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SCV business community is poised to grow

Posted: July 31, 2012 2:00 a.m.
Updated: July 31, 2012 2:00 a.m.
 

A recent regional labor market analysis and survey of local Santa Clarita businesses found the regional business community is prepared to catapult to the next level soon, and that the workforce is positioned to support high-growth industries.


Released by the Santa Clarita Valley Economic Development Corp. on Friday, the study also unveiled some updated information on the local labor market and challenges to local businesses.


Among the findings, the region leads the San Fernando Valley when it comes to higher paying job openings that those that require four-year degrees. And the workforce, with more than 50 percent possessing a college degree, is ready to fill those positions.


Also, the economic base of the region is diverse, with companies in the biomedical, aerospace, manufacturing, professional, technical and cutting-edge entertainment industries present in the region.


“Santa Clarita Valley is home to a diverse industry mix, which offers high-paying quality jobs,” said Jonas Peterson, president/CEO of the SCVEDC.


Also included in the study, were several onsite visits to local businesses from varying industries to discuss what challenges they faced for the next two years.


Access to operating capital to fulfill orders was cited as an obstacle for many. Restricted capital and compliance with environmental regulations were the top two critical challenges cited by local businesses.


Statewide, the general state of the economy and the high corporate tax structure in California were considered by businesses to present serious challenges to growth.


As for the local workforce, a significant change was recorded in a growing number of residents seeking local job and career opportunities.


More than 50 percent of the work force travels on average 60 minutes for work outside the SCV.


Forty percent of those surveyed said they would accept a pay cut of 10 percent if they could both live and work in Santa Clarita.


That number is up significantly from a previous survey by the city of Santa Clarita. In April 2010, the city said 35 percent of the residents commuted outside the region; however, only 10 percent said they would accept a decrease in salary to work locally.


That willingness to accept a pay cut bodes well for companies willing to relocate to the region and hire locally by giving them a competitive advantage.


“Attracting companies that offer high-quality paying jobs within various industries is our goal in an effort to provide residents the opportunity to work locally,” Peterson said.


A complete business story with more detail is posted online at: http://www.the-signal.com/section/24/article/71401/.

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