Economic Development Update 2018 – Local Growth Continues
On November 13, the annual Economic Development Update was presented to the City Council. The presentation provided an overview of economic development programs, information on local economic indicators, and updates on ongoing and planned development throughout the city. San Leandro’s economy remains strong, with businesses continuing to grow and hire and new developments proposed across the city.
Local businesses employ over 46,000 people, and the number of jobs in San Leandro has increased by over 2,000 during the past year. This continued growth and hiring has reduced the local unemployment rate from 4% to 3.1% over the past year.
Total sales across all sectors at around $3 billion per year and residents and those living in surrounding communities continue to shop in our many successful retail centers, with businesses of most all types ‘capturing’ far more than local demand.
San Leandro is a great place to do business and our properties are in strong demand. Space in the highly successful industrial area is hard to come by, with manufacturing and warehouse vacancy rates consistently below 1.5%. New retail and restaurant businesses continue to open across town, reducing the retail vacancy rate from 5% to 3.4% over the past year.
Businesses continue to expand and invest in their properties, with over $448 million in development permitted over the past three years alone. Over a million square feet of new industrial development is currently underway and over a thousand new housing projects are approved or proposed in Downtown San Leandro and beyond.
The City and its staff work hard to support and foster this local economic growth. The Economic Development team serves as a liaison to local businesses, to connect them with resources at the city and beyond. The team works with a number of organizations to maximize its impact and strengthen the local business ecosystem, creating a valuable network of services, support, and products for businesses to utilize. The San Leandro story is told through a number of different channels and the Economic Development team encourages innovative and beneficial new businesses to locate here.
Over the past four years, the City has provided over $325,000 in incentives to 15 local businesses, ranging from $2,900 for a lateral connection to the fiber optic loop, to $45,000 for commercial facade improvements. The Economic Development team has also worked collaboratively with a number of partners to support manufacturers and promote manufacturing as a career.
Most recently, a partnership with the San Leandro Chamber of Commerce served to promote National Manufacturing Day through a number of activities, with five local businesses opening their doors for public tours and a local manufacturers appreciation event. The Chamber also helped organize the fourth successful East Bay Manufacturing Day, which was attended by over 300 students who had the opportunity to tour five San Leandro businesses, hear from San Leandro’s own Ghirardelli, and then were able to tour the new advanced manufacturing labs at Chabot College.
With a business friendly climate, easy transportation access, ultra high speed internet, and a diverse housing and employment base, San Leandro is a great place to grow a business. For more detailed information, and a closer look at many of the most significant development projects, click HERE to view the entire presentation and subscribe to San Leandro Next to stay up to date as these new projects proceed.
Thanks for another great update!
Exciting! Wish this could all be built in the next three years