Daily Business Report-Nov. 26, 2018
Completed in 2014, the Mesa College Math+Science Building is the largest academic building at a California Community College.
Labor Market Analysis:
San Diego Community College District
economic impact measured at $4.4 billion
The San Diego Community College District (SDCCD) was responsible for generating an estimated $4.4 billion into the regional economy during the 2017-18 fiscal year, an amount equal to 1.9 percent of the county’s gross regional product and enough to support nearly 46,000 jobs, according to a new analysis from an Idaho-based labor market analytics firm.
Among the highlights from the Emsi study:
• The SDCCD spent $305.5 million on payroll and benefits for 4,250 full-time and part-time employees, and it spent an additional $289.7 million on goods and services to carry out its day-to-day operations. That initial round of spending fuels more spending across other businesses, having a multiplier effect on the local economy.
• The SDCCD spends millions of dollars on construction each year to maintain facilities and erect new buildings to meet growing educational demands. Construction spending in 2017-18 created $53 million in added income.
• Thousands of students would have left San Diego County had they not opted to study at the SDCCD, and because the money that those students spent toward living expenses in San Diego County is directly attributable to the District, the SDCCD was responsible for approximately $128.6 million in added income for the county.
• The accumulated impact of former students with added skills from the SDCCD who are currently employed in the San Diego County workforce amounted to $3.7 billion in added income to the regional economy, which is equivalent to supporting more than 36,000 jobs.
• Taxpayer dollars going to the SDCCD totaled $444.8 million. In return, taxpayers will receive an estimated present value of $1 billion in added tax revenue thanks to students’ higher lifetime earnings and increased output of businesses. What’s more, the public will save an estimated $100.6 million through a reduced demand for government-paid social services. The result: for every $1 spent, taxpayers are seeing a return of $2.60 over the course of a student’s working lives.
The study also found that while residents with just a high school diploma or GED will earn an average wage of $35,100 during the midpoint of their working career, SDCCD alumni with an associate degree will earn $45,700 on average during the midpoint of their career.
The 99-page study is based on information from several sources, including budget reports from the SDCCD, industry and employment data from the Bureau of Labor Statistics and the U.S. Census Bureau, and a variety of published material relating to education and social behavior.
In the study year, the SDCCD served more than 68,000 students at its three community colleges and nearly 39,000 adult education students taking noncredit courses such as citizenship and continuing education classes.
Silvergate Bank files for IPO
to grow cryptocurrency services
Xconomy
Silvergate Bank has transformed itself in recent years from a typical business bank to one of the financial institutions of choice for digital currency companies. Now the cryptocurrency-friendly bank, which is headquartered in La Jolla, is preparing to go public. On Tuesday it set a $50 million price target, according to documents filed with securities regulators.
The bank has applied for a New York Stock Exchange listing under the stock symbol “SI.” Silvergate didn’t provide much detail on how it planned to use the proceeds, saying simply that the money would go to fund “organic growth and for general corporate purposes.” That could include paying off long-term debt and making acquisitions, the bank said, but also noted that it doesn’t have any current acquisition plans.
Curiosity about the new technologies on the part of Silvergate CEO Alan Lane, dating back to 2013, led to the bank’s eventual move into the risky world of cryptocurrency. (Digital currencies, such as bitcoin and ethereum, have experienced wide swings in value.)
Future USS Tulsa arrives in San Diego
The future littoral combat ship USS Tulsa arrived at Naval Base San Diego Nov. 21 after completing the ship’s maiden voyage from the Austal USA shipyard in Mobile, Ala. Prior to arriving at its new homeport of San Diego, Tulsa made several port calls and completed a successful transit through the Panama Canal.
Tulsa is scheduled to officially join the fleet Feb. 16, 2019, during a commissioning ceremony in San Francisco. The Navy accepted delivery of Tulsa during a ceremony in Mobile on April 30. Delivery marks the official transfer of Tulsa from the shipbuilder, an Austal USA-led team, to the Navy. It is the final milestone prior to commissioning.
Lluvia Flores-Rentería’s
California flora research
How is climate change affecting Southern California flora? The question is at the very center of San Diego State University professor Lluvia Flores-Rentería’s life work. She studies how plants interact with fungi and microbes, and how those interactions are influenced during episodes of extreme climate, such as drought or high temperatures.
Flores-Rentería is part of a $1.5 million endeavor funded by the National Science Foundation to digitize specimen samples of California flora at 19 universities, museums and botanical gardens. This will make it easier for scientists to track changes in plants over time and measure the impact of forces like climate change.
Her research has already found that high temperatures and drought have a negative impact on pinyon pines’ ability to reproduce.
Can Pinyon Pines survive climate change? Click here to read Lluvia Flores-Rentería’s new study.
General Atomics’ MQ-9B UAS
selected by Belgian government
General Atomics Aeronautical Systems Inc. has been notified that the government of Belgium has approved Belgian Defense to begin negotiations with the U.S. government to acquire General Atomics’ MQ-9B SkyGuardian Unmanned Aircraft System.
MQ-9B is the latest generation of the company’s multi-mission Predator B fleet. It named its baseline MQ-9B aircraft SkyGuardian and the maritime surveillance variant SeaGuardian. MQ-9B is the result of a five-year company-funded effort to deliver an unmanned aircraft system that can operate in non-segregated, civil airspace, which meets the stringent airworthiness type-certification requirements of NATO. To highlight these capabilities in support of the celebration of the United Kingdom’s Royal Air Force 100th anniversary in July, SkyGuardian became the first medium-altitude, long-endurance UAS to fly non-stop across the Atlantic Ocean.
SkyGuardian has also been selected by the Royal Air Force for its Protector RG Mk1 program.
KB Home announces grand
opening of Sierra townhomes
KB Home announced the grand opening of Sierra, a collection of luxurious new townhomes in Vista. Situated near Interstates 5 and 15 and just north of Highway 78, Sierra is also close to the Oceanside Metrolink station.
At Sierra, residents can enjoy a planned community pool and barbecue area, and guest parking. At nearby Brengle Terrace Park, residents will find a recreation center, botanical gardens, playgrounds, picnic areas and a moonlight amphitheater that hosts a variety of seasonal events.
KB Home will be constructing 60 townhomes in total and offering three distinct floor plans. Ranging in size from 1,600 to 1,900 square feet, with three bedrooms and two-and-a-half bathrooms, the KB homes at Sierra also feature such desirable design characteristics as dedicated laundry rooms, spacious great rooms and elegant master suites. Pricing begins in the low-$500,000s, with no Mello-Roos.
The Kleinfelder Group to be
acquired by Wind Point Partners
The Kleinfelder Group Inc., an engineering, construction management, design and environmental professional services firm with corporate offices in San Diego, has signed an agreement to be acquired by Wind Point Partners, a private equity investment firm, in conjunction with the management of the firm.
“The change in ownership will not affect the company’s current management team, nor its current operations,” said George J. Pierson, who has served as Kleinfelder’s CEO since late 2016. “This partnership with Wind Point will help remove the final obstacle of an unsustainable capital structure and allow Kleinfelder, and the professional men and women of Kleinfelder, to achieve their full potential. With Wind Point as a partner, we expect to see significant growth and opportunity for all our employees, while continuing to provide superior service to our clients.”
Combat Power Exercise
