Morgan Hill currently has 3,138 apartment units citywide, of which approximately 1,900 are affordable. Blieu Companies will hold a grand opening on Wednesday November 20 for their 73-unit multi-family affordable farmworker housing development called Royal Oak Village, which is the 4th affordable housing community the company has built-in Morgan Hill. Royal Oak Village consists of 73 affordable apartment units, with 30 units dedicated for farmworker families, 18 units set aside as Rapid Rehousing (RRH) units for homeless individuals and families, 24 units designated for individuals and families earning up to 50% of Area Median Income (AMI), and one on-site manager unit.
China accounts for 15% of the total U.S. trade, and according to The Reshoring Institue approximately 5 million industry jobs were lost to overseas workers between 2000-2014. The pandemic exposed the vulnerability of supply chains, the hyper dependence on foreign products and labor, and the impact of geopolitics on the manufacturing industry. As a result, manufactures have started to once again weigh the pros and cons of onshoring and nearshoring for business viability and longevity.
While experts don’t expect to see a full 100% shift back onshore, they do expect to see the construction of new facilities in closer proximity to end markets. Mexico, who surpassed China as the U.S.’s largest trading partner in 2023, and a handful of southern states are positioned to see the greatest uptick in manufacturing facilities as a result. Just this year, in July 2024, manufacturing construction spending increased 86% over the last two years, totaling $237 billion dollars. Further, there was a 25% increase in manufacturing jobs in 2022 versus 2021, totaling 350,000 new manufacturing employees.
Nationwide programs focused on the semiconductor and EV industries have helped pave the way to onshoring and industry experts expect the trend to continue as other manufacturers take advantage of the benefits. Consumers can expect to see an increase in “made in the USA’ labels on their favorite products in the years to come.
A total of 6,481 stores across the United States have closed, surpassing the 5,553 closures in 2023 and posting the highest annual number since 2020. A series of bankruptcy filings and downsizing from larger companies account for a significant portion of the closures. As it relates to closures by smaller retailers, a combination of interest rate spikes, increasing labor costs, and decreasing consumer purchases are to blame.
Although the number of closures sounds daunting, experts predict that growing markets such as food, fitness, healthcare, and entertainment will snatch-up vacant spaces as soon as they become available.
According to Santa Clara County’s latest crop report, nursery crops were the #1 crop in 2023, followed closely by mushroom and lettuce crops. In regard to crop value, nursery crops increased 11% and lettuce crops increased 68%, while cherry and mushroom crops both decreased mainly due to weather, price reductions, and a farm closure. The overall value of Santa Clara County’s 2023 crops came in at $371.5 billion, an increase of nearly 4% year over year.
In addition to generating 1% of the state’s overall agriculture sales, Santa Clara County is also recognized as a leader in sustainable farming practices as displayed in programs like the Morgan Hill Unified School District’s “freight farms,” and Morgan Hill company Anaerobe Systems’ fertilizer and bioenergy fermentation process.
Read the full 2023 Santa Clara County Crop ReportHERE.
Hotels in the U.S. reported year over year decreased occupancy, revenue, and revenue per available room (RevPAR) during third quarter 2024. According to CoStar Analytics, this was the fourth quarter in a row that room rate growth declined and the second lowest overall growth rate, outside of first quarter, since 2021. Luxury and Urban hotels continue to lead room demand, while economy hotels experience losses. International, corporate, and group travel are projected to boost the top 25 markets, however trickling declines are expected to impact most other markets in fourth quarter 2024.
According to the National Retail Federation, this year U.S. consumers are projected to spend approximately $979.5-$989 billion dollars during the months of November and December. While anticipated sales are up 2.5% year over year, they fall far behind the year over year growth experienced in 2023 (3.9%) and 2022 (4.7%). With five fewer holiday shopping days, in the middle of a presidential election year, retailers are rolling out everything from buy now/pay later options to earlier discounts to new innovative products to drive sales this holiday season.
Read the full article in the Wall Street Journal HERE.
