Filtered by Category: Silicon Valley
The 2-story EDES Building currently under construction in Downtown Morgan Hill, was featured by SF YIMBY as one of the Bay Area’s interesting and unique projects to watch.
Read the full article in SF YIMBY HERE.
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.
The only true constant in retail, is change. Never has that statement been truer than in the past three years. For years Susan Reda, National Retail Federation Vice President of Education Strategy, has been publishing an annual retail prediction report. Here is what she predicts will be in store for the retail industry in 2023:
-The metaverse blends the physical and virtual worlds via virtual reality headsets. The tech is there but the consumer comfort level is lagging years behind.
-Web3 takes the metaverse a step further, implementing digital currency, tokens, and rewards redeemable either virtually or physically.
-Retail media networks will continue to gain momentum, providing targeted marketing and additional revenue opportunities.
-AI will become a stronger tool in retail, using first party data to influence personalized marketing messages that yield tangible conversion results.
-Right-sized retail stores and partnerships across smaller brands will continue to lead the expansion race.
-Gen Z consumers are currently driving the retail transformation, valuing both digital and face-to-face retail models. However, Gen A consumers will number 2 billion by 2025 further prioritizing social media and relationship-based marketing.
-Greenwashing will result in brand suicide this year, so businesses need to double down and stand behind their sustainability efforts.
-Nearshoring has been met with success by startups looking to sidestep the next supply chain disaster. Large businesses will continue to follow lead and in some cases partner together on cargo and storage space, providing an alternate revenue stream and savings for all.
-The Combatting Organized Retail Crime Act looks to decrease retail theft and violence rates, which have been steadily growing over the years.
-Continued warnings of an impending recession could lead to customers pulling back on purchases. However, although the number of transactions might decrease, they won’t sacrifice the quality, value or durability of the items they will continue to purchase.
Listen to the full NRF podcast HERE.
Have questions? Contact City of Morgan Hill Economic Development Director Matt Mahood at Matt.Mahood@morganhill.ca.gov
Economic growth, job gains, and the renewable energy industry continue to fuel California’s economy, poising the state to soon surpass Germany as the 4th largest economy in the world. Renewable energy is the fastest growing business in California and a major contributor, alongside the tech industry and entrepreneurial magnetism, to the state outperforming the nation and the world in not one but several industries. California’s economy is surpassed only by the United States, China, and Japan.
Read the full Bloomberg Report HERE.
Have questions? Contact City of Morgan Hill Economic Development Director Matt Mahood at Matt.Mahood@morganhill.ca.gov
In honor of Manufacturing Week, the City of Morgan Hill invites you to participate in a Manufacturing Roundtable featuring two panels with leading industry experts!
The first portion of the panel will consist of manufacturer executives who will discuss the industry's current environment, challenges, issues, opportunities, and future. The second portion of the panel will consist of service providers and subject matter experts who can offer counsel, advice, information, tools, and resources to manufacturers.
To register, go HERE!
Have questions? Contact City of Morgan Hill Economic Development Director Matt Mahood at Matt.Mahood@morganhill.ca.gov
Visionary Michael Van Every sees opportunity in transit-oriented mixed-use developments — outside of San Jose’s downtown core. Van Every is the President and Managing Partner of Republic Urban Properties, who completed an 83-unit apartment mixed-use complex in Downtown Morgan Hill in 2020. He commended Morgan Hill’s Economic Development, Planning, and City Manager’s offices for their commitment and expediency to supporting the Sunsweet Project every step of the way. Van Every said Morgan Hill is prepped for additional compact development and he will be keeping an eye out for future development opportunities.
Read the full article HERE.
Have questions? Contact City of Morgan Hill Economic Development Director Matt Mahood at Matt.Mahood@morganhill.ca.gov
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