SCV Companies: Business Climate in SCV is Robust

Local companies positively rate the business climate and quality of life in the Santa Clarita Valley. That’s the key takeaway from the Santa Clarita Valley Economic Development Corporation’s 2022 Business Survey of 155 companies.
Given the backdrop of the past two years in grappling with the effects and aftermath of the COVID-19 pandemic, the SCVEDC conducted a comprehensive Business Survey outreach to local businesses in March 2022 as a post-pandemic extension of SCVEDC’s ongoing business retention program. Business input through the survey process is utilized to assess the current and forecasted business climate, as well as identify actionable needs and priorities of existing industry in the Santa Clarita Valley.
Companies included in the survey represent different business sectors within the Santa Clarita Valley, with a proactive outreach to key industry clusters that necessitate skilled labor, experienced leadership, and higher wages. Outreach also included larger companies whose presence in Santa Clarita Valley make a significant economic impact. 155 survey responses comprise the findings in the survey report, including follow-up qualitative research conducted with 22 SCV survey respondents in a diversified range of business sectors and sizes.
The Business Survey covered five topics, including:
COVID Impact
SCV Business Climate
Company Business / Forecast
Company Operations
SCV Resources / Business Needs
A key focus of the survey was to assess the SCV Business Climate and identify opportunities to remedy problems or invest for continued success. Respondents were on the verge of being effusive in their praise of the SCV business climate, almost as much as they were stridently frustrated with the overall climate in the State of California. 82% indicated that the business climate is good or extremely good in the SCV. When asked the open-ended question of the biggest challenge facing companies, remarks about the CA tax and regulatory environment abounded.
If the positivity about the SCV business climate wasn’t enough, responses about the quality of life in SCV were stunning. 91% answered that the quality of life was somewhat or extremely good, of which 57% said extremely good!
Not surprising given the widespread shifts in labor markets and the “Great Resignation,” the most pressing issue facing business is the ability to find the workers they need to compete in the global market. Many of the surveyed companies operate businesses that demand in-person work, such as manufacturing and TV/film production. While many of these companies expressed a preference for workers to return to the office, even those with positions that could work from home, and expressed a desire to reduce the availability of remote work as the pandemic abates. At the same time, business leaders recognize that some degree of hybrid work is likely here to stay and identified the need to improve broadband services to support it.

SCVEDC ACTIONABLE OPPORTUNITIES AND RECOMMENDATIONS:
This survey revealed a range of concerns, from broader issues at the State and Federal level to actionable opportunities at the more local level. While SCVEDC will continue communications
with State and Federal representatives to deliver feedback and information from the SCV business community, we believe there are new opportunities to support business success and address leadership concerns expressed by Santa Clarita Valley business leaders. The following are actionable recommendations to support the business community based on survey findings:
Addressing broadband concerns
Addressing public safety and crime/theft concerns
Addressing need for increased dining/culinary options
Addressing workforce challenges
Addressing workforce training and development needs
Addressing executive peer-to-peer communications
Promoting SCV-wide approaches to rules, infrastructure, and priorities
Read the full survey results, including an appendix with all respondent data.

Comments