Daily Business Report: Monday, Nov. 18, 2024
Visual Capitalist
Mapped: How Much Americans Spend on Groceries in Each State
By Pallavi Rao Graphics/Design: Miranda mith
Since August 2020, prices for “food at home” (groceries) have increased by 20% according to data from the Bureau of Labor Statistics, the steepest inflation seen since the 1970s.
On average, American households are paying about $270 per week ($1,080 a month) for groceries, according to Delish, which sourced their findings from the latest Census Bureau estimates.
But how does this change across the country? From the same source, we map the weekly grocery bill for an American household by each state. Figures are rounded.
Ranked: U.S. States by Weekly Grocery Bills
Hawaii and Alaska, the two non-mainland states, have the highest grocery costs for an average American household: both topping $300 a week, or about $1,200 a month.
Shipping is the primary reason for driving up prices, and neither state produces enough food locally to offset the import costs.
For what it’s worth, Alaskans pay very low taxes (no income, nor inheritance tax, and a very low sales tax) so the higher grocery bill may be far more affordable than other states with lower bills.
Meanwhile, the Midwest has some of the lowest grocery costs across the country. These state economies are often tied to farming and food production, helping keep grocery prices down.
There is some correlation between places (like California, Washington, and New York) with higher grocery prices, and, well, higher prices generally—where $100 doesn’t go as far as it does in the rest of the country.
However, in Mississippi, New Mexico, and Arizona—where living costs are lower—food prices remain in the top half of the ranking. This indicates a greater financial strain for food despite lower overall living expenses.
Eating out hasn’t been spared inflation’s effect either. Check out Charted: Inflation Across U.S. Fast Food Chains (2014-2024) to see how the occasional McDonald’s cheat meal is taking more out of your pocket.
| Tourism’s economic impact on San Diego reached $22 billion in fiscal year 2024 In fiscal year 2024, San Diego welcomed an estimated 32 million visitors (2 million increase from FY23) who contributed a record $14.6 billion in direct spending locally (2% increase from FY23), according to figures released by the San Diego Tourism Authority. The total economic impact generated by tourism reached $22 billion and the industry supported more than 1 in 8 jobs in San Diego. With visitors steadily coming to the San Diego region, local hotels also achieved higher occupancy rates countywide. The average hotel occupancy in FY24 was 73%, ranking fourth in the nation. The average length of stay was nearly four nights, about one night more, on average, than before the pandemic. These hotel stays helped generate $310 million in citywide transient occupancy tax (TOT) revenue, which is used to fund essential services and improve quality of life. SDTA also announced the formation of the San Diego Tourism Foundation, a charitable community organization created to expand opportunity for residents and visitors and better equip San Diego’s travel and tourism industry for the future. The Foundation will focus on three key areas: small business empowerment, workforce development, and destination stewards. |
Older homebuyers in San Diego
represent 20 % of all mortgages in region
Older homebuyers in the San Diego real estate market: Homebuyers age 55 and older accounted for 20.0% of conventional residential mortgages originated last year in the San Diego metro—the 15th largest share of any large U.S. metro. 7.5% of buyers were 65 and older, while 1.8% were 75 and older.
You can read the full study here, including all sources: https://constructioncoverage.com/research/cities-with-the-oldest-homebuyers
The aging of the Baby Boomer generation (those born between 1946 and 1964) has significantly increased the share of the U.S. population aged 55+ during the past decade: from 24.9% in 2010, to 30.2% in 2023. And a growing number of these Americans are opting to age in place or downsize—creating even more competition for younger buyers in an already challenging post-pandemic real estate market.
Marine Group Boat Works activated as San Diego’s
newest Foreign Trade Zone for luxury yachts
Marine Group Boat Works (MGBW), a family-owned marine construction and repair company operating a shipyard in Chula Vista, and the Fifth Avenue Landing marina in downtown San Diego, has been activated as San Diego’s newest Foreign Trade Zone (FTZ), and the only FTZ dedicated to luxury yachts in California and the Southwestern United States.
The new FTZ provides an attractive West Coast location for foreign-flagged vessels to be legally marketed to U.S. buyers without having to pay hefty import duties and other required fees as soon as they enter American waters.
“Typically, if a foreign superyacht owner wants to market to American buyers, they must pay about 1.5% of the value of the vessel in Customs import duties and fees upon entry to the U.S. On a $50 million yacht, that’s $750,000 before they even know if they will be able to find a buyer,” said MGBW President Todd Roberts. “Now, they can come to San Diego, moor their boat, start showing it to potential buyers, have maintenance done, and even leave with it temporarily to attend boat shows, all without having to worry about taking a major financial hit before a sale is made. That’s a huge benefit for owners, but also a boon for San Diego, which has earned a spot for itself in the global superyacht industry.”
The City of San Diego is the Grantee/Administrator of Foreign Trade Zone No. 153, which currently includes 11 operators secured under the direct supervision of U.S. Customs and Border Protection (CBP).
County receives grant to improve
data reporting in traffic fatalities
The County Department of the Medical Examiner received a $600,000 grant from the California Office of Traffic Safety (OTS) to enhance toxicology data reporting for cases involving motor-vehicle related deaths. The grant program runs through September 2025.
Grant funds will pay for toxicologist training as well as method development and validation for newly purchased toxicology equipment. This equipment will be used for the analysis and identification of alcohol and drugs in postmortem specimens from cases involving motor-vehicle related deaths.
The Medical Examiner toxicology laboratory currently processes approximately 4,500 cases annually, with around 300 cases directly related to motor-vehicle fatalities. This grant will enhance the laboratory’s ability to assist in the determination of the cause of death with greater accuracy and efficiency.
Funding for this program was provided by a grant from the California Office of Traffic Safety, through the National Highway Traffic Safety Administration.
David and Annie Malcolm join San Diego Rescue
Mission’s Advisory Board of Trustees
David and Annie Malcolm have joined 11 other prominent San Diego couples on the San Diego Rescue Mission’s newly formed Board of Trustees. The advisory group is independent of the Mission’s Board of Directors, which serves as the organization’s fiduciary oversight body.
“Homelessness is arguably San Diego’s most pressing and, at the same time, most heart-breaking challenge,” said San Diego Rescue Mission President and CEO Donnie Dee. “It is a community issue that requires the entire community to help.
David Malcolm is president of Cal West Apartments and a well-known businessman and philanthropist. He has held elected and appointed public offices, and served on the Board of St. Vincent de Paul, the real estate arm of Father Joe’s Villages, for 32 years, four of those years as Chair.
“There is no question in Annie’s and my mind that homelessness is the single greatest issue in San Diego County right now,” Malcolm said. “We are proud to join the other business and community leaders who believe we can help the Rescue Mission get more people off the streets and returned to a productive life.”
The San Diego Rescue Mission is a nonprofit homeless shelter and residential recovery center serving thousands of men, women and children experiencing homelessness, hunger, poverty, and abuse in San Diego since 1955.
Padres to renovate Petco Park’s Western Metal Supply Co. building
The San Diego Padres announced details surrounding their renovation of Petco Park’s Western Metal Supply Co. Building, which includes a complete makeover of the Padres New Era Team Store, the Budweiser Loft on the fifth level, and the Rooftop. This project is part of the Padres’ longstanding and ongoing commitment to maintain and improve Petco Park. Construction on the Western Metal Building has already begun and will be completed in time for the Padres’ 2025 Opening Day on Thursday, March 27, versus the Atlanta Braves.
While honoring the history of the Western Metal Supply Co. Building, the Padres New Era Team Store will expand by approximately 1,000 square feet of new floor space and will see increased checkout locations, new modern finishes, lighting and optimized merchandise displays to the existing retail environment, remodeled restrooms, and a transformed Sony Entertainment Suite and exterior deck. The improved Entertainment Suite, located in the left field corner of the playing field, is perfect for groups of 16-or-more and includes an expanded exterior deck with additional field-facing seats, a new premium catering layout, new luxury finishes and furniture, increased in-suite privacy, and access to renovated semi-private restrooms
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