Economic Vitality Corporation releases information about migration of businesses into San Luis Obispo County

FOR IMMEDIATE RELEASE                                                                              
April 23, 2019
Contact
Loreli Cappel
Senior Project Director
(805) 788-7015

 

 

Economic Vitality Corporation releases information about

migration of businesses into San Luis Obispo County

 

 

SAN LUIS OBISPO, CALIFORNIA – June 24, 2019 – The ECONOMIC VITALITY CORPORATION (EVC), a non-profit economic development organization serving all of San Luis Obispo County, announces a report commissioned by its Ventura County-based strategic partner, ECONOMIC DEVELOPMENT COLLABORATIVE (EDC), about the migration of businesses in Ventura, Santa Barbara and San Luis Obispo counties.  Authored by San Francisco-based XOPOLIS: URBAN ANALYTICS, this first-ever report for the tri-counties provides surprising and vital information about the migration of businesses and the resulting economic impacts.

“We applaud our partner EDC for commissioning this important body of research that provides evidence that dispels the common belief that there are more businesses leaving the central coast than migrating in,” said EVC President and CEO Michael Manchak. “While the report cites the business migration of three counties, the results are not the same. Both Ventura and San Luis Obispo counties are seeing more businesses coming rather than going, and the net economic impact of sales and the value of jobs for the businesses coming is higher than for the businesses leaving. These facts help shift the narrative about value and the place to do business. Our state and region needs economic development more than ever as we continue to grow jobs and create a competitive and resilient local economy.”

“One of the most common complaints we hear about the ‘business climate’ of California is that the cost and challenge of taxation and regulation drive business out of the state and our region.” said Bruce Stenslie, President and CEO of Economic Development Collaborative. “The findings of this study demonstrate that the narrative around the business exodus story needs to change and be replaced by one that is more informed by data.”

The report cites sources of data that include Dun & Bradstreet’s National Establishment Time Series (NETS) as well as Business Dynamics Research Consortium from the University of Wisconsin, all as current as 2018. Both data sets provide enormous annual record sets, new and eliminated jobs, sales performance, business startups and survival, mobility patterns, and changes in primary markets.

This report comes at an important time when California is seeing the strongest economic boom historically, although there remains concern about the state’s business regulatory climate now and into the future. While the tri-counties analyzed in the report have similar major industries, although largely different populations, this report forces a shift from anecdotal information or the common belief that businesses are mostly fleeing the state. The fact is that Ventura and SLO counties are seeing more business coming than going, and actually benefiting from greater value from the new businesses and jobs into the area, than they are from the businesses that have left. The other lesson from the report is that business attraction is an effort worthy of pursuing strategically and being mindful to our communities needs and desires.

Download report at the EDC home page: https://edcollaborative.com/

Download press release

 

ABOUT US

Established in 1994, the Economic Vitality Corporation (EVC) serves all of San Luis Obispo County as a non-profit economic development organization. We are committed to stimulating the region’s economic vitality by creating jobs, fostering investment, and promoting business.  (805) 788-2012 www.sloevc.org

A private nonprofit founded in 1996, the Economic Development Collaborative (EDC) was established with funding from the County of Ventura, the 10 cities in Ventura County and key private-sector companies to provide a pathway to business growth, economic prosperity and high quality of life for all. (805) 384-1800 www.edcollaborative.com

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