would extend film tax credits for two years, have passed out of the legislature and on Governor Jerry Brown’s desk for signature. He has one month to sign or veto bills.
Another bright spot for the City of Santa Clarita comes from the sales tax revenues which rose 8.7 percent from the first quarter of 2011 to the first quarter of 2012. Sales Tax revenue in quarter one of 2012 was $6.3 million compared to $5.8 million generated in quarter one of 2011.
Returning to jobs, the City of Santa Clarita’s unemployment rate was 6.8 percent in June 2012 compared to 11.1 percent for Los Angeles County and 10.7 percent for California.
On the flipside, total employment in the Santa Clarita area was up 7 percent to 69,945 jobs in the second quarter of 2011 from the same period in 2010. In the second quarter of 2011 there were a total of 5,907 establishments reporting employment and wages, down 0.7 percent from the 5,949 in first quarter of 2011. The SCVEDC reports employment rose during the second quarter 2011 from the previous year in every sector except trade, transportation & utilities, education & health services, and non-classifiable.
Residential real estate activity reveals a total of 226 single-family homes sold in June 2012, up18 percent from May 2012, and is 4.15 percent above sales volume in June 2011. Median condominium values decreased 2.5 percent to $195,000 in June 2012 from May 2012, as well as down 2.5 percent from June 2011. Condominium sales were up 11.9 percent to 93 sales in June 2012 from May 2012, and were up 16.25 percent from sales in June 2011.
While the prices of homes and condominiums were showing increased volume but a decline in values, average apartment rent in the Santa Clarita Valley of $1,461 in the second quarter of 2012 remain below those in Burbank and Pasadena. The apartment vacancy rate during the second quarter of 2012 in Santa Clarita Valley was 5.3 %, less than the vacancy rate of 6.5 % in the same quarter last year. According to the SCVEDC vacancy rates declined in all comparison markets in the L.A. Metro area, with Santa Clarita Valley vacancy rates dropping at a faster rate compared to all other communities.