Daily Business Report — Jan. 25, 2010
County’s December Jobless Rate Declines From November
Wage, salary employment down 2,500 jobs over the month; 43,100 over the year
The unemployment rate in San Diego County was 10.1 percent in December, down from a revised 10.6 percent in November and above the year-ago estimate of 7.5 percent, the California Employment Development Department reported. California’s jobless rate for December was 12.1 percent. The nation’s umemployment rate was 9.7 percent.
Between November 2009 and December 2009, total nonfarm employment declined by 1,600 and settled at 1,248,400 jobs. Agricultural employment decreased by 900 jobs, or 8.3 percent.
• Trade, transportation, and utilities posted the greatest month-over increase, adding 2,000 jobs. Seasonal gains in retail trade (up 1,700) contributed to most of the job growth in this sector. Transportation, warehousing, and utilities increased by 500, while wholesale trade declined by 200 jobs.
• Three industries, construction, information and mining and logging, reported no change in employment levels over the month.
• Government reported the greatest month-over decline, down 1,400 jobs. State and local government decreased by 600 jobs each, while federal government declined by 200 jobs.
Between December 2008 and December 2009, total nonfarm employment declined by 43,100 jobs, or 3.3 percent.
• Other services increased by 200 jobs, the only sector out of 12 industries to report a year-over gain. Mining and logging and agricultural employment posted no change in employment levels over the year.
• Trade, transportation, and utilities declined by 8,500 jobs. Retail trade (down 5,600), accounted for most of the job loss in this sector. Transportation, warehousing, and utilities decreased by 1,800, followed by a decline of 1,100 jobs in wholesale trade.
• Professional and business services recorded the greatest year-over decrease, down 9,300 jobs. Administrative and support and waste service and professional, scientific and technical services was responsible for close to 90 percent of the job loss, a decline of 4,900 and 3,300, respectively. Management of companies and enterprises declined by 1,100 jobs.
Water Authority Sells $627 Million in Bonds
The San Diego County Water Authority completed bond sales of $627 million last week for its capital improvement program. High investor demand helped the agency secure very low interest rates that will save ratepayers more than $50 million in financing costs over the life of the bonds, according to Eric Sandler, director of finance. The sale included $99 million in tax-exempt serial bonds and $528 million in Build America Bonds. The order period, originally scheduled to take place over two days, was completed in three hours. The tax-exempt serial bonds, with terms between 4 and 17 years, locked in interest rates between 1.64 percent and 4.08 percent. The BABs, with a 40-year term, have a net interest rate of 3.989 percent. The BABS, a new taxable financing instrument that is a part of the American Recovery and Reinvestment Act of 2009, provide a direct federal subsidy payment for a portion of borrowing costs equal to 35 percent of the total coupon interest paid to investors.
The Water Authority has one of the largest capital improvement programs among California urban water agencies, with a $3.77 billion budget and a two-year appropriation for fiscal years 2010 and 2011 of $556 million.
Nominations Sought for SANDAG’s Diamond Awards
The SANDAG iCommute program is inviting nominations for its eighth annual Diamond Awards, which recognize San Diego County businesses that go the extra mile to help reduce traffic congestion. Award winners promote alternatives to commuting alone to work, including vanpooling, carpooling, use of public transit, teleworking, walking and biking. Some companies provide incentives, subsidies, or pre-tax deductions to their employees to encourage participation. Nominations are open to all businesses, organizations, and public or private agencies that maintain an employee transportation program in San Diego County. Self-nomination is encouraged. Up to two winners may be named in each of the five categories: program excellence, innovation, marketing, ongoing commitment, and best new program. Applications are due by 4 p.m. on Friday, Feb. 12. This year’s winners will be honored at the March 26 SANDAG Board of Directors meeting. For more information and a nomination form, visit www.iCommuteSD.com and click on, “Promotions,” or call 511 and say, “iCommute.”
BedRock Technology Partners Donates to Haiti Relief
BedRock Technology Partners in San Diego will donate 50 percent of sales profit to assist with the natural disaster in Haiti for orders place between Jan. 15 and Feb. 15. The donations will go to the American Red Cross. “I look forward to seeing half of my profit going to assist many people in need. It is a small way to help, however, it is the right thing to do,” said Greg Broderick, account manager for BedRock. Bedrock, which has 20 employees, assists in the deployment of IT services to Fortune 1000 clients. It resells Brocade, IBM, NetApp, Hitachi, HP, Cisco and other leading technologies.
“BedRocks’s principals have extensive experience and will bring highly-specialized expertise to current and upcoming IT business projects,” said Dean Cappallazzo, an18-year tech veteran who is president of BedRock. “With this background, BedRock is able to support the needs of businesses in a way that provides unique advantages for the client. We look to maximize the return on every dollar spent within Information Technology through a commitment to truly understanding our client’s needs, and for the next month, assist with the natural disaster in Haiti.”
Shea Homes Reports 2009 Home Sales
Shea Homes San Diego ended 2009 with 233 net sales and193 homes closed in 13 neighborhoods throughout the county. The home builder’s Chula Vista communities made up the bulk of the activity for the year with 155 sales and 118 closings. “Value pricing and the lowest interest rates in 40 years have contributed to this being the most affordable time in a generation to buy a home,” said Vanessa Linn, vice president of sales and marketing.
Shea Homes neighborhoods that closed out in 2009 include Cypress Greens in Carmel Mountain Ranch and Sanctuary at The Estates at StoneBridge. The homebuilder continues to sell homes at four attached and detached neighborhoods at Windingwalk in Chula Vista; one attached and one detached neighborhood at Lomas Verdes in Chula Vista; two single-family detached home neighborhoods at San Miguel Ranch in Chula Vista; one attached home community in Del Sur in San Diego; one detached home neighborhood in La Costa Ridge in Carlsbad; and one detached home neighborhood in Escondido.
Cobb, Stees & Co. Adds Tax Director
Dorothy A. McLin, a CPA, has joined Cobb, Stees & Co. LLP, a San Diego accounting and consulting firm, as tax director. McLin will focus her attention on providing tax services to entrepreneurial businesses in San Diego. McLin’s previously was tax director at BDO Seidman LLP. She holds a bachelor’s degree in mathematics and a master’s degree in taxation from San Diego State. She is a member of the Association for Corporate Growth and the San Diego Venture Group.
Navy Invites Comments on Training Complex Improvements
The Navy is encouraging the public to attend a Feb. 23 open house and a Feb. 24 presentation on the draft Environmental Impact Statement for proposed improvements to the Silver Strand Training Complex. The Navy said several improvements are necessary at the training complex to improve the availability and quality of training there and to prepare for future training requirements. The Silver Strand Training Complex is a West Coast amphibious, special warfare and mine countermeasure training area that accommodates severalcritical training programs. It is located on the Silver Strand isthmus between Coronado and Imperial Beach.
The Feb. 23 open house will be from 4 to 6 p.m. at the City Hall Community Room, 825 Imperial Beach Blvd. in Imperial Beach. The Feb. 24 presentation will be from 6 to 7:30 p.m. at the Coronado Community Center’s Nautilus Banquet Room, 1845 Strand Way in Coronado. Representatives from the Navy will be available during the open house session to provide information about the proposed action and to answer other questions related to the Draft EIS.
The draft Environmental Impact Statement is available online at silverstandtrainingcomplexeis.com.
• Corrpro Companies Inc. leased 6,120 square feet of warehouse space at 6445 Marindustry Drive in San Diego. The five-year lease is valued at $360,576. Dean Asaro of CB Richard Ellis represented the lessor, RE Hazard. Dan Gaston of Lee & Associates represented Corrpro.
• Alcala Company leased 6,937 square feet of office and warehouse space at 10788 Roselle Street in San Diego. The 76-month lease is valued at $380,356. Dean Asaro of CB Richard Ellis represented the lessor, BRS-Tustin Safeguard Assoc. II LLC. Jay Arnett of Cushman & Wakefield represented Alcala.
• Catherine Perez, doing business as Con Pane Rustic Breads & Café, leased 3,949 square feet of retail space at The Landing at Liberty Station, 2750 Dewey Road, Building 193, in San Diego. The five-year lease is valued at $463,688. Jill Morton and Jim Rinehart of CB Richard Ellis represented the lessor, McMillin Commercial. San Diego Investment Real Estate represented Con Pane.
Federal Contract Awards
• Information Systems Laboratories Inc., San Diego, won a $446,550 federal contract from the U.S. Department of Defense’s Advanced Research Projects Agency, Arlington, Va., for the performance of research, development, design and testing that directly supports the Strategic Technology Office.
• American Innotek Inc. in Escondido won a $79,092 federal contract from the Defense Logistics Agency’s Defense Supply Center, Philadelphia, for disposable urinal bags.
• Axsys Technologies Inc., San Diego won a $46,764 federal contract from the Defense Logistics Agency’s Defense Supply Center, Columbus, Ohio, for torque motors.
• Interface Displays & Controls Inc. in Oceanside won a $39,690 federal contract from the Defense Logistics Agency’s Defense Supply Center, Columbus, Ohio, for digital indicators.
• Parker-Hannifin Corp. in San Diego won a $32,500 federal contract from the Defense Logistics Agency’s Defense Supply Center, Columbus, Ohio, for electrical shielding gaskets.
(Source: Targeted News Service)
Tours of North Embarcadero Offered
The Maritime Museum of San Diego has started offering free, guided historic walking tours along the North Embarcadero. The tours last about 45 minutes to an hour and are offered twice a day on weekends at 11 a.m. and 1 p.m. They will be held through June 30. The tours, sponsored by the Port of San Diego, cover a mile of the waterfront. They begin in front of the USS San Diego Memorial at the foot of G Street and Harbor Drive, just south of the USS Midway Museum. Attendees will see and learn about Seaport Village, the Midway Museum, the Port’s Urban Trees program and the collection of U.S. military heritage art at Tuna Harbor Park. Tours are first come, first served. For more information, call the Maritime Museum at (619) 234-9153.
Art Teaches Children About Water Conservation
Students in the first through sixth grade in San Diego, Imperial Beach and Coronado are invited to enter the 10th annual Water Conservation Poster Contest sponsored by the city of San Diego Public Utilities Department. Entries will be accepted through March 24. The contest is designed to help all public, private and home-school teachers to use art to teach their students about the benefits of water conservation. Each student creating a poster to enter in the contest will receive a certificate of participation. Then, 18 winners will be selected and recognized at a City Council meeting and receive a U.S. Savings Bond and a Certificate of Excellence. The contest theme is “Waste No Water,” which was selected to reflect the challenges facing the water system because of prolonged drought and cutbacks to San Diego’s imported water. Winning posters will be on display in the lobby of the City Administration Building, the San Diego Watercolor Society’s Gallery and the San Diego County Fair Kids Best Art Exhibit. Winning posters also will be featured in the 2011 Water Conservation Calendar and will be circulated throughout the city during the year. Additional information about the contest, entry forms and free activity books are available online at sandiego.gov/water/conservation. For more information, call the Public Utilities Department at (619) 533-4203.
WORKSHOP: “Unlocking the Secrets: The Art of Giving a Presentation,” a training course sponsored by the San Diego Regional Chamber of Commerce. 8 to 9:30 a.m., San Diego Regional Chamber of Commerce, 402 West Broadway, Suite 1000, San Diego. Learn how to show off what you do and share what makes your business, product or service unique. For more information, call (619) 544-1382.
WORKSHOP: The San Diego chapter of the International Association of Business Communicators holds a special workshop/learning session on “The New Rules of Engagement: How Communicators Shape Leaders’ Thoughts and Actions.” Speaker is Mark Schumann, principal of Towers Perrin and 2008-09 chair of the IABC. 11:30 a.m. to 1 p.m., learning session and lunch; 1 to 2 p.m., roundtable workshop. Doubletree Hotel San Diego/Mission Valley, 7450 Hazard Center Drive, San Diego. Register by Jan. 21 and its $40 for members, $50 for nonmembers. Register afterwards, its $50 and $60, respectively.
CONFERENCE: The Burnham-Moores Center for Real Estate’s 14th annual Real Estate Conference will feature real estate icon Sam Zell. Panels will discuss “The Shape of Things to Come: Capital Markets” and “The Shape of Things to Come: REITS, Retail, Development and Loan Workouts.” 7:30 a.m. to noon, Hilton San Diego Bayfront. To register, visit sandiego.edu/bmcevent. For more information, call Diane Gustafson at (619) 260-2379.
ANNUAL DINNER: The 139th annual dinner of the San Diego Regional Chamber of Commerce, 5-8 p.m., Town and Country Resort & Convention Center, 500 Hotel Circle North, Grand Exhibit Hall. $150 individual registration. Highlights include induction of the 2010 chairman of the board, Tom Wornham of Wells Fargo, and the board of directors, and presentations of the Spirit of San Diego, Courageous Leadership and Regional Unity awards. For more information, call Katie at (619) 544-1370.
FORUM: San Diego Mayor Jerry Sanders will discuss past, present and future city government reforms that will shape the region in NAIOP San Diego’s fourth annual Breakfast with the Mayor program. (Rescheduled from Jan. 19). Marriott San Diego/Del Mar, 11966 El Camino Real, San Diego. Registration at 7:30 a.m., program runs from 8 to 9:15 a.m. $40 for members, $60 for nonmembers. Attendees may pay online at naiopsd.org. NAOP San Diego is a chapter of the Real Estate Development Association. For more information, call Karen Burgess at (858) 509-4110.
MEET THE LEADERS: Vista Chamber of Commerce host reception and dinner featuring talks by Congressman Darrell Issa, Assemblyman Martin Garrick and county Supervisor Bill Horn. 6:30 to 9:15 p.m., Shadowridge Country Club, 1980 Gateway Drive, Vista. Tickets are $125 per person. Contact the Vista Chamber of Commerce at (760) 726-1122.
PANEL: The San Diego Press Club presents a panel talk on “WriterPalooza: 50 Tips in 50 Minutesw to Boost Your Writing Business,” aimed at professional and aspiring writers and editors. 6 p.m. at KGTV/10, 4600 Air Way, San Diego. Panelists: Dennis Morgigno, Channel 4 San Diego; Kimberly Edwards, formerly of KGTV/10; Lee Swanson, former broadcaster; and Jan Rieger, McLane Rieger Communications. Free for Press Club members, $10 for nonmembers. RSVP to: firstname.lastname@example.org.
SHOWCASE: CleanTECH San Diego and the US Renewables Group present the CleanTECH Showcase, which explores opportunities in the wind-power industry. Keynote presentation by Jim McDermott, managing partner, US Renewables. Registration 4 p.m., keynote 6 p.m., panel 6:40 p.m. La Jolla Marriott. $10 for students, $30 for CleanTECH members, $45 for others. RSVP at: http://ctsd.eventbrite.com.
CELEBRATION: The Asian Business Association of San Diego holds its 16th annual Lunar New Year Celebration featuring Lucky Lion Dancers, a casino night with prizes and Chinese cuisine. 5:30 to 8:30 p.m., dinner from 6:15 to 7:15 p.m., no-host bar, Fat City Steakhouse/China Camp Restaurant, 2137 Pacific Coast Highway, San Diego. Cost: before Feb. 16, $30 to ABA members, $35 for nonmembers; at the door, $40 members and nonmembers. Register online at abasd.org. For more information, call (858) 277-2822.
ROUNDTABLE: Hal Varian, chief economist at Google, will speak on “Predicting the Present with Google Trends” at the Economics Roundtable, 7:30 a.m., UCSD Faculty Club. Admission is $50 per person, includes continental breakfast and parking. For more information and registration, call (858) 822-0510.
DIGITAL FORUM: A forum on social media marketing will feature social media strategist and coach Jason Baer, who will lead a panel discussion on the topic. Sponsored by LEAD San Diego and Bailey Gardiner. 7:30 a.m., continential breakfast and networking; 8 a.m., presentation by Baer; 8:45 a.m., panel discussion. USD’s Joan B. Kroc Theatre, San Diego. $20 general admission, $15 for LEAD San Diego members. For more information, call (619) 280-5323.
WORKSHOP: The San Diego chapter of the American Society of Interior Designers sponsors a “Day with Designers,” a public workshop to provide information on practical interior design basics and how to select an interior designer, among other tips. 9 a.m. to 2 p.m. at the Art Institute, 7650 Mission Valley Road, San Diego. Advanced tickets available for $35 by visiting ASIDSanDiego.org. Tickets at the door are $45. For more information, call (858) 646-9896.
The Daily Business Report is produced by REP Publishing Inc., publisher of San Diego Metropolitan magazine and the North Park News. (619) 906-4104.