News/Blog

July 22, 2024

Investors double down on Extended Stay hotels

By Brittney Sherman

Hotel deals are expected to increase in the last half of 2024 with a focus on adding mid-market and extended stay hotels to portfolios. Extended stay hotels are leading hotel deals and investment by yielding the highest performance measures and profit margins in the industry.

A Morgan Hill Hotel Industry Snapshot-

There are 14 lodging facilities in the City of Morgan Hill not including the Downtown Hotel MOHI currently under construction and the Holiday Inn Express currently in the permitting process. The Residence Inn by Marriott and Extended Stay America are both extended stay properties. Morgan Hill collects an 11% Transient Occupancy Tax (ToT) on every overnight hotel stay, less than 30-consecutive nights. The overall ToT collected accounts for 5% of the General Fund Budget which pays for services such as fire, police, parks, roads, etc. There are four vacant parcels in Morgan Hill where a future hotel could be developed by right.

July 18, 2024

2024 Sales tax gets a slow start

By Brittney Sherman

Morgan Hill sales tax generation year-over-year was down 4.5% largely due to a decline in recreational auto sales and a misallocation in the Business and Industry Group back in 2023. When compared to this same quarter last year, the State was down 0.2% and the Bay Area was down 2.2%, however Santa Clara County was up 2.5%

Read the full report HERE.

July 17, 2024

Presentation to the Rotary Club of Morgan Hill

By Brittney Sherman

The Economic Development Team was honored to be a guest presenter at the July 17, 2024 Rotary Club of Morgan Hill Luncheon. Director Matt Mahood took a deep dive into the four key areas outlined in the Economic Development Blueprint: jobs/industry, retail, tourism, and healthcare.

Review PowerPoint Part #1 HERE

Review PowerPoint Part #2 HERE

July 11, 2024

Gen Alpha consumer trends

By Brittney Sherman

Every week approximately 2.5M Gen Alphas are born resulting in this group of future adults’ spending power being greater than that of Millennials and Gen Zers combined. To best capitalize on this group of future consumers, food and beverage businesses should focus on sustainable practices, healthy choices, brand integrity, digital-first marketing, and clean labels.

Read the full article in the USA Food Navigator HERE.

July 08, 2024

50 Consecutive months of job growth

By Brittney Sherman

Approximately 107,100 jobs have been created in the State of California during the first 6-months of the 2024 year, a number more than double what was created over this same period last year. Of those, 22,500 jobs were created in the month of June alone. Across the 11 industry sectors in the state, 7 of them grew in employment offerings.

July 03, 2024

2Q2024 ED eNewsletter

By Brittney Sherman

Happy 4th of July Morgan Hill Business Community! We hope you are enjoying your Summer so far.

In this Economic Development eNewsletter, you will find noteworthy Citywide news, business support information, new businesses opening soon, and upcoming Community activities. We thank you for continuing to choose Morgan Hill and encourage you to reach out if there is anything we can assist you with.

Read the 2Q2024 Economic Development eNewsletter HERE