President & CEO of SCVEDC
The Santa Clarita Valley is growing, and that’s a good thing. According to Dr. Mark Schniepp of California Economic Forecast, new development and construction will help spur the post-Covid economic recovery in our region.
While we are not exactly on a clear road to recovery yet, many people have spent a good amount of time evaluating their priorities, especially when it comes to work/life balance.
A move to the suburbs
Home sales, especially for new home construction, have grown during the COVID-19 crises. Whether home buyers are seeking less density and now desire more room to spread out, or they are choosing new construction because they perceive it to be “cleaner,” private home amenities that are typically offered in the suburbs have become highly desirable.
Features like home offices, increased square footage and additional bedrooms, and a private yard for getting a taste of the outdoors while remaining socially distanced are top of the list for many who are choosing the suburbs.
A reduced commute
Business owners are beginning to recognize the benefits of the burbs and are ready to take advantage of reducing office footprints by allowing employees to continue to work from home, and/or opening smaller satellite offices closer to where their teams live.
According to a survey issued by the Site Selector’s Guild, 64% of respondents indicated that suburban areas were highly likely to be the location of an expansion or relocation project in the next year. Only 10% thought that urban areas would be attracting projects during that same timeframe.
Building our way to recovery
Today, the Santa Clarita Valley boasts nearly 30 million square feet of industrial and commercial facilities with an additional 9.7 million square feet under construction. Looking ahead, approximately 24 million square feet of future industrial and commercial development is in the pipeline. Projects like Vista Canyon, The Center at Needham Ranch, IAC Commerce Center and the Southern California Innovation Park (SCIP) are now underway, bringing high-quality, high-paying jobs to our region in the aerospace & defense, e-commerce, digital media & entertainment, and medical device sectors.
In housing developments, new homes will be constructed in Vista Canyon, FivePoint Valencia (formerly Newhall Ranch), Golden Valley Ranch, Skyline Ranch, Tesoro Highlands, Northlake, and Williams Ranch.
For more information about the SCV Economic Development Corp., visit SCVEDC.org, or by calling (661) 288-4400.