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Startup applications have jumped steadily since 2020

Startup applications have jumped steadily since 2020

By Brittney Sherman

Approximately 430,000 new employer identification numbers were applied for nationwide during the month of February. The number of business startups jumped in 2020, as employees left larger companies to focus on the development of their own companies. The number of February nationwide startups grew 1.9 percent over last month, with Western states leading the application growth at 8 percent compared to January. The largest gains in startups can be seen in the healthcare, wholesale trade, and professional services sectors. Over the next 8 quarters, the Census Bureau projects another 4.2 percent increase in U.S. business formations.

 
From office to housing in one step

From office to housing in one step

By Brittney Sherman

The “Office to Housing Conversion Act” is a state bill that would limit and potentially block a City’s ability to delay conversions from office-to-housing. The Act would block unnecessary review requirements, eradicate City zoning restrictions not supporting the conversion, and require 10% of the project to be affordable. To further spur conversions, the Act would also provide a grant funding mechanism through the "California Downtown Recovery Catalyst Fund.” In 2022, California approved a budget of $400 million to incentivize developers, however the combined challenges of labor shortages, materials, and retrofitting challenges have kept conversion projects to a minimum……for now.

 
The end of one emergency could signal the crisis of another

The end of one emergency could signal the crisis of another

By Brittney Sherman

California’s Gov. Gavin Newsom announced the end of the Covid-19 state of emergency on Tuesday February 28, right after the state announced 100 million pandemic related deaths. While this announcement signals the end of the virus emergency, it could also signal the beginning of a Healthcare system crisis. The healthcare worker exodus, financial deficits, and patients returning in droves to seek care they delayed during the pandemic, are all putting an enormous strain on an already delicate industry. In 2022, Newsom signed $200 million to support the training and hiring of healthcare workers, but taking into account the State’s deficit that number is estimated to decrease $50 million in 2023.

 
The state of Silicon Valley

The state of Silicon Valley

By Brittney Sherman

Even when considering the California exodus, tech sector layoffs, and headquarter relocations, the state of Silicon Valley is not all doom and gloom. Since June 2022, Silicon Valley has added 88,000 new jobs and has a current unemployment rate of 2%. Between 2020-2022, approximately 91,000 people left Silicon Valley, however 50% of them still live within driving distance. The recently announced 11,000 tech layoffs represent 0.7% of Silicon Valley’s total employment and experts predict the final layoff percentage to come in somewhere around 2%. Silicon Valley lost four major headquarters, but experienced 20,000 patent registrations: one of the highest numbers in the Valley’s history.

Every February Joint Venture Silicon Valley produces the Silicon Valley index, which measures the strength of our economy and the health of our community through research and indicator tracking. The index highlights challenges, celebrates wins, and provides an analytical foundation for decision-making. Go HERE to download your copy of the index or take a deep into the hard data and charts.

 
Farm to table restaurant concept opens in Downtown Morgan Hill

Farm to table restaurant concept opens in Downtown Morgan Hill

By Brittney Sherman

MOHI Farm is the newest privately owned restaurant to open in Downtown Morgan Hill, following in the steps of Gorgio’s Italian Grill & Pizzeria, Sushi Confidential, Palmerino’s Italian Deli and Depot Street Pizza. Offering freshly brewed coffee and pressed juice, unique cocktails, and a menu featuring only the best in locally farmed ingredients, Mohi Farm has something for everyone. This farm to table restaurant is the newest concept in the Live+Lovel+Leal hospitality brand owned by hospitality guru and entrepreneur Frank Leal. Other properties in the Leal Hospitality Portfolio include Willow Heights Mansion, Granda Theatre, MOHI Social, and MOHI Wine.

Mohi Farm is located at the corner of Depot and E. 3rd Street and is open every weekend from 6 a.m.-9 p.m. Visit their website HERE to learn more.

 
Makers Market opens for 6th season

Makers Market opens for 6th season

By Brittney Sherman

We are now accepting vendor applications for the Spring 2023 Sidewalk Saturday Season! Started in 2020 to support home-based and retail small businesses through the pandemic, Sidewalk Saturdays has morphed into a beloved community event embodying the Buy Local spirit. This popular maker’s market located on 3rd street in Downtown Morgan Hill, features anywhere from 15-25 vendors. The 12-week season occurs every Spring and Fall, between 9 a.m.-1 p.m.

Learn more about Sidewalk Saturdays and submit your application HERE!

Have questions? Contact City of Morgan Hill Economic Development Coordinator Brittney Sherman at Brittney.sherman@morganhill.ca.gov

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