Ambassador of the Month Archive

Federal Government Achieves Small Business Contracting Goal for Sixth Consecutive Year with Record-Breaking $120 Billion to Small Businesses

Tuesday, June 25, 2019

Today, the U.S. Small Business Administration announced that the federal government exceeded its small business federal contracting goal for the sixth consecutive year, awarding 25.05 percent in federal contract dollars to small businesses totaling $120.8 billion, an increase from the previous fiscal year of nearly $15 billion. The Fiscal Year 2018 Small Business Federal Procurement Scorecard marks the first time more than $120 billion in prime contracts has been awarded to small businesses. Overall, the federal government earned an “A” on this year’s government-wide scorecard. “I’m happy to report that for the first time in history the federal government has awarded...

Local Minimum Wage Ordinance Hikes Coming July 1

Tuesday, June 25, 2019

Throughout California, local cities and counties continue to pass minimum wage ordinances and other employment laws relating to paid sick leave and criminal background checks. On July 1, 2019, several local minimum wage rates will increase, and two new local minimum wage ordinances will go into effect. Minimum Wage Increases The following cities and county will increase their minimum wage on July 1 to: Berkeley: $15.59/hour. Emeryville: $16.30/hour for businesses of all sizes (except for Small Independent Restaurants). City of Los Angeles: $14.25/hour for employers with 26 or more employees; $13.25/hour for employers with 25 or fewer employees. County of Los Angeles (unincorporated areas only): $14.25/hour for...

California Adds 19,400 Jobs, a Quarter of All US Employment Growth In May

Monday, June 24, 2019

California job growth continued apace in May, buoyed by expanding opportunities in tourism, technology, and construction. State payrolls rose by 19,400 positions last month, on top of a revised gain of 46,000 the month before, according to data released by California employment officials. Year over year, the Golden State added jobs at a 1.6 percent rate, the same as the nation as a whole. California’s unemployment rate was 4.2 percent, the same as a year earlier, but slightly below April’s 4.3 percent rate. The U.S. unemployment rate held at 3.6 percent in May. “California is still one of the top-performing economies in the...

California’s Private Economy Serves State Budget Bounty

Wednesday, June 19, 2019

Right on schedule, the California Legislature approved a $213 billion state budget – roughly twice the size of the budget adopted a decade ago in the teeth of the recession. The votes were overwhelming – Democrats who authored the budget deal control nearly three-quarters of the Legislature. And the timing was predictable: approving a budget later than June 15 would mean forfeiture of legislative salaries. But in the whirl of votes and self-congratulations, an important point was lost. The bounty of this year’s budget would be nonexistent but for the stunning performance of employers and businesses, the beating heart of the California...

Tax Changes May be Afoot for Multinational Entities

Wednesday, June 19, 2019

Law 360 reported this week that U.S. Treasury officials believe multinational companies should anticipate new formulas as a part of future taxation. This is good news for companies producing in America who are tired of paying higher tax rates than many multinational enterprises (MNE). The Organization for Economic Cooperation and Development’s (OECD) recently approved “Programme of Work” also indicates that formulas will be a significant part of taxing MNEs in the future. One reason for the change could be comments by Pascal Saint-Amans, OECD Director of the Center for Tax Policy and Administration. He believes that the old system of transfer pricing aspects for...

Growth in Irvine Tourism Spending is Four Times the State's Performance

Tuesday, June 11, 2019

By Bryan Starr, president and CEO, Greater Irvine Chamber, as published in the May 27 issue of the Orange County Business Journal. Irvine can no longer be considered a hidden gem of California. It has become a well-visited destination for travelers from across the country and the world. In fact, Irvine has outpaced the state’s growth in tourism spending four times over. The Greater Irvine Chamber’s destination marketing division, Destination Irvine, released last month statistics from the 2018 Visitor Impact report conducted specifically for Irvine by Dean Runyan Associates. The report indicates Irvine visitor spending increased a record 21 percent from 2017,...

Consumer Confidence Hits 6-Month High on Strong Labor Market

Monday, June 03, 2019

Consumer confidence surged in May to a six-month high, spurred by a strong labor market, a new survey showed. Higher gas prices and a flare-up in trade tensions with China appeared to do little to dampen the optimism of Americans. The consumer confidence index climbed to 134.1 from 129.2 in April, the Conference Board said. One caveat: The survey results were mostly compiled before trade talks between the U.S. and China suffered a big setback. A separate survey that asks Americans how they view the economy in the present rose to an 18-and-a-half-year high of 175.2. The last time the index was higher was...

Five Percent Tariffs on Mexican Goods Starting June 10th

Monday, June 03, 2019

President Trump announced that starting on June 10, goods of Mexican origin will be subject to a 5 percent tariff. A statement released by the White House indicated that the tariffs would increase to 10 percent on July 1, 15 percent on August 1, 20 percent on September 1, and 25 percent on October 1, where they will remain until Mexico takes unspecified steps to curb illegal immigration to the United States. Pisani & Roll LLP will provide additional updates as further details are released, but since the stated rationale of the tariffs is said to be to incentivize Mexico to...

California Senate Panel OK’s $214 Billion Spending Plan

Tuesday, May 28, 2019

California wants to give more benefits to people living in the country illegally as lawmakers in the state Senate advanced a $214 billion spending proposal that would expand health coverage and tax credits for immigrants. The proposal would let low-income immigrants living in the country illegally get government-funded health coverage if they are 65 and older or between the ages of 19 and 25. The Senate’s budget writing-panel also agreed to let some people who don’t have Social Security numbers qualify for the state’s earned income tax credit — a program for the poor that boosts people’s tax refunds. The credit would...

In Middle of Trade War, America’s Busiest Port Gets Ready for Robots

Tuesday, May 28, 2019

Pier 400 in Los Angeles is North America’s largest shipping terminal. More than 1,700 trucks pass through, on average per day, even in the middle of the U.S.-China trade war. All that cargo translates into thousands of miles driven within the facility each day, mostly by diesel vehicles, spewing pollutants. For APM Terminals, the part of global shipping company A.P. Moller-Maersk A/S that runs the Los Angeles terminal, the future of cargo handling looks like the future of driving: electric motors replacing gasoline engines, autonomous software replacing human workers. The company says the changes are necessary to meet California rules requiring container terminals to reach zero emissions...

US Jobless Claims Dip to 211,000, Hover Near Half-Century Low

Friday, May 24, 2019

The number of people who applied for unemployment benefits in Mid-May fell slightly and returned close to a half-century low, signaling that a muscular U.S. jobs market is still going strong. Initial jobless claims, a rough way to measure layoffs, dipped by 1,000 to 211,000 in the seven days ended May 18, the government said. Economists polled by MarketWatch estimated new claims would total a seasonally adjusted 217,000. The more stable monthly average of new claims fell by 4,750 to 220,250. The number of people already collecting unemployment benefits, known as continuing claims, rose slightly to 1.68 million. One year ago, these claims were...

Greater Irvine Chamber Primary Research Affirms City’s Business Strength

Wednesday, May 22, 2019

Conducting primary research on behalf of the Greater Irvine Chamber, 57 Chamber member volunteers visited more than 300 Irvine businesses during the April Business Outreach Rally. The volunteers conducted a survey to identify challenges that Irvine businesses face, and provided copies of the Business Outreach Resource Guide, which features information about support resources offered through the Chamber and its partner organizations. Out of the businesses surveyed, a majority reported that they either exceeded or met their business performance goals. The top two challenges that the surveyed businesses face are talent attraction and sales. Of the businesses surveyed, more than 65 percent...

Strong California Economy, Jobs Depend on Worldwide Free Trade, Investment

Tuesday, May 21, 2019

With trade being a top tier national issue, the California Chamber of Commerce continues to communicate its international trade priorities to secure a national free trade agenda. Such an agenda is in keeping with the CalChamber’s long-standing support for eliminating disincentives that impede the international competitiveness of California business. The economic advances that international commerce makes possible are clear, despite the regular attacks, and World Trade Month activities each May appropriately provide many opportunities to acknowledge the importance of global trade to the economies of California and the United States. The U.S. Department of Commerce reports that more than 97 percent of...

US, China Need to Reverse Course in Trade Row to Help Economy Says OECD

Tuesday, May 21, 2019

Economic growth in China and the United States could be 0.2-0.3 percent lower on average by 2021 and 2022 if the two countries do not row back on tit-for-tat tariffs in their dispute that has dampened the global economic outlook, the Organisation for Economic Cooperation and Development (OECD) said. U.S. President Donald Trump has raised tariffs on $200 billion on Chinese imports to 25 percent from 10 percent in the long-running trade row, while Beijing said it would hit back by lifting tariffs on $60 billion in U.S. goods. The global economy would grow by only 3.2 percent this year as growth...

California Unemployment Rate Remains at 4.3 Percent in April 2019 , Employers Add 46,000 Nonfarm Payroll Jobs

Monday, May 20, 2019

California’s unemployment remained at 4.3 percent in April while the state’s employers added 46,000 nonfarm payroll jobs, according to data released today by the California Employment Development Department (EDD) from two surveys. California has now gained a total of 3,213,900 jobs since the economic expansion began in February 2010. The U.S. unemployment rate decreased to 3.6 percent, and the nation’s employers added 263,000 nonfarm payroll jobs. In April 2018, the state’s unemployment rate was 4.3 percent. The unemployment rate is derived from a federal survey of 5,100 California households. Nonfarm payroll jobs in California totaled 17,403,500 in April, according to a survey of...

Canada and Mexico Also Agree to Remove Their Retaliatory Duties

Monday, May 20, 2019

The United States and Canada announced that an agreement has been reached to remove the 25 percent "Section 232" duties on Canadian origin steel and 10 percent "Section 232" duties on Canadian origin aluminum. As part of the agreement, Canada also agreed to eliminate the retaliatory duties it had been charging on U.S. origin steel and aluminum, as well as on other non-steel/aluminum products. Canada and the United States also agreed to drop litigation at the World Trade Organization related to the steel and aluminum tariffs and to take steps to prevent aluminum and steel from being dumped and/or transshipped into...

CalChamber Reiterates Support for US-Mexico-Canada Agreement

Tuesday, May 14, 2019

The California Chamber of Commerce reminded the state’s representatives in Congress of the importance of the pending U.S.-Mexico-Canada Agreement (USMCA) to the U.S. and California economies. The CalChamber continues to urge all members to ask their California congressional representatives to support the USMCA. Background The CalChamber actively supported the creation of the North American Free Trade Agreement (NAFTA) among the United States, Canada, and Mexico, comprising almost 495 million people and combined annual trade with the United States of around $1.228 trillion in 2018. In 2018, goods exported topped $563.729 billion while goods imported totaled nearly $665.008 billion. President Donald J. Trump announced his intent...

California’s New Data Privacy Law Could Change the Internet in the US

Tuesday, May 14, 2019

California is embarking on a new era of privacy on the internet, and Xavier Becerra can’t stop thinking about the failed debut of Obamacare. Back in 2013, Becerra, then a Democratic congressman from Los Angeles, watched as technical problems with the website marred the rollout of President Barack Obama’s signature law, delaying sign-ups for health insurance and denting the public’s faith in the new offering. Now, as California’s attorney general, Becerra is worried that a similarly halting start awaits the California Consumer Privacy Act, a far-reaching law that would put some of the world’s strictest rules on how tech companies — many of which...

Trade War Rattles Southern California Industry Leaders

Tuesday, May 14, 2019

Southern California economists and industry leaders sounded the alarm as the nation’s mounting trade war with China was poised to upend production costs for scores of local companies and boost consumer prices. “It’s getting deep enough into the trade war that it’s starting to get a little bit scary — it’s starting to have a serious impact,” Inland Empire economist John Husing said. “And China has retaliated. That makes it more difficult to sell things to China, so it hurts our employee base here.” The latest volley landed when the Trump administration said it was increasing import tariffs on $200 billion of...

Robust State Budget, Key Programs Rely on Private Sector Success

Monday, May 13, 2019

Taxes continue to pour into the state treasury. Thanks to the engine of California’s private economy – the creativity of business leaders and productivity of employees – and the wealth it creates, Governor Gavin Newsom announced that revenues exceeded earlier budget estimates by more than $3 billion, enabling him to propose bolstering reserves, paying down debt, and boosting education spending. Californians have enjoyed nearly 10 years of economic growth, and one of the biggest beneficiaries has been the state budget. Since the depths of the recession the state budget has increased by 82 percent – that’s more than $95 billion. Compare...

Visitors Contribute $750 Million to the Irvine Economy In 2018

Tuesday, May 07, 2019

Destination Irvine released statistics from the 2018 Visitor Impact report conducted specifically for Irvine by Dean Runyan Associates. The report indicates Irvine visitor spending increases a record 21 percent year over year. In 2018, traveler expenditures for Irvine came to an estimated $750 million, an increase of 20.8 percent over 2017, far exceeding the rate of growth in preceding years due to increased visitation. The travel industry contributed $47.8 million in local and state taxes. “Destination Irvine’s marketing and sales initiatives play a strategic role in bringing more than one million visitors, whether conference attendees, leisure travelers, or those attending a...

Newsom Says New California Commission Will Address Jobs Threatened By Automation

Monday, May 06, 2019

Gov. Gavin Newsom said that California must take action to prepare for an inevitable wave of job losses due to the rapid rise of automation and advances in technology, an economic transformation that will affect millions of workers over the next decade. The governor announced the creation of a new Future of Work Commission at American River College in Sacramento, where he worked briefly alongside a campus custodian and landscaper to commemorate workers on International Workers’ Day. The commission, Newsom said, would identify sectors of the state’s economy most vulnerable to automation and recommend tangible ways to assist and retrain Californians at...

US First-Quarter Productivity Strongest Since 2014, Labor Costs Subdued

Monday, May 06, 2019

U.S. worker productivity increased at its fastest pace in more than four years in the first quarter, depressing labor costs and suggesting inflation could remain benign for a while. The report from the Labor Department came on the heels of data this week showing moderate wage growth in the first quarter and a key inflation measure posting its smallest annual gain in 14 months in March. The Federal Reserve held interest rates steady and signaled little desire to adjust monetary policy anytime soon. Fed Chairman Jerome Powell told reporters the moderation in price pressures was likely due to transient factors, and predicted...

US Firms Added Most Workers in Nine Months in April, ADP Says

Wednesday, May 01, 2019

U.S. companies added the most workers since July last month amid gains in services and medium-sized businesses, according to private data, pointing to a robust jobs market ahead of the government’s monthly jobs report. Private payrolls increased by 275,000 after an upwardly revised 151,000 gain in March, according to ADP Research Institute data released that exceeded all economist estimates in Bloomberg’s survey. Hiring by service providers surged by 223,000, the most in nearly three years. Key Insights The rebound from the prior month, revised up from an initial reading that was the weakest in 18 months, shows the labor market remains on even...

California Small Businesses Employed Almost Half of Private Sector Workforce

Tuesday, April 30, 2019

According to the recently released 2019 Small Business Profiles, produced by the U.S. Small Business Administration’s Office of Advocacy, California small businesses employed 7.1 million people, or 48.8 percent of the private workforce in 2016. That same year, small businesses created 249,508 wjobs. The report also showed that in the third quarter of 2018, California grew at an annual rate of 3.5 percent, which was faster than the overall U.S. growth rate of 3.4 percent. In February 2019, the state’s unemployment rate was 4.2 percent, down from 4.3 percent in February of 2018. The Small Business Profiles are an annual portrait of...

GDP Increases in First Quarter

Tuesday, April 30, 2019

Real gross domestic product increased 3.2 percent in the first quarter of 2019, according to the “advance” estimate released by the Bureau of Economic Analysis. In the fourth quarter of 2018, real GDP increased 2.2 percent. GDP Highlights The increase in real GDP reflected increases in consumer spending, inventory investment, exports, government spending, and business investment that were partly offset by a decrease in housing investment. Imports, which are a subtraction in the calculation of GDP, decreased in the first quarter. The increase in consumer spending reflected an increase in services (led by health care) that was partly offset by a decrease in...

Investment in Southern California’s Industrial Properties is Booming

Thursday, April 25, 2019

Southern California is the nation’s top target for foreign investment in industrial properties. That’s the upshot of a new report from CBRE Research and Real Capital Analytics which shows foreign investment in the greater Los Angeles/Orange County/Inland Empire region nearly tripled year-over-year in 2018, hitting $910 million. That accounted for 6.3 percent of all foreign capital flowing into U.S. warehouses, logistics facilities and fulfillment centers last year — the most in any one region. Southern California was also the top industrial market for cross-border investment over the 2010-2018 period, topping out at $4.8 billion. New York ranked second with $3.3 billion, followed by Dallas ($3.1 billion), Chicago...

Greater Irvine Chamber’s Business Outlook 2020 Set for January 9

Wednesday, April 24, 2019

The Greater Irvine Chamber will host its 11th annual Business Outlook Breakfast on Thursday, Jan. 9, 2020, 7:30 – 9:15 a.m., at Hotel Irvine, 17900 Jamboree Rd. The Chamber’s annual economic-forecast event is one of the largest of its kind in the region. Drawing hundreds of professionals, executives, and community leaders from throughout Orange County each year, the event provides attendees insights into economic trends delivered by economy experts, and networking opportunities. Watch for more details as they develop. Register now to secure your seat at the 2020 Business Outlook Breakfast. Individual ticket prices are: members - $75; nonmembers - $105. Table sponsorships...

The California Economy Isn’t Just a US Powerhouse

Wednesday, April 24, 2019

California has one-eighth of the U.S. population of 327.7 million. It’s a third the size of Japan, half of Germany and not quite two-thirds of the U.K. But its economic strength looms larger than any of them. Just about every measure of growth shows that the Golden State is peerless among developed economies for increasing population, expanding gross domestic product, improved joblessness, rising personal income, investment in innovation, and wealth created by its stocks and bonds. Few of the 34 nations in the Organization for Economic Cooperation and Development come close to California’s 3 percent average annual growth rate for the most recent...

California No. 1 for Investment in Young Companies

Monday, April 22, 2019

Since 2010, California companies raised $330 billion in venture capital — 51 percent of the nationwide investing. California is the golden state for venture capital, snaring more seed money for young ventures than the rest of the nation. California not only was No. 1 for investments dollars, it also grew its share of VC cash. Companies in the state also saw significantly more venture deals than elsewhere in the U.S. And it’s not just Northern California. Split the state in half — say, somewhere around Coalinga — and the rankings for venture capital cash raised goes like this: No. 1 Bay Area;...

Best Retail Sales Since 2017 Brighten US Growth Outlook

Friday, April 19, 2019

Retail sales in the U.S. jumped by the most since September 2017 and first-time filings for unemployment benefits dropped to a fresh 49-year low, as a strong labor market gives American consumers the wherewithal to keep the economy chugging along. The value of overall sales in March rose 1.6 percent, boosted by gains in motor vehicles and gasoline stations, after an unrevised 0.2 percent decrease the prior month, according to Commerce Department figures. That exceeded all forecasts in Bloomberg’s survey calling for a 1 percent gain. Buying Again A Labor Department report released showed initial jobless claims fell last week to 192,000, the lowest...

US, China Aim for Early-May Announcement on Trade Deal

Friday, April 19, 2019

Senior U.S. and Chinese officials are scheduling more face-to-face trade talks in an effort to reach a deal by early-May that President Donald Trump and his Chinese counterpart Xi Jinping could sign later that month, two people familiar with the plans said. U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin plan to travel to Beijing the week of April 29, according to the people, who spoke on condition of anonymity to discuss internal deliberations. The next week Chinese Vice Premier Liu He will come to Washington for negotiations. During his visit, officials want to announce the sides have struck...

Solar Bill of Rights Advances in California Legislature

Friday, April 12, 2019

Clean-energy advocates advanced legislation that aims to make it easier for Californians to use solar power despite concerns about the possible impact on customers who remain fully reliant on the electric grid. The bill, authored jointly by state Sens. Scott Wiener, D-San Francisco, and Jim Nielsen, R-Gerber (Tehama County), is designed to enshrine in state law a right for homes, schools and businesses to take advantage of solar power without utilities putting up too many roadblocks. Dubbed the “Solar Bill of Rights,” SB288 is also intended to help customers quickly connect renewable energy projects on their sites to the grid and avoid...

US Jobless Claims Fall to 49-Year Low as Market Tightens

Friday, April 12, 2019

Filings for U.S. unemployment benefits unexpectedly dropped, falling to the lowest level since October 1969 and suggesting little sign of cooling in a tight labor market. Jobless claims decreased to 196,000 in the week ended April 6, Labor Department figures showed. The level fell below all estimates in Bloomberg’s survey of economists, which had called for an increase. The four-week average, a less-volatile measure, declined to 207,000, the lowest since December 1969. Key Insights The fourth-straight drop in claims indicates the labor market remains historically firm as employers still find it hard to attract and hire workers amid low unemployment. The report comes a...

Destination Irvine Generates Nearly $12 Million in Hotel Revenue

Tuesday, March 19, 2019

Destination Irvine has generated nearly $12 million in hotel revenue year-to-date for the 2018-2019 fiscal year, with four months still to go. The total revenue generated is a combination of direct group sales and marketing campaigns conducted by the Greater Irvine Chamber’s destination marketing organization. Direct group sales efforts have brought in more than $5 million in revenue, and filled more than 22,800 room nights for meetings groups, sports events, leisure visitors, and business travelers. Destination Irvine this year launched several marketing campaigns, a CBS social influencer and digital campaign, Orange County joint marketing Expedia campaigns, and for the first time, an...

Successful Greater Irvine Chamber-Led Delegation to UK Showing FDI Progress

Wednesday, March 06, 2019

The Greater Irvine Chamber in February led a delegation focused on foreign direct investment and composed of Irvine city officials, executives, and lifescience and technology experts to London, where they formally interviewed company executives from those industry sectors who are considering expansion to the U.S. “Two previous missions and a lot of groundwork and follow-up has enhanced the reputation of Irvine in the U.K. so that company executives were eager to meet with us and discuss expansion opportunities,” said Linda DiMario, executive vice president, Greater Irvine Chamber. “Our foreign direct investment work is gaining measureable traction and progress among U.K. lifescience companies...

Irvine’s Balanced Checkbook

Friday, March 01, 2019

By Bryan Starr, president and CEO, Greater Irvine Chamber, as seen in the March issue of Irvine Standard. You probably know Irvine has been ranked No. 1 in public safety for 13 consecutive years. But you might not know why. One reason is another No. 1 ranking Irvine just received: Tops in California in fiscal strength — beating every other large city from San Francisco to San Jose to San Diego. How did the city become so fiscally strong? Think of the well-maintained shopping centers you visit, and the strength of your home value. Retail and property taxes fund two-thirds of the city’s budget. Now think...

Irvine Tops List in Financial Health

Wednesday, January 30, 2019

Irvine is the financially healthiest big city in America, according to a new study by a nonprofit dedicated to financial transparency in the public sector. “Irvine is a community that was master-planned for success from its inception more than 50 years ago. Its founders planned the city to ensure sustainable fiscal strength long into the future,” said Bryan Starr, president and CEO,Greater Irvine Chamber. “It comes as no surprise that Irvine has been recognized for its financial health.” California’s other big cities fall firmly in the middle, with Southern California burgs healthier than many of their Northern California counterparts, says Chicago-based watchdog group Truth in Accounting. The...

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