Daily Business Report: Dec. 17, 2024
Visual Capitalist
The Minimum Salary Needed for Financial Success, By U.S. Generation
By Bruno Venditti
“Money is a terrible master but an excellent servant.” – P.T. Barnum
How much money does it take to be considered financially successful in the United States? A recent survey by Empower, conducted on September 13–14, 2024, asked 2,203 U.S. adults to define financial success in terms of annual salary and overall net worth.
The survey revealed that the average American believes a yearly salary of just over $270,000 is enough to achieve financial success. However, generational perspectives vary widely:
- Gen Z (born 1997-2012) feels they need nearly $600,000 annually to reach financial success.
- Boomers (born before 1964) estimate they can achieve success with salaries just under $100,000 a year.
The average salary in the U.S. is $63,795, according to the latest data from the Social Security Administration. Interestingly, from a net worth perspective, Gen Z believes a $9.5 million net worth is indicative of financial success—a figure that is nine times the average net worth in the country.
According to the survey, 47% of Americans believe they’ll never achieve the level of financial success they desire. Only 37% of respondents consider themselves financially successful right now, with men (42%) being more likely than women (33%) to feel this way.
In addition, just 50% of Americans believe they are or will be better off financially than their parents.
If you enjoyed this post, make sure to check this graphic illustrates the shifts in global wealth distribution between 2000 and 2023.
Round 1 Bowling & Arcade set to revitalize
former Nordstrom space in Escondido
Japan-based entertainment venue chain Round 1 Bowling & Arcade is moving forward with a massive three-level location at a former Nordstrom in San Diego’s North County.
North County Mall in Escondido is set to welcome Round1 Bowling & Arcade, a sprawling family entertainment center, to the site of the former Nordstrom department store. The Escondido City Council recently approved a 20-year ground lease agreement, solidifying plans for this significant addition to the shopping center. The new lease agreement includes an annual base rent of $100,000, with total payments expected to reach $2.7 million over the lease term.
Round1 will transform the three-level, former anchor store into a comprehensive entertainment hub featuring bowling, karaoke, Japanese arcade games, trampolines, billiards, darts, batting cages, roller skating, ping pong, and more. Guests will also be able to enjoy a menu of food and beverages, including beer, wine, and spirits. A unique feature of Round1’s offerings is its “Spo-Cha” sports challenge complex, where visitors can access various sports and entertainment activities for a single daily fee, providing a distinctive experience that sets it apart from competitors.
Construction on the $22 million Escondido project is slated to begin in 2025, with the entertainment center expected to create approximately 100 local jobs. The announcement comes at a critical time for North County Mall, which has seen significant changes in recent years.
JETSET Pilates to open new studio in 2025
JETSET Pilates is coming to San Diego in spring 2025 — the first in San Diego and California. Multi-unit franchise owners Ginna and Frank Auger later plan to open two other locations in Southern California. The San Diego location will be at the Torrey Hills Center, 4639 Carmel Mountain Road, Suite 102.
The Miami born, globally known brand, celebrated for its distinctive blend of modern and traditional pilates, has rapidly expanded since launching franchising in 2022. With more than 60 studios in development throughout the U.S. and as far as Australia,
Ginna and Frank are competitive ballroom dance enthusiasts who became Pilates enthusiasts when Ginna started practicing Pilates as part of her journey to overcome a severe motion disorder that affected her balance and mobility. Frank also experienced transformative results, including better posture, flexibility, and improvements to his golf game.
JETSET’s signature 50-minute classes are set to energizing, DJ curated playlists and dynamic movement. The method combines Pilates-inspired exercises with seamless, efficient transitions known to create transformative results, fast. Including both resistance and cardio training, the total body workout takes place on JETSET’s specialized reformer, customized by the brand to maximize the uniquely effective and efficient workout. Class sizes are intimate and led by instructors trained to create personal connections with clients, ensuring everyone experiences a workout that is effective and appropriate for their personal goals.
Joan and Irwin Jacobs honored with UC Presidential Medals
The UC Presidential Medal, the University of California’s highest honor, will be presented to San Diego-based philanthropist and business leader Irwin Jacobs, and in honor of his late wife and community leader, Joan, in recognition of their positive impact in education, health care, technology, the arts and more. UC President Michael V. Drake, M.D., will present the medals at the UC San Diego Chancellor’s Medal Awards in March 2025.
Irwin Jacobs was a founding professor of UC San Diego, serving on the faculty from 1966 to 1972. He went on to co-found Linkabit and later Qualcomm, where he served as founding chairman and CEO. Qualcomm pioneered the Code Division Multiple Access (CDMA) wireless technology, for a time the world’s fastest-growing, most-advanced voice and data wireless communications technology.
Joan, who died earlier this year, will be honored posthumously for her leadership, dedication and generosity to enriching the lives of others with excellent health care, arts, culture and education.
Chula Vista City Council OKs key deal points
to welcome SDSU program expansion to city
The Chula Vista City Council unanimously approved a Letter of Intent with San Diego State University to bring SDSU School of Nursing and SDSU Global Campus programs into the lower level of the city’s Millenia Library building. The new partnership will bring in-demand higher education opportunities long sought in Chula Vista. The Letter of Intent contains key deal points for SDSU to enter into a 10-year lease agreement with the city for $1 annually. Under the Letter of Intent, SDSU will occupy more than 7,000 square feet on the lower level of the Millenia Library building, which is expected to be completed next year. The city will fund all tenant improvements in the SDSU space.
Kratos announces successful performance
of Marine Corps’ XQ-58A Valkyrie unmanned aircraft
San Diego-based Kratos Defense & Security Solutions Inc., a defense contractor and builder of high-performance, jet-powered unmanned aerial systems, announced the successful performance of a recent series of flight tests of the United States Marine Corps’ XQ-58A Valkyrie, manufactured by Kratos. These flights and exercises were conducted jointly earlier this year by Kratos, Northrop Grumman Corporation, Autonodyne, the United States Marine Corps (USMC), the United States Navy, and the United States Air Force (USAF).
Flying alongside four USMC F-35B aircraft from the Marine Fighter Attack Squadron 214and two USAF F-15E/EX aircraft from the 40th Flight Test Squadron, the Valkyrie operated under vehicle-level autonomy to perform maneuvers in a simulated threat environment.
Northrop Grumman’s missile-warning satellites advance to manufacturing
Northrop Grumman Corporation has been awarded a contract extension for Phase 2 of its Next-Generation Overhead Persistent Infrared Polar (NGP) program from the U.S. Space Force’s Space Systems Command. The multi-year award supports space vehicle manufacturing, assembly, integration, testing, and launch of two NGP satellites. Both NGP SVs will operate in Highly Elliptical Orbits (HEO) to detect and track ballistic and hypersonic missiles over the Northern Hemisphere. The NGP Phase 2 award moves the program into manufacturing, assembly, integration and testing of the space vehicles and ground systems.
GSA awards Viasat up to $568 million for warfighter support
Viasat, Inc. a global leader in satellite communications, announced that it has received a five-year, sole-source contract through the U.S. General Services Administration (GSA) with a $568 million ceiling. Thecontract is a follow-on award through GSA that extends a previous IDIQ award issued in 2019. Under the award, The Carlsbad company will support the rapid migration of command, control, communications, computers, combat systems, intelligence, surveillance and reconnaissance capabilities and best practices from Special Operations Forces to General Purpose Forces. Through this contract, Viasat will continue to deliver a diverse portfolio of technologies and services to help advance and enable the communications, security, intelligence and operations that are essential for warfighters.
La Jolla Institute for Immunology launches
partnership with Link Campus University
La Jolla Institute for Immunology (LJI) and Link Campus University of Rome, Italy, and have signed a collaborative agreement as part of a strategic program aimed at promoting scientific research and innovation between the United States and Italy. The agreement inaugurates a groundbreaking cultural and scientific collaboration to promote excellence in immunology. The initiative is led by Professor Elisabetta Mantuano, Dr. Biol.Sci., an academic in the fields of neuroscience, inflammation, and immunology at the University of California, San Diego, since 2007, and Professor of Pathology as well as the Rector’s Delegate for Research at Link Campus University.
LuminoDx receives CLIA certification for San Diego laboratory
San Diego-based LuminoDx announced that its San Diego laboratory has recently received Clinical Laboratory Improvement Amendments (CLIA) certification. CLIA certification, issued by the Centers for Medicare and Medicaid Services (CMS), is required for clinical laboratories to accept and test human samples for diagnostic purposes. LuminoDx’s scientific founders, Gordon Vansant and Yipeng Wang, bring extensive technical and scientific expertise across a wide range of platforms. This includes developing assays and testing samples from both non-clinical and clinical studies to support therapeutic drug development.
Obsidian Sensors begins new partnership
with Japan’s leading flat panel display maker
San Diego-based Obsidian Sensors kicked off a new manufacturing partnership with Japan’s leading flat panel display maker, JDI (Japan Display Incorporated). This partnership is the second manufacturing source for Obsidian who demonstrated the world’s first uncooled microbolometers on glass, fabricated at Innolux which is Obsidian’s first and current manufacturing partner in Taiwan. Obsidian’s VGA microbolometer on glass is already in production at Innolux while this JDI effort is targeting SXGA (1280×1024) and higher resolution formats with production start planned for 2026.
