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$4M grant awarded for Monterey Road improvements

$4M grant awarded for Monterey Road improvements

By Brittney Sherman

After a long and highly competitive process, the Metropolitan Transportation Commission awarded the City of Morgan Hill a nearly $4 million grant to improve Monterey Road. The grant is designed to support the resurfacing of the roadway, restriping of improved bicycle lanes, installation of missing sidewalks, upgrades to pedestrian ramps, and installation of new medians. The improvements aim to increase safety for all vehicles, pedestrians, and bicyclists. 

The City of Morgan Hill has dedicated resources over the last several years to improving its roadways, resulting in a robust maintenance program and ongoing bicycle and pedestrian safety improvements. The City’s Vision Zero Policy is a core driver of these efforts. The City also continues to make distinguishable efforts in identifying and applying for competitive grants to ensure the residents benefit from Regional, State, and Federal transportation dollars. The improvements to Monterey Road are anticipated to begin in 2025. The City plans to establish and share a detailed schedule and list of impacts before construction commences. 

 
The rising trend of on-site daycare

The rising trend of on-site daycare

By Brittney Sherman

During the pandemic one-third of women left the workforce due to childcare challenges, and many have not yet returned. Providing on-site daycare has become the newest company benefit in an effort to entice workers back to the office. The Biden administration’s recent announcement requiring CHIPS Act funding recipients to provide access to high-quality and affordable childcare, is sparking a similar conversation in the private sector. Between April 2021- September 2022, the number of employers providing daycare services doubled when compared to pre-pandemic years. Companies now offering on-site childcare services are seeing an uptick in attraction and retention of employees, but state regulations and a six percent decrease in childcare workers pose challenges for many employers trying to implement the benefit.

 
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.

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