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April 2023 eNewsletter

April 2023 eNewsletter

By Brittney Sherman

In this eNewsletter, you will find information about key efforts that impact our business community, including:

-Silicon Valley Index confirms the region's resiliency

-Fourth-quarter sales tax revenue breaks a ten consecutive quarter streak

-$4M awarded for Monterey Road improvements

-Morgan Hill aims to increase economic mobility

-Roll Downtown on May 13 during Open Streets

-Sidewalk Saturdays expands in sixth season

-In the news

-Newly opened

Read the April 2023 eNewsletter HERE and reach out to the team if you have any questions or want to connect with us. Thank you for continuing to “Choose Morgan Hill.”

Have questions? Contact City of Morgan Hill Economic Development Director Matt Mahood at Matt.Mahood@morganhill.ca.gov

 
And the award goes to..........

And the award goes to..........

By Brittney Sherman

The National Association of the Remodeling Industry (NARI) awarded local contractor DRD Construction the prestigious 2023 National Contractor of the Year Award. DRD won in the “entire house” category, alongside sister design company STUDIO 38, for a full home remodel project in Downtown Morgan Hill.

Read the full article in the Morgan Hill Times HERE.

 
Popular Makers Market returns for a 4th season

Popular Makers Market returns for a 4th season

By Brittney Sherman

What started out as a way to support local home-based makers and brick n mortar retailers during the pandemic, has since morphed into a beloved community event embodying the Buy Local spirit. The Grand Opening of the 4th season of Sidewalk Saturdays will kick-off on Saturday April 1 and feature over 20 vendors. The 2023 Spring season will take place every Saturday between April 1-June 24, from 9 a.m.-1 p.m., on 3rd street in Downtown Morgan Hill. To learn more about the event or become a vendor, visit the Sidewalk Saturday’s website.

 
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.

 
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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