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Jake’s Takes

President & CEO Update

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Q4 Economic Snapshot Reveals Rebound in Confidence

We have anecdotally heard from our members that some have fared well, while others have fallen flat during the past year of “ultimate challenge”. The latest Economic Snapshot, brought to you through a partnership with the Redding Chamber of Commerce and Golden Valley Bank, indicates that the leading economic indicators are holding relatively steady. In fact, sales tax, building activity, and housing sales are up compared to the same quarter one year ago. TOT (tax paid primarily by hotel guests), and employment show slight setbacks in the grip of the pandemic.

economic snapshotAs you may recall, we also ask those who participate in this periodic survey to forecast how they believe their business will perform over the next 12 months.
Local business leaders are increasingly optimistic for the future of the Redding economy. In February 2021, overall confidence increased another 10.8% from the
previous survey in September 2020 with many leaders expecting a strong year.
Increased optimism was shown across all questions with more leaders now expecting to see increases in their sales, profit, and employment over the next
12 months while fewer are expecting a decrease. One of the strongest shifts was shown in the outlook of the local conditions with 66% of leaders expecting better business conditions in Redding over the next year, up from 51% in September 2020.
In spite of the increased optimism, 72% of respondents indicated that they expect a decline in revenue due to COVID-19 over the next 12 months. More than four out of ten businesses expect the reduction to be greater than 20%.
For the complete Economic Snapshot and Business Confidence Survey, please (CLICK HERE).

“Mayor’s Memo” Makes an Impression

Many of you reached out to let us know how much you value having Redding’s Mayor, Erin Resner, give a periodic update through the “Mayor’s Memo“. We look forward to this being a monthly feature in this newsletter. As I alluded to last week, we are going to be working more closely with the mayor throughout the year, assisting her in accomplishing her business strengthening initiatives. We are co-hosting a “sector sharing” meeting next Wednesday with local businesses in the food & beverage industry. It is hard to find a part of the economy harder hit than this one. If you would like to join us to share and seek support, come to The Park (the food truck park), on behind the Lorenz Hotel on March 31st at 2:00 p.m.

Jake Mangas
President & CEO

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