Daily Business Report: Monday, Aug. 23, 2021
Visualizing the $5.7 trillion Infrastructure Investment Gap
Visual Capitalist
With each passing year, significant investment is required to maintain and improve America’s infrastructure.
When these investments fall behind their targets, an infrastructure gap can emerge. These deficits have a negative impact on the entire American economy, affecting things like roads, highways, water lines, and schools.
In this Markets in a Minute chart from New York Life Investments, we quantify America’s infrastructure gap using research from the American Society of Civil Engineers (ASCE).
According to ASCE’s 2021 report, $13 trillion in infrastructure spending will be required through 2039 to support America’s economic growth. These projections include the cost of building new infrastructure, as well as the cost of maintaining existing assets.
With expected funding estimated at $7.3 trillion, that leaves a deficit of $5.7 trillion.
If this gap is not filled, the ASCE warns there will be widespread consequences. Goods are likely to become more expensive to produce and transport, resulting in higher costs for consumers. Higher costs could also reduce the international competitiveness of American companies.
Read more and view the infographic
LET’S FIND SAN DIEGANS OVER 80
Poland’s most gifted poet Stanislaw Jerzy Lec once said, “youth is the gift of nature but age is a work of art.”
With this in mind, we’re looking to celebrate as many San Diegans over 80 as we can find with your help.
The 2020 Census says there are more than 20 million Americans 80 years of age and older, including 97,000 who are 100.
We’re all living longer because we smoke less, drink less, eat better and exercise more.
Maybe 80 is the new 60!
Send us your nominations. Please go to our web site — www.sandiegometro.com– and complete the nomination form. Thank you.
Zensar Technologies signs $122 million
IT services contract with City of San Diego
Zensar Technologies, an engineering and technology company, has signed a four year, multi-million-dollar contract with the City of San Diego for Workplace and Enterprise Compute Manage IT Services. The contract has the option of extension of two additional two-year terms with the total not to exceed the value of $122 million.
The new scope of agreement for Enterprise Compute (EC) Services will provide:
• Support for over 1,000 city servers and associated storage and software that host over 300 city application systems.
• New public cloud support that will provide many new services such as improved technology that supports departmental customer call centers, disaster recovery capabilities, and data storage, with improved capability to host new applications quickly and securely.
The new agreement for workplace services (WP) will provide:
• Service Desk Services to provide a central contact point for all IT services for nearly 5,000 service desk calls each month.
• End user device support for over 18,000 desktops, laptops, and printers.
• Enhanced mobile device support for about 6,000 city-owned devices and employee-owned devices that have been critical during the pandemic.
Del Mar Apartments in Sunset Cliffs sells for $3.39 million
An apartment complex in Sunset Cliffs has been acquired by IWP Capital LLC for for $3.39 million. The Del Mar Apartments is a two-story complex of 6,310 square feet situated less than one block from the ocean, in the South Ocean Beach area of Sunset Cliffs.
The property is comprised of eight apartments – each with two bedrooms and one bath. The property address is 4911-4917 Del Mar Ave.
The seller was the Mills Trust, and the listing agent was Chris Sarver of ACRE Investment Real Estate Services. Matt Monterroso and Mike Conger of CAA represented the buyer.
European Commission to investigate
Illumina for closing Grail deal
The European Commission said on Friday that it is opening an investigation to assess whether Illumina’s decision to close its acquisition of Grail constitutes a breach of the standstill obligation of European merger regulations. Illumina has said it does not believe the commission has jurisdiction to regulate the deal and has challenged it in the European Union’s General Court. The commission is investigating based on new guidance that focuses on deals involving low or no revenues.
Diabetes Research Connection invites
applications for T1 Diabetes research grants
Diabetes Research Connection (DRC), a nonprofit organization that connects early-career scientists and donors to fund research projects aimed at prevention, cure, and better care for those with T1 Diabetes, is accepting letters of intent (LOC) through Aug. 31 for research grants ranging from $25,000 – $50,000.
To apply, researchers submit a one-page LOI here that is reviewed by DRC’s Scientific Review Committee. Scientists applying for funding will be notified about the status of their application by Dec. 31.
Salk Institute promotes Diana Hargreaves
to associate professor for research work
The Salk Institute has promoted Diana Hargreaves to the rank of associate professor for her notable contributions in epigenetic regulation, which make specific regions of our DNA accessible to the machinery of cells. The promotion was based on recommendations by Salk faculty and nonresident fellows, and approved by President Rusty Gageand the Institute’s Board of Trustees.
Hargreaves, a member of Salk’s Molecular and Cell Biology Laboratory, studies how the diversity of cell types in our body is controlled by proteins, called epigenetic regulators, that selectively activate genes particular to each cell type, whether it be skin, liver, brain or others.
Hargreaves holds the Richard Heyman and Anne Daigle Endowed Developmental Chair. She was awarded the Pew-Stewart Scholar for Cancer Researchin 2019 and the American Cancer Society Research Scholar Award in 2020 to support her work on a better understanding of the causes, diagnosis and treatment of cancer.
Amy Brown-Lisk named captain
of the San Marcos Sheriff’s Station
Capt. Amy Brown-Lisk, former special assistant to county Sheriff William Gore and a 26-year veteran of the San Diego Sheriff’s Department, has been named captain of the San Marcos Sheriff’s Station.
She replaces Capt. Jason Vickery, who recently retired.
The City of San Marcos contracts with the San Diego County Sheriff’s Department to provide law enforcement services.
Brown-Lisk was assigned to San Marcos Patrol in 2002 and became the first female training officer in patrol in the history of the San Marcos Sheriff’s Station. She was also the first female corporal in patrol at the station.
In August of 2005, during her previous service in San Marcos, Brown-Lisk was selected to be a school detective. She was responsible for San Marcos High School, San Elijo Middle School and San Marcos Middle School.
During her tenure with the San Diego Sheriff’s Department, Brown-Lisk has been assigned to various areas including detention, patrol, background investigations, inspectional services and special investigations.
She has served as a deputy, sergeant, lieutenant and now captain.
Mainstain Medical selects Downtown San Diego as HQ
Ireland-based medical device company Mainstay Medical has picked a prime Downtown San Diego space in Little Italy for its new U.S. headquarters. The landmark deal was facilitated by CBRE who represented H.G. Fenton Company in the transaction. The biotech firm is the first in its industry to relocate to the area — building on the momentum of recent investments in life sciences real estate by IQHQ and others.
Amazon reports investing $12.3 billion in
San Diego and creating 4,000 local jobs
Amazon reported it has invested more than $12.3 billion in the San Diego area over the past decade and created more than 4,000 jobs. The local figures were included in the online retailer’s 2021 U.S. Economic Impact Report.
The Seattle-based company said that across California it has invested $81 billion since 2010, opening 60 fulfillment centers, 50 delivery stations, three technology hubs and dozens of Amazon and Whole Foods stores.
San Diego software unicorn Seismic raises
another $170 million on road to possible IPO
San Diego software unicorn Seismic has raised an additional $170 million from investors and acquired Lessonly, a provider of training and coaching tools for sales teams.
The purchase price was not disclosed. But the acquisition bulks up Seismic’s suite of software tools targeting large sales organizations by integrating training capabilities directly onto its platform.
Harpoon Ventures opens San Diego operation
Harpoon Ventures has opened a San Diego operation with $120 million to invest in upstart companies that focus on tech that’s important to the U.S. Founded in 2018 in Menlo Park, Harpoon opened its main office in Downtown overlooking Petco Park.
The venture fund specializes in backing early stage technologies that have applications both in commercial markets and with the U.S. government.
Mingei International Museum to reopen to
public on Sept. 3 after complete renovation
Mingei International Museum in Balboa Park will reopen to the public on Sept. 4, following a three-year transformation. All guests will be required to wear masks while inside the museum.
One of the exhibits on opening day through Jan. 1, 2022 will be Global Spirit, Folk Art from the Ted Cohen Collection. The exhibit showcases folk art from more than 20 countries, highlighting a donation to the museum by Oakland-based collector and exhibition designer Ted Cohen. Over 200 works will be featured, including handcrafted masks, puppets, dolls, instruments and baskets, as well as unexpected objects such as hat boses, a lunch box and a three-foot-tall elephant made from paper and bamboo.
