OK, boomer — make way for millennials

Santa Clarita Valley Business Journal

By Holly Schroeder, President and CEO of the Santa Clarita Valley Economic Development Corp.

It’s a little-known fact, but millennials make up the largest generation in the U.S. and California. In 2018 there were 11.2 million millennials in the state, and fewer than 9.3 million people in any other generation. Millennials are also the largest generation in SCV at 81,000, placing them ahead of the 76,000 baby boomers.

The millennial population is expected to increase sharply — by this year, the Santa Clarita Valley is expected to have almost 93,000 people in this cohort — an increase of 38% over a two-decade span. Conversely, California’s millennial population has increased by only 8% over the same time period.

Trends like this and more will be shared at SCVEDC’s upcoming Economic Outlook Forecast on March 12.

For example, in addition to the rapidly expanding millennial generation, SCV is growing jobs, and has completely recovered job loss from the recession. Employment numbers continue to rise and now there are a record number of jobs in the Santa Clarita Valley at 95,000. Of those, one-third are at the region’s 50 largest companies.

SCV is also growing commercial and industrial developments with 24 million square feet in the long-term pipeline, 17 million of which are commercial developments, and 7 million are industrial projects. An additional 13.8 million square feet of new commercial development have been approved, but are not yet under construction, with Newhall Ranch accounting for the bulk of this space.

Additionally, in each of the past five years, there have been between 650-750 permits for new homes. Currently, there are several housing projects representing thousands of new units that will be completed for occupancy within the next two years. With new homes in Vista Canyon, River Village, Skyline Ranch and Newhall Ranch, SCV is helping to bridge the gap in housing which has become a major issue in both Los Angeles and the state (and provide some stylish and contemporary housing options for those Millennials as well).

If you’re interested to learn how these trends will affect your business in 2020 and beyond, join us at the annual Economic Forecast on March 12 at the Hyatt Regency Valencia. You’ll get updates on the economies of the Santa Clarita Valley, the state and the nation, demographic data, information about new housing and commercial developments and more. Don’t miss the most impactful business event of the year. Visit www.scvedc.org/outlook to learn more.

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