Thursday, December 1, 2022 | |
Updates from City Hall | Business News | Local Economic Trends | Education & Training | |
Shop local this holiday season | |
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The holiday season is in full swing, and we continue to share with our residents about the value and importance of choosing to support our local small businesses.
Shopping locally stimulates the local economy by keeping more dollars recirculating through our community. These dollars support local jobs, local business-to-business sourcing, boosts philanthropic activity, and generates revenue for public infrastructure projects and services to maintain the high quality of life we all enjoy here in Thousand Oaks.
Moreover, research shows communities with strong local business networks are more resilient during periods of economic downturn. Other sources illustrate how choosing local and small business options can also reduce a shopper's environmental footprint.
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7 questions for our readers: survey closing soon | | |
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Last month we opened a survey requesting your input to help us continue to improve this newsletter and its usefulness to you. We have received some great feedback so far, but we wanted to give our readers one more chance to respond. We know your time is valuable, so we limited the survey to 7 questions you can answer in under 7 minutes. Click here to provide your anonymous feedback. | |
State of the City Address and Luncheon
Please join the City of Thousand Oaks and the Greater Conejo Valley Chamber of Commerce for the 2022 Thousand Oaks State of the City Address and Luncheon, featuring keynote speaker Mayor Bob Engler. The event will take place December 13th from 11:30am-1:30pm at California Lutheran University. Find more information and register here.
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Willow Lane & Conejo School Road Sidewalk & Bike Lane Project Complete | |
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The Willow Lane and Conejo School Road sidewalk and bike lane project was recently completed. This project features new bike lanes, sidewalks, pedestrian crossings, street lighting, enhanced roadway safety, water system upgrades, and stormwater bioswales.
The project is designed to encourage residents to use alternative methods of transportation, as well as, providing safer routes for students and parents to access Conejo Elementary School.
Read more.
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TO/24 virtual service system
The City launched TO/24 (our new virtual services system) on November 14th. TO/24 enables customers to submit applications, seek permits and approvals, schedule inspections, check statuses and results, and more. In the first couple weeks since launch, more than 500 TO/24 customer accounts have been created. Hundreds of applications have been submitted and nearly a thousand inspections have already been completed. Learn more about TO/24 here.
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Ventura County Comprehensive Transportation Plan - Community Workshop
On Tuesday, December 6th from 6pm-7pm, the Ventura County Transportation Commission will host a community workshop focused on the draft Comprehensive Transportation Plan (CTP). The CTP is a long-range planning document outlining the future of transportation in the County over the next 30 years. Learn more about the CTP and the community workshop here.
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National Write a Business Plan Month | |
December is National Write a Business Plan Month. A thoughtful business plan is the foundation for success. Businesses are encouraged to review and update their plan regularly to adjust to changing market conditions. The U.S. Small Business Administration (SBA) provides helpful tips for developing and updating business plans here. | |
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Workforce Development Board - Virtual Hiring Board | | |
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Looking for talent or opportunities? The Workforce Development Board of Ventura County's no-cost Virtual Hiring Board is an ongoing place for employers and job seekers to match their needs.
- Job seekers and employers will have 24/7 access to jobs and candidates in the Ventura County area.
- Job seekers can upload resumes for employers to find them.
- Recruiters can have monthly live events to chat and interview job seekers.
Sign-up to get access here.
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Takeda partnership prepares future workforce to address health inequities
Takeda Pharmaceuticals, one of our largest employers in Thousand Oaks, recently announced an educational initiative in partnership with Discovery Education. The Better Health in Action: From Classroom to Community program seeks to empower the next generation of health equity champions.
The City applauds Takeda for its contributions to our local economy, and for stepping up to prepare the future workforce to better understand health inequities and the importance of addressing related challenges. Click here to learn more about this initiative.
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Brown's Top Shelf Meat
Brown's Top Shelf Meat opened a meat processing facility at 2260 Townsgate Rd. (Eternal Link)
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Free People Movement
Free People Movement, a women's clothing and accessory store, opened at The Oaks Mall, located at 420 W. Hillcrest Dr. (External Link)
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Gold's Gym
Gold's Gym has completed their expansion in the Janss Mall, located at 197 Moorpark Rd. (External Link)
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Philz Coffee
Philz Coffee opened a new store at The Village at Moorpark, located at 33 N. Moorpark Rd. . (External Link)
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Top Nails Spa and Waxing
Top Nails expanded their facility at the Select Plaza, located at 2338 E. Thousand Oaks Blvd. (External Link)
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See the City's latest monthly Development Activity and Permits Issued reports here. | |
UNEMPLOYMENT RATES & JOBS BY INDUSTRY | |
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City of Thousand Oaks
According to the California Employment Development Department, the preliminary Thousand Oaks October 2022 unemployment rate is 2.5% (unchanged from revised September 2022 figures).
The City has a total of 63,300 in the labor force with 61,700 who are employed. Labor force participation within the City is up about 2.4% compared to October 2021.
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Ventura County
The California Labor Market report shows Ventura County’s preliminary October 2022 unemployment rate at 3.3% (unchanged from revised September 2022 figures). Countywide labor force participation is up about 1.95% compared to this time last year, and statewide it's up about 0.7% year-over-year (not seasonally adjusted).
A total of 3,900 non-farm jobs were added in October 2022. No industry groups reported job loss in October 2022. Job gains consisted of: 1,200 in Government; 1,000 in Professional and Business Services; 500 in Education and Health Services; 500 in Trade, Transportation, and Utilities; 200 in Construction; 200 in Leisure and Hospitality; 100 in Financial Activities; 100 in Manufacturing; and 100 in Other Services.
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The chart above illustrates year-over-year jobs by industry sector across the Ventura County region against a February 2020 benchmark. October 2022 data is a preliminary estimate. It shows estimated gains in most industries compared to October 2021. (The Financial Activities and Trade, Transportation and Utilities are the only sectors down slightly year-over-year. Moreover, Construction, Education & Health Services, Government, Leisure & Hospitality, Manufacturing, and Professional & Business Services sectors are all showing estimated employment numbers above the February 2020 benchmark.) | |
See more employment-related data on the state's Employment Development Department website here. | |
The City of Thousand Oaks maintains the lowest sales tax rate in the state (7.25%). Still, sales tax revenue accounts for over 1/3 of the City's total General Fund revenue collected each year. These funds help the City continue to provide programs and services and invest in capital improvements that preserve and enhance our quality of life in Thousand Oaks. Tracking these trends helps the City better understand shifts in consumer behavior locally and inform future City decisions that depend upon this important revenue source. | |
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Q2 2022 vs. Q2 2021
Second quarter 2022 (April, May, June) local sales tax revenue was $10.34 million, a 5.6% increase compared to second quarter 2021. The percentage increase at the city-level was slightly smaller than the increases seen at the county- and state-levels. This is largely due to the City's economic resilience during the height of the pandemic period. As a result, the City has not had to recover the deeper losses experienced at the county- and state-levels.
Major industry groups experiencing the largest percentage increases were: Fuel and Service Stations (up 50.7%); Transfers & Unidentified (up 50.7%); and Business & Industry (up 16.6%). It's also worth noting that Restaurants and Hotels was up 15.9%.
Only two major industry groups experienced Q2 year-on-year percentage decreases: General Consumer Goods (down 1.2%); and State & County Pools (down 0.8%).
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Fiscal Year 2022 vs. 2021
Fiscal Year (FY) 2022 sales tax revenue data for Thousand Oaks is in. The City saw $39.3 sales tax revenue for Fiscal Year 2022. This is up 10.4% compared to FY 2021. This increase was larger than the increase experienced at the county-level, but smaller than the increase experienced at the state-level.
Major industry groups experiencing the largest percentage increases were: Fuel and Service Stations (up 54.4%); Restaurants & Hotels (up 33.8%); and Autos & Transportation (up 8.6%).
Only two major industry groups experienced year-over-year percentage decreases: Transfers & Unidentified (down 37.6%); and State & County Pools (down 1.6%)
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Autos sold in the City contribute significantly to the total sales tax revenue the City uses to support programs and services that continue to make Thousand Oaks an attractive place to live and do business.
A total of 1,087 new vehicles were sold in October 2022; down 4.6% from September 2022, and down 2.7% Year-Over-Year.
In addition, 848 pre-owned vehicles were sold in October; down 13.9% Year-Over-Year.
Experts note higher interest rates for consumer borrowing and sustained vehicle sticker prices as contributing factors to the slowing trend in auto purchases.
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Economic Development Collaborative
See the latest schedule of upcoming no-cost education and training opportunities here.
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SCORE - Ventura County
In addition to its no-cost mentoring services, SCORE is offering a variety of workshops this month on accounting, business formation, digital and social media marketing, and more. See here.
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Women's Economic Ventures
Check out the great business training, advisory services, loan opportunities and more over at WEV. More here.
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Ventura County Workforce Development Board
Employers can take advantage of free employment services and recruiting, on-the-job-training, skills enhancement, and customized training. See the Workforce Resource Guide here.
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CA Employment Development Department
The California Employment Development Department (EDD) has a webpage with resources specifically for employers. See resources focused on hiring and training, work sharing, and more here.
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[CITY OF THOUSAND OAKS] [2100 E. THOUSAND OAKS BLVD 91362] [www.toaks.org]
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