1. Carpinteria Valley Economic Report
2017
Carpinteria Valley
Economic Report
November 27, 2017
Mark Schniepp
Director

2. Recent Evidence / Carpinteria Valley
We are in year 8 of the economic expansion and the region’s economy continues to grow
Tourism remains strong throughout the County
Industrial and office commercial real estate are currently very tight
job creation has slowed but remains positive
Procore -- the fastest growing co. in the county
home prices continue to rise existing home sales are limited by inventory
Value of flower production off substantially

3. Carpinteria City Population (2017)
W-2 Jobs in Carpinteria Valley (Oct 2017)
Employed Residents (Oct 2017)
Unemployment Rate (Oct 2017)
Carpinteria
SB County
California
Median Household Income (2016)
Median Home Price (2017)
13,943
9,250
7,500
3.8
4.0
4.9
$ 69,979
$ 66,581
$ 63,566
$ 1,085,000
California $ 536,400

5. 19,700 jobs
(6 years)

6. Procore Astro Aerospace Bega Nusil Gigavac Freudenberg Procore
Linked in
Forms/Surfaces
Veneco
CKE
1,293 jobs
(6 years)

8. 421 new hires

12. Lodging Industry 2017 occupancy: 72.2 %, Carpinteria
2017 occupancy: 75.5 %, South Coast
Carp: $ 15.7 million in total room sales YTD
7.7 percent less than 2016 sales
Average room rate is $ 108 in 2017
$ 70 at Motel 6
$ 161 at Best Western Plus
$ 185 at the Holiday Inn Express
Private home vacation rentals

14. Real Estate • Commercial real estate Office market: 467,000 SF
Industrial Market: 1.3 million SF
• Virtually no available office space thanks to
Procore and Linked In
• Residential real estate
- sales slightly higher this year (83 vs 74)
- inventory holding steady
- selling values have risen sharply

15. CKE leaves…
19k SF available on Mark Ave. adjacent to Dako
…Procore & Linked In expand

16. 1 percent

17. 1.5%

20. $1,085,000
+21 %

21. $1,257,900

22. Principal Residential Projects Carpinteria / November 2017
Remaining Units
Development Location in Project
Punto de Vista 6155 Carp. Ave. 49
Mixed Use Residential & Commercial
Green Heron Spring 1300 Cravens Lane 30
20 3-bedroom townhomes
10 1-bedroom flats
Misc. projects 29
Application Submitted
Approved November 6
by planning commission

23. Lagunitas & Dahlia Court II
Casa de
Las Flores

24. Principal Non-Residential Projects Carpinteria / November 2017
Total
Development Location square feet
Project for sale
Lagunitas 6380 Villa Real 85,000
office building
Punto de Vista 6155 Carp. Ave. 76,000
TBD
Via Real Via Real & Cravens 55,465
102 room hotel
M3 Carp. Ave. & Holly Ave 6,448
Office & retail + 2 apartments
Carpinteria Valley Arts Center 865 Linden Ave 2,500
Approved November 6
by planning commission
EIR Underway
Entitlements Expiring
Approved

26. Cannabis Industry, Carpinteria
Estimated 10% or more of greenhouses now grow cannabis (May 2017 estimate)
Reports of 300+ jobs already created in the Carpinteria Valley
The City has received many complaints of cannabis odors north of Foothill Rd
Some growers installing odor control systems
52 growers of recreational cannabis registered in Carpinteria, and 506 countywide

27. For Sale: 3561 Foothill Road
355,000 SF in 5 greenhouses, 14.5 acres
16,800 SF warehouse
$11 million

28. Cannabis Industry
September 27, 2017 Independent article claimed that nearly 50 percent of all county production originates in Carpinteria
Estimated 1 million pounds harvested per year in Santa Barbara County
500,000 pounds; $1,500 per pound
= $ 750,000,000
Assuming tax rate of 35 percent
= $ 262 million going to State and City

32. Carpinteria Valley Economic Update
2017
Carpinteria Valley
Economic Update
November 27, 2017
Mark Schniepp
Director