Daily Business Report — July 27, 2011
San Diego County Economy
The USD Burnham-Moores Center for Real Estate’s Index of Leading Economic Indicators for San Diego County fell 0.2 percent in June. The drop was led by a sharp decrease in consumer confidence and featured moderate declines in building permits, initial claims for unemployment insurance and local stock prices. These overweighed a big increase in help wanted advertising and a more modest gain in the outlook for the national economy to push the USD Index to its first loss in 27 months. “Although a downturn in the local economy is not imminent, the first drop in the USD Index in more than two years is a cause for concern,” said associate professor Alan Gin, author of the index. “Economists usually look for three consecutive changes in one direction in a leading index as a signal of a turning point in an economy, so it remains to be seen whether this is a beginning of a trend or simply a one-month aberration.” The data on the local economy, particularly the labor market, is mixed, according to Gin. “Although the unemployment rate increased in June, wage and salary job growth was solid, especially on a year-over-year basis.” Average employment for the first six months of 2011 is up almost 17,000 jobs compared to the same period in 2010. The sectors showing the strongest gains are administrative, support and waste services (+4,650 jobs), leisure and hospitality (+4,500), health care (+4,400), and professional, scientific, and technical services (+4,000). Only construction (-2,000) was down significantly. June’s decrease puts the USD Index of Leading Economic Indicators for San Diego County at 117.0, down from May’s reading of 117.2.
NASSCO Receives Navy Work for $24.4 Million
The Navy has awarded NASSCO $24.4 million in contract modifications for extensive renovations and modernization of the USS Harpers Ferry. The shipbuilder also will inspect and test all of the ship’s systems. The full value of the contract is expected to reach $100 million. The work by NASSCO’s ship repair employees is to be completed by July 2012.
Qualcomm Acquires Human Gesture Technology
Qualcomm Inc. has purchased technology from TestureTek that will be integrated into its Snapdragon processors for the production of smart phones, tablets and home entertainment devices with user interfaces based on natural human gestures. “Applications processors are enabling a range of new ways for consumers to interface with their home entertainment and mobile devices,” said Steve Mollenkopf, executive vice president and group president of Qualcomm. “Our acquisition of key technology and assets from GestureTek will strengthen Qualcomm’s smartphone product portfolio and enable our customers to launch products with new and compelling user experiences.”
Singer Michelle Williams Appears in San Marcos Fundraiser
Grammy Award-winning singer and Broadway performer Michelle Williams will help raise funds for San Diego’s Training, Education & Research Institute (TERI) at today’s Power of Ten fundraiser from 1 to 2 p.m. at the nonprofit organization’s new campus at 555 Deer Springs Road in San Marcos. TERI raises funds to assist persons with autism and other development disabilities and their families. In addition to Williams, local divisions of corporations such as Lowe’s and Canon have signed on in support of the campaign to raise $5 million by New Year’s Eve for the completion of the nonprofit Charles R. Cono Campus for Life Quality, which is scheduled to open in 2014 in San Marcos. TERI’s Power of Ten campaign asks individuals to donate $10.
Adrienne Moch to Lead NAWBO Seminar
Writer-editor Adrienne Moch will lead a seminar —“Write Your Way to More Success” — on Aug. 12 for the National Association of Women Business Owners (NAWBO) San Diego. It will be held from noon to 1:30 p.m. at Brandman University, 7460 Mission Valley Road, San Diego. Moch specializes in helping business clients transform their written materials from competent to compelling, using the skills she developed as a journalist, corporate communicator, newsletter writer and PR professional. Pre-registration is required by noon on Aug. 11 and seating is limited. NAWBO San Diego members can attend at no cost, while the fee for visitors is $25. Box lunches will be provided; bring your own beverage. Online registration and more information are available at nawbo-sd.org.
Richard Gandolfo Joins Union Bank
Richard Gandolfo has joined the La Costa Priority Banking unit of Union Bank. Gandolfo has 35 years of banking experience. Gandolfo joins Union Bank after serving 19 years with Wells Fargo Bank. While there, he held various positions, most recently as a regional bank private banker managing the portfolios of affluent clients. Prior to Wells Fargo, he worked at First Interstate Bank and Bank of America. Gandolfo is president of the St. Francis School Advisory Board and a member of the St. Francis Parish Finance and Pastoral councils. He studied at Whittier College.
Small Business Workshops
SCORE San Diego continues its series of low-cost workshops. Fees range from $29 to $109, depending on the program. To register online, visit score-sandiego.org. For more information, call (619) 557-7272.
• July 29 – Financial Statements: What They Mean, How to Use Them – 9:30 to 11:30 a.m. at National University in Carlsbad (705 Palomar Airport Road, Carlsbad 92011; pre-paid registration $29, $39 at the door).
• Aug. 2 Internet Marketing 201: Build Your Business through Search Engine Optimization 9 a.m. to 3 p.m. at National University in Carlsbad (705 Palomar Airport Road, Carlsbad 92011; pre-paid registration $69, $79 at the door).
• Aug. 3 Financing Your Business 9:30 a.m. to 12:30 p.m. at SCORE Entrepreneur Center (550 West C St., #550, San Diego 92101; pre-paid registration $29, $39 at the door).
• Aug. 4 Tax Considerations for Small Businesses 9:30 to 11:30 a.m. at SCORE Entrepreneur Center (550 West C St., #550, San Diego 92101; pre-paid registration $29, $39 at the door).
• Aug. 5 Business Basics 101 9 a.m. to noon at National University in Carlsbad (705 Palomar Airport Road, Carlsbad 92011; no charge please pre-register).
• Aug. 6 Business Plan 101: How to Develop Your Best Competitive Advantage 9 a.m. to 3 p.m. at National University in Kearny Mesa (9388 Lightwave Avenue, San Diego 92123; pre-paid registration $79, $89 at the door).
• Aug. 6 Costing, Pricing, Break-Even Analysis 9 a.m. to 12:30 p.m. at National University in Kearny Mesa (9388 Lightwave Avenue, San Diego 92123; pre-paid registration $49, $59 at the door).
• Aug. 8 Introduction to Starting Your Own Business 9 a.m. to 4:15 p.m. at National University in Kearny Mesa (9388 Lightwave Avenue, San Diego 92123; pre-paid registration $69, $79 at the door).
• Aug. 10 Internet Marketing 303: Social Media for Small Businesses 9 a.m. to noon at National University in Kearny Mesa (9388 Lightwave Avenue, San Diego 92123; pre-paid registration $49, $59 at the door).
The Daily Business Report is produced by REP Publishing Inc., publisher of SD METRO, the North Park News, Kensington News and the West Coast Craftsman. Contact: Manny Cruz (619) 287-1865.