SCVNews.com | SCVEDC Releases 2022 Santa Clarita Valley Business Survey Results

The Santa Clarita Valley Economic Development Corporation has released the results of the 2022 Santa Clarita Valley Business Survey. The publication is now available for download.

Local companies are positive about the business environment and quality of life in the Santa Clarita Valley. This is the main result of the Santa Clarita Valley Economic Development Corporation’s 2022 business survey of 155 companies.

Against the backdrop of the past two years of dealing with the effects and consequences of the COVID-19 pandemic, SCVEDC conducted a Comprehensive Business Survey of local businesses in March 2022 as a post-pandemic extension of SCVEDC’s ongoing business preservation program.

The research process uses business input to assess the current and projected business environment, as well as identify current industry needs and priorities in the SCV.

The companies included in the study represent various business sectors of the SCV, actively engaging in key industry clusters that require skilled labor, experienced management and higher wages. The term also included larger companies whose presence in the SCV has a significant economic impact.

The 155 survey responses comprise the findings of the survey report, including follow-up qualitative research conducted with 22 SCV survey respondents across a diverse range of business sectors and sizes.

The business survey covered five topics, including:

– Impact of COVID

– SCV business climate

– Company business/forecast

– Company operations

– SCV resources/business needs

The main purpose of the survey was to assess the SCV business climate and identify opportunities to fix problems or invest in continued success. Respondents ranged in their praise for the SCV’s business environment almost as much as they were highly disappointed with the general climate in the state of California. A total of 82% rated the business environment as good or very good in SCV. When asked an open-ended question about the biggest challenge facing companies, comments about the NGO tax and regulatory environment were plentiful.

If the positive attitude about the SCV business environment wasn’t enough, the feedback about the quality of life in the SCV was overwhelming. A total of 91% responded that the quality of life was somewhat or extremely good, of which 57% were extremely good.

Not surprisingly, given the sweeping changes in labor markets and the “Great Resignation,” the most pressing issue facing businesses is the ability to find the workers they need to compete in the global marketplace. Most of the companies surveyed operate businesses that require manual labor, such as manufacturing and television/film production. While many of these companies expressed a preference for workers to return to the office, even those with positions that could be worked from home expressed a desire to reduce the availability of remote work as the pandemic eases. At the same time, business leaders recognize that some degree of hybrid employment is likely to continue and have identified the need for improved broadband services to support it.

This survey identified a range of concerns, from broader issues at the state and federal level to opportunities operating at a more local level.

While SCVEDC will continue to communicate with state and federal representatives to provide feedback and input from the SCV business community, we believe there are new opportunities to support business success and
address management concerns expressed by SCV business leaders.

The following are practical recommendations to support the business community based on the research findings:

– Troubleshooting broadband issues

– Addressing public safety and crime/theft issues

– Addressing the need to increase dining/cooking options

– Solving workforce challenges

– Addressing workforce training and development needs

– Addressing communication with executive partners

– Promoting SCV-wide approaches to rules, infrastructure and priorities

Click this link read the full survey results, including an appendix with all respondent data.

The Santa Clarita Valley Economic Development Corporation is a unique private/public partnership that represents the combined efforts of regional industry and government leaders. SCVEDC uses an integrated approach to attract, retain and expand the diversity of businesses in the SCV, particularly those in key industry clusters, by offering competitive business services and other resources.

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SCVNews.com | SCVEDC Releases 2022 Santa Clarita Valley Business Survey Results
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