News/Blog

News and thoughts from our staff

 
Interest rates hikes aren't slowing housing cost growth

Interest rates hikes aren't slowing housing cost growth

By Brittney Sherman

Despite the last fourteen months of interest rate hikes across the nation, the cost of housing continues to experience year-over-year (YOY) growth. The Consumer Price Index for Shelter in March rose 0.6% YOY and 0.4% YOY in April. When looking at the 100 largest Cities across the county, 83 of them reported rent increases in March and 69 of them reported rent increases in April. As it relates to specific markets, the Sun Belt continues to thrive, while their submarkets stay flat, and the Midwest begins to cool.

Read the full Bisnow article HERE.

 
Meet the Public Works team

Meet the Public Works team

By Brittney Sherman

In honor of National Public Works Week, May 21-27, the City of Morgan Hill will open the Morgan Hill Corporation Yard to the community on Thursday, May 25, 2023, from 9:30 am to 11:30 am. Get up close to equipment used to keep the City running, view demonstrations on how the utility systems work, meet City Public Services personnel and get updates on upcoming Public Works projects.

Read the full Press Release HERE.

 
Prioritizing Mom

Prioritizing Mom

By Brittney Sherman

In 2023, 84% of consumers will spend an average of $274 celebrating mom this year. Instead of focusing on physical gifts, subscriptions and experiences are top of the list. For those with no idea what to gift, they look to retailers for inspiration through website and social media promoted products. Although prices on popular Mother’s Day items such as flowers and jewelry have increased due to inflation, consumers are hunting out deals and reducing costs in other areas to prioritize mom on this special day.

Read the full report by National Retail Federation HERE.

 
California hospitals are in dire need of rescue

California hospitals are in dire need of rescue

By Brittney Sherman

According to research commissioned by the California Hospital Association, roughly 20% of California’s 400 hospitals are at risk of closing their doors. In response, state lawmakers voted to extend $150M in interest-free emergency loans to struggling medical centers to prevent future closures.

Read the full article in the Associated Press HERE.

 
As crime rates increase retailers vacate Downtown San Francisco

As crime rates increase retailers vacate Downtown San Francisco

By Brittney Sherman

The surge in crime and recreational drug-use, combined with a slow return to in-office work, are being attributed to the reasons behind retail lease non-renewals in Downtown San Francisco. High-profile retailers with large Downtown footprints such as Nordstrom, Saks 5th Avenue, Anthropologie, and Office Depot, are all vacating their Downtown San Francisco locations. Unsafe conditions for employees and customers, and the lack of economic recovery have resulted in a more than 18% increase in retail vacancies in Downtown San Franciso.

Read the full Co-Star article HERE.

 
April 2023 eNewsletter

April 2023 eNewsletter

By Brittney Sherman

In this eNewsletter, you will find information about key efforts that impact our business community, including:

-Silicon Valley Index confirms the region's resiliency

-Fourth-quarter sales tax revenue breaks a ten consecutive quarter streak

-$4M awarded for Monterey Road improvements

-Morgan Hill aims to increase economic mobility

-Roll Downtown on May 13 during Open Streets

-Sidewalk Saturdays expands in sixth season

-In the news

-Newly opened

Read the April 2023 eNewsletter HERE and reach out to the team if you have any questions or want to connect with us. Thank you for continuing to “Choose Morgan Hill.”

Have questions? Contact City of Morgan Hill Economic Development Director Matt Mahood at Matt.Mahood@morganhill.ca.gov

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