In his monthly newsletter, Buck McKeon’s deputy tells SCV Republicans its good news that the economy is so bad because that means Obama’s chances at reelection are poorer:
My report this month will be short and sweet. First of all, enjoy the beautiful summer weather, BBQs and family vacations because as you’re all aware we are going to be very busy in the fall and next year insuring that Barak Obama is a one-term President!The good news is that no President has been reelected with the economy in as serious a condition as it is today. We have a great crop of candidates beating the bushes in the early primary states, Iowa and New Hampshire spreading their message and testing their mettle. I’m firmly convinced the eventual Republican nominee will end the disastrous reign of Obama.
Am I being unfair with how I’m characterizing his remarks? You be the judge but consider, if the economy was doing really well, Bob Haueter wouldn’t have much “good news” to spread, now would he?
Speaking of the economy, here’s the latest and last SCV economic snapshot from City Hall covering the month of April. Next month the Economic Development Corporation will take over these reports. SCV unemployment remains at 7.2 percent. Notably, single family home values were down 11% compared to April 2010. Commercial real estate space doesn’t look like it’s doing too well either; three occupancy permits were issued in April for a total of 9,700 sq. ft.
Commercial and Residential Building Activity
One new building permit for commercial office space were issued in April 2011
Two new building permits for residential units were issued in April 2011.
For the commercial sector, there were 15 tenant improvement permits and 28 alteration permits issued in April 2011. For the residential sector, a total of 95 residential permits for additions and alterations were issued.
Three Certificates of Occupancy were issued, permitting occupancy in 9,704 square feet of space, of which all was for retail space.Housing Market
In the Santa Clarita Valley, single-family median home values decreased less than one percent between March 2011 and April 2011, and were eleven percent below the values in April 2010.
The number of Notice of Defaults (NODs) issued in April 2011 was 41 percent less than the level in April 2010.Revenue Generation
Sales tax revenue generated in the fourth quarter of 2010 was up 7.7 percent from the same time period the previous year, but down from our highest third quarter in 2007. The sales tax figures represented in this snapshot contain Point of Sale (POS) revenue only and do not include state and county pool allocations.
Transient Occupancy Tax (TOT) in April 2011 increased 9.8 percent compared to April 2010.
The economic impact of on-location filming in Santa Clarita in April 2011 was $1,734,000, representing a 13 percent increase from the impact in April 2010.Employment
In April 2011, 102 vouchers were issued for jobs created or retained through the Enterprise Zone program, representing a potential tax savings to businesses of $3.8 million. Since the City was designated as an Enterprise Zone in 2007, a total of 3,656 jobs have been created or retained which represents over $136 million in potential tax savings to local businesses.
The City of Santa Clarita’s unemployment rate in April 2011 was 7.2 percent and remains lower than both the statewide and Los Angeles County averages.
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