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Several San Franciso 49er players have chosen Morgan Hill as their place of residence, touting their ability to achieve a sense of peacefulness and anonymity in the City, while maintaining a close proximity to the Bay Area.
Read the full article in SF Gate HERE.
Morgan Hill’s 3rd quarter 2023 sales tax results showed 2% growth, while the Bay Area and California were down 3% and 1.6% respectively. Morgan HIll’s major contributors were from the Auto/Transportation, Food/Drug, Building/Construction and Business/Industry sectors. The City’s top 25 sales tax producing businesses grew a collective 17%, accounting for approximately 61% of all sales tax revenue generated into the General Fund.
Read the 2-page shareable report HERE.
Governor Newsom announced a $37.9 billion deficit to California’s 2024/25 fiscal year budget. Newsom proposed to cover approximately 50% of the gap with reserve funding and another 33% by cutting planned spending in various sectors. High interest rates, reduced home sales, decreased start-up business investment, and the delay in the state income tax filing deadline have all been listed as contributing factors.
Read the full article in the Morgan Hill Times HERE.
Even in the midst of inflation, supply chain, and post-pandemic recovery challenges, several retail brands aggressively expanded in 2023. A recent article in Footwear News identified these sporting goods, discount, and retail chains as the front runners for expansion in 2024:
Academy Sport + Outdoors
BootBarn
Dick’s Sporting Goods
Dollar General
Five Below
Macy’s
Nordstrom Rack
REI
Rothy’s
Uniqlo
Read the full article HERE.
Travel trends in 2024 are expected to be largely influenced by TV and movie set, and concert locations. “Destination dupes,” lower-cost alternative destinations offering a similar climate and experience to a more popular location, and alcohol-free travel experiences are also leading travel trends this year. Whether you're a Swiftee attending the Eras Tour, a budget-conscious traveler choosing the Canadian Rockies over the Swiss Alps, or observing “dry-January” there’s a destination in store for you in 2024.
Read the full CoStar article HERE.
According to a recent CoStar Hospitality Data Podcast, the month of November marked the “return to equilibrium” for the hotel industry.
As a whole, during the month of November hotel industry RevPAR increased 2.7%, room rates increased 3.8%, and occupancy decreased 1.1%. Breaking those numbers out by scale, upper-upscale RevPAR increased 5% while economy RevPAR decreased by 5%. The luxury chain room rate decreased 0.9% however the room rate for the luxury hotel scale as a whole increased 5%, driven mainly by the impact of the Formula 1 event on the Las Vegas hotel market. TSA posted record travel data during the Thanksgiving week resulting in a much-needed leisure travel surge for hotels at the end of the month.
Projections for December are being based on traditional last minute corporate holiday travel patterns and a plunge in occupancy over the Christmas holiday. What do experts predict for the start of 2024? No growth during the first two quarters of the year, but also no decline; a state of equilibrium.
Listen to the full Podcast HERE.
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