Ambassador of the Month Archive

Key California Housing Bill’s Chances of Passing Just Improved Dramatically

Tuesday, January 21, 2020

State Sen. Scott Wiener’s bill to clear a path for denser housing around public transit and in wealthy suburbs got a big push forward when the Senate’s leader steered it out of the committee where it stalled last year. Senate President Pro Tem Toni Atkins, D-San Diego, said she moved SB50 out of the Appropriations Committee, whose chairman, Democratic Sen. Anthony Portantino, blocked it in 2019 and gave a frosty reception to the amended version that Wiener is now proposing. Atkins sent the bill to the Rules Committee, where it could advance directly to a Senate floor vote before a deadline for passage at th...

California Economy Remains Strong; Finance Director Outlines Investment Objectives in Governor’s Budget

Tuesday, January 14, 2020

California is now into the 11th year of the U.S. economic recovery and all of the state’s economic vitals continue to be strong, state Finance Director Keely Martin Bosler told business leaders at a California Chamber of Commerce. Budget Is ‘Structurally Balanced’ The Department of Finance (DOF) expects the state’s economy to keep growing, though at a slower pace than before. The state saw an overall $5.6 billion surplus this year, and though the figure is lower than in previous years, Bosler cited improvements in the DOF’s ability to estimate the impact of federal tax policies on California’s revenue as the mai...

Economic Expansion Will Continue, Irvine Serves as a Model, Economist Says

Tuesday, January 14, 2020

In his economic forecast presented to well over 500 business and community leaders at the Greater Irvine Chamber’s 2020 Business Outlook, Chris Thornberg, founding partner, Beacon Economics, expressed overall optimism regarding economic growth in the year ahead. “Despite all the pessimism in the last 12 months, the economy is just fine...this expansion is going to continue,” said Thornberg. Remarking on Irvine’s strong economy, Thornberg noted that the city’s younger population is growing, indicating a strong labor market and housing availability. “This is a model that everyone can and should be focusing on,” he said about the pace of high-density, entry-level housing development. Openin...

US Employment Remains Strong, 145,000 Jobs Added in December

Tuesday, January 14, 2020

U.S. employers added 145,000 jobs in December and the unemployment rate held steady at 3.5%, signaling that the job market remains strong at the start of 2020 even if hiring and wage gains have slowed somewhat more than a decade into an economic expansion. A snapshot from the Labor Department showed hiring slipped from robust gains of 256,000 in November, which were given a boost by the end of a strike at General Motors. For the year, employers added an average of roughly 175,000 jobs per month, compared with about 223,250 per month in 2018. Annual wage growth fell in December t...

2020 to Bring New Offices, Leasing Options to Irvine

Monday, January 06, 2020

Orange County’s Irvine Company isn’t seeing a local slowdown on the horizon for 2020. “This has been a strong cycle for us, and we anticipate that to continue,” said Steve Case, executive vice president of Irvine Company’s office division. Chapman University economists last month predicted national GDP growth of 1.9%; Case said the local economy should outpace that of the country, noting OC “compares favorably to any market in or outside our portfolio.” Irvine Company’s total office portfolio runs about 50 million square feet; much of it is in OC, where occupancy rates are well north of 90%. “We remain bullish about Orange County’...

U.S., State Economies Show Steady Growth; Political Rhetoric Disconnected from Reality

Friday, December 20, 2019

The Great Un-Recession When we look back at 2019 there will be plenty of negative memories—from the theatrics that have dominated national politics to the ongoing trade war with China to the unnecessary crisis of confidence that exists within our borders to grim tidings on the international front as the result of a slowing European economy to deepening political crises in the Middle East. Despite all the turmoil, what will not make the list of “2019 negatives” is the health of the United States economy. Pessimistic press coverage and punditry aside, the sum total of indicators for the year shows that th...

OC Poised for Continued Economic Expansion

Tuesday, December 17, 2019

By Bryan Starr, president and CEO, Greater Irvine Chamber, as published in the Orange County Business Journal. While a historic “handshake” agreement has been made on the United States-Mexico-Canada Agreement, volatile national politics still make for sensational headlines and paint a picture of economic uncertainty. Yet, the nation continues to experience economic vitality, and California and Irvine continue to be well-poised for economic stability and growth. Expert economist and founding partner of Beacon Economics, Chris Thornberg, agrees. Thornberg has said the current expansion is quite durable and despite all the political turmoil, the American economy has largely been unaffected by trade conflicts. Trad...

House Democrats Support Updated Trade Deal With Mexico And Canada

Tuesday, December 10, 2019

House Democrats and organized labor have thrown their support behind an updated trade agreement among the U.S., Mexico, and Canada. "This is a day we've all been working to," declared House Speaker Nancy Pelosi. "There is no question, of course, that this trade agreement is much better than NAFTA. But in terms of our work here, it is infinitely better than what was initially proposed by the administration." Democrats endorsed the trade deal after winning stronger enforcement of labor and environmental provisions, and stripping a measure that would have locked in long-term patent protection for certain pharmaceutical products. "It's an agreement that Democrat...

California’s Minimum Wage Is Going up Again in January

Friday, December 06, 2019

California’s minimum wage is moving to $13 an hour in 2020. The new minimum wage goes into effect Jan. 1, and applies to employers with 26 or more employees. Employers with fewer than 26 employees will have to pay a minimum wage of $12 an hour. 2020 marks the fourth consecutive year that the minimum wage has increased in the Golden State, as California moves toward a goal of a $15-an-hour minimum wage for large employers by 2022 and for all employers by 2023. Several municipalities in California have their own minimum wage that exceeds the state’s, according to the UC Berkeley Labor Center. Those municipalities include: Alameda ($15 an hour on Jul...

Job Market Surges As Employers Add 266,000 Jobs In November

Friday, December 06, 2019

U.S. employers added a better-than-expected 266,000 jobs in November in a sign the economy continues to power ahead. The unemployment rate dipped to 3.5%. Job gains for the two previous months were revised up by a total of 41,000. The overall jobs number got a boost from the roughly 41,000 people who returned to work, after being idled in October by the United Auto Workers strike at General Motors. Manufacturing added a total of 54,000 jobs, even though factory activity has declined in each of the past four months. Factories — many of which rely on global supply chains and global markets — have been especially vulnerable t...

US Weekly Jobless Claims Drop to Seven-Month Low

Friday, December 06, 2019

The number of Americans filing applications for unemployment benefits unexpectedly fell last week, hitting their lowest level in seven months, suggesting the labor market remains solid even as the economy is slowing. Initial claims for state unemployment benefits dropped 10,000 to a seasonally adjusted 203,000 for the week ended Nov. 30, the lowest level since mid-April, the Labor Department said. Data for the prior week was unrevised. Economists polled by Reuters had forecast claims increasing to 215,000 in the latest week. Claims data tend to be volatile around holidays like last week’s Thanksgiving Day, which was later this year compared to 2018. Thi...

Holiday Hiring Includes Boost in Tech-Related Jobs

Tuesday, December 03, 2019

Seasonal openings for retail jobs are expected to increase 13% this holiday season with some of the biggest gains coming in tech-related positions, according to recruitment-software provider iCIMS. iCIMS predicts overall retail hiring will expand by 7%. The company compiled its findings from a database of more than 3 million jobs posted and 4 million hires per year by more than 4,000 customers. “In addition to staffing stores and traditional retail positions, companies are looking to strengthen their tech workforce to ensure they provide a seamless online shopping experience as more consumers turn to their smartphone to avoid the holiday crowds,” iCIMS said. Deman...

Commentary: California Trade Mission to Mexico Sows Seeds for Mutual Benefits

Friday, November 29, 2019

The recent California trade mission to Mexico made enormous strides to build positive relations with our neighbors to the south. And that was no accidente, given the importance California places on its cultural, economic and environmental relationship with Mexico. A formal delegation of California government and business leaders visited Mexico earlier this month to reaffirm our mutual friendship, to build on the accomplishments and good intentions of those who have preceded us, and to once again reaffirm that California is truly a place where all dreams are welcome. The results of the visit exceeded expectations: strengthened relations and bold commitments for future direction an...

Cruise Industry Drives $2.5 Billion into California Economy

Friday, November 29, 2019

Mention California’s economy and most people think of manufacturing, technology, international trade, or tourism. Those are all significant drivers, but a new report from the Cruise Lines International Association shows California got the second biggest economic boost from the global cruise industry in 2018, second only to Florida. How big a boost? The industry contributed more than $2.5 billion to the Golden State’s economy, an increase of 5.3% since 2016. That accounted for 10.4% of the industry’s nationwide impact. 2.2 Million Passenger Visits, Crew Arrivals California is the home of headquarters and support facilities for several cruise lines including Princess and Crystal Cruises; it has four major cruise port...

California’s Working Landscape Makes $333-Billion Impact on State Economy

Tuesday, November 26, 2019

California’s “working landscape” represents the sixth largest economic sector in the state, outpacing the healthcare, real estate, and construction industries. That’s according to a recent report issued by the University of California Division of Agriculture and Natural Resources (ANR). “That’s going surprise an awful lot of people, because too many folks here in California just really take our working landscapes for granted,” said ANR Vice President Glenda Humiston, speaking at the California Economic Summit in Fresno earlier this month. Besides traditional agriculture, working landscapes includes fishing, forestry, mining, outdoor recreation, and renewable energy. The report showed that in 2018, direct sales of agriculture contributed more than $263 billio...

Redemption Decade: California’s 2.8 Million New Jobs Outpace the Nation

Tuesday, November 26, 2019

Many of the challenges facing California today, from the high cost of housing to traffic congestion, can be seen as outgrowths of the enormous job recovery. The California economy a decade ago was in total disarray after huge misguided bets on real estate. Far-too-easy lending standards for house hunters, as well as professional investors, left the state ripe for a steep fall when property values imploded. Bankruptcies and foreclosures were numerous. Layoffs were common. In 2011, for example, one in eight California workers was unemployed. Recessionary pains created opportunities. Numerous industries worldwide sought cost savings as their revenues sagged during and after th...

California Unemployment Falls to Its Lowest Rate in More Than Four Decades

Monday, November 18, 2019

California’s job market powered ahead in October as the unemployment rate dropped to a new low and payrolls continued to grow in the state’s longest expansion on record. At 3.9%, the jobless rate was the lowest since 1976, when the state changed its statistical methodology, adding new data to its calculations, state officials reported. That was down from 4% in September, and 4.1% a year earlier. “Each month we think we can’t get any lower in the unemployment rate, but we do,” said Michael Bernick, a former director of the California Employment Development Department. “This is comparable to the rates we had i...

US Jobless Claims Fall to One-Month Low of 211,000 — Labor Market Stays Strong

Friday, November 08, 2019

Most Americans who want a job can find one. Unemployment sits near a 50-year low and there’s no sign of rising layoffs. The numbers: The number of people who applied for unemployment benefits in early November fell to the lowest level in a month and clung near a half-century low, reflecting the resilience of the strongest labor market in decades. Initial jobless claims declined by 8,000 to 211,000 in the seven days ended Nov. 2, the government said. Economists polled by MarketWatch had forecast new claims to total a seasonally adjusted 215,000. Jobless claims are the best measure to track layoffs. They usually star...

Money Wise with The Money Guys KOCI Radio Hosts Interview Bryan Starr on Irvine’s Economic Strength

Wednesday, November 06, 2019

Greater Irvine Chamber President and CEO Bryan Starr discusses Irvine’s economic strength with KOCI radio hosts Andrea Graham, an LPL Financial consultant; and LPL Financial registered principals William O’Connor, founder and president, Applied Financial Planning; and Sean Walker. Starr discussed the importance of the passage of the United States-Mexico-Canada Agreement and its impact on Orange County, which makes up nearly 10% of California’s population. He explained that Mexico is the largest recipient of Orange County exports, which are concentrated in high-tech sectors, including electronic components, computers, pharmaceuticals, and medical equipment. Starr also addressed Irvine’s impressive status, refuting misinformation on businesses migrating ou...

Edwards Lifesciences CEO Mussallem’s Focus Areas: Heart Health, R&D, and OC

Monday, November 04, 2019

A recurring theme at last week’s Medical Technology Innovation Forum was that the next generation of advancement in the medtech industry would largely be led by startups, forward-looking entrepreneurs, and as yet unknown innovators. Tell that to Mike Mussallem, chief executive of Edwards Lifesciences Corp. (NYSE: EW), by far Orange County’s largest public company by market value. In terms of strategic vision for Edwards, whose products—heart valves, delivery systems, critical care monitoring products and other devices—treat structural heart disease, the CEO isn’t willing to cede the future to the next generation just yet. “We believe in big, bold, breakthrough innovation,” Mussallem told th...

American Research Center in Egypt Chooses Irvine for 2022 Annual Meeting

Wednesday, October 23, 2019

The American Research Center in Egypt (ACRE) will host its April 2022 Annual Meeting in Irvine, bringing to the city a total of 730 room nights with an anticipated economic impact of nearly $270,000. The booking is a result of the sales efforts of Destination Irvine, the destination marketing organization of the Greater Irvine Chamber and the participation of select Irvine hotels. “I had a splendid time during my site visit to Irvine! Being as it was my first visit to the area, I went from knowing next to nothing about Irvine to being able to confidently discuss the area and it...

Expert Economist Chris Thornberg Returns for 2020 Greater Irvine Chamber Business Outlook Event

Tuesday, October 22, 2019

Expert economist Chris Thornberg of Beacon Economics is returning to the Greater Irvine Chamber Business Outlook stage to deliver a 2020 economic forecast on Thursday, Jan. 9, 7:30 a.m. – 10:00 a.m., at Hotel Irvine, 17900 Jamboree Rd. “I look forward to seeing everyone at the next Business Outlook event in January. We will catch up on the ongoing schism between solid economic fundamentals and declining economic confidence, and what it may all mean for the economy of 2020,” Thornberg said. Prior to launching Beacon Economics, Thornberg was a senior economist with UCLA’s Anderson Forecast. He previously taught in the MBA progra...

Irvine Extends its Run as Host City for NAIA Men’s Soccer National Championship Through 2021

Tuesday, October 15, 2019

Irvine was the host city the National Association of Intercollegiate Athletics (NAIA) Men’s Soccer National Championship in 2018 and will again host the tournament this year in November. The NAIA announced on Oct. 4 that the Golden State Athletic Conference (GSAC) has reached an agreement to extend its contract as the host of the NAIA Men’s Soccer National Championship through the 2020 and 2021 seasons in Irvine. “We are happy to continue to have Irvine as the home of the NAIA Men’s Soccer National Championship. With the support of the Anaheim Ducks and Destination Irvine, the GSAC is able to provide a tremendous championship experience fo...

Jobs Galore: Southern California Continues to See Gains

Monday, October 07, 2019

Southern California’s steady job growth continued in August, and the state is carrying its share of the water on the national hiring front, too, a state report released shows. An estimated 109,000 jobs in Los Angeles, Orange, San Bernardino, and Riverside counties have been added in the last 12 months, according to the Employment Development Department. More than half of that growth was in Los Angeles County, while the largest percentage of expansion continues to be in the Inland Empire. August’s job gains were below July’s growth of about 120,000 jobs but still represented one of 2019’s best months. Statewide, there was ...

Where the US-Japan Trade Deal Falls Short of Trans-Pacific Pact Abandoned by Trump

Monday, October 07, 2019

U.S. President Donald Trump has called his new trade deal with Japan a “phenomenal” victory for U.S. farmers. But don’t expect America’s Land O’Lakes butter to knock New Zealand’s Anchor or France’s President brands off store shelves in Japan, the world’s third largest economy. Butter is one of several U.S. dairy products that will not get improved access to Japan’s 127 million consumers under the limited bilateral trade deal signed by Trump and Japanese Prime Minister Shinzo Abe on Sept. 25. The deal’s full text has not been released and remains classified, but congressional aides, trade experts and industry groups briefed on i...

IRS, Security Summit Partners Alert Tax Professionals to Risks Posed by Phishing Emails and Steps for Protecting Taxpayer Data

Thursday, August 01, 2019

The IRS, states and tax industry partners today warned tax professionals to beware of the continuing threat of phishing emails, which remain the most common tactic used by cybercriminals to steal sensitive data. The reminder came as the IRS and its Security Summit partners urged tax professionals to take time this summer to review their data security protections. To help this effort, the Summit partners prepared a special Taxes-Security-Together Checklist as a starting point. “You can take all the cybersecurity steps in the world, but tax professionals and others in the business world should remember you are only as safe as your leas...

Greater Irvine Chamber Urges Congressional Approval of US-Mexico-Canada Agreement

Tuesday, July 23, 2019

Joining business and agriculture organizations and chambers of commerce from across the United States in a July 23 letter to members of the United States Congress, the Greater Irvine Chamber urged Congressional approval for the U.S.-Mexico-Canada Agreement (USMCA). USMCA is critical to the nation’s economic future because it will preserve and strengthen U.S. trade ties to Canada and Mexico. “Mexico and Canada are critical trade partners for the United States. Our regional economy is impacted by mutual participation of the three nations in trade,” said Whit Peterson, director of Government Affairs and Economic Development, Greater Irvine Chamber. More than 12 million America...

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 sponsorship...

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