Daily Business Report: Thursday, Sept. 15, 2022
New American Express survey shows U.S. small
businesses nearly doubled year-over-year revenue
Small businesses in the U.S. have nearly doubled revenue year-over-year between July 2021 and July 2022, while profits remained flat amid economic hurdles, according to the latest installment of American Express’ Small Business Recovery Report.The seventh installment of the report polled 550 small business leaders.
Small businesses are facilitating growth by modifying their business tactics – offering increased benefits and flexibility for workers along with investing in digital transformation, the report said.
“U.S. small businesses are adjusting to not only survive but flourish during challenging economic times,” said Brett Sussman, vice president head of sales and marketing, Kabbage from American Express. “Inflationary pressure and challenges with hiring and retaining talent, among other factors, are driving small businesses to fine-tune their business practices.”
In the June 2022 Small Business Recovery Report, the data showed 80 percent of small businesses are confident they could withstand a potential U.S. recession.
While revenue is up, the data also revealed overall profits among U.S. small businesses have slightly declined 4 percent over the same time period. The data shows small businesses continue to anticipate future economic obstacles as 75 percent of respondents report feeling impacted by inflationary pressures and 56 percent expect pressures to last at least a year until summer 2023.
Top photo courtesy of American Express.
City Council selects Midway Rising
to redevelop sports arena site
In the real estate competition to lease and redo the city’s 48-acre sports arena site, San Diego has selected as its winner the development team proposing the most affordable residential units. City Council members voted 7-1 on Tuesday to select Midway Rising. The vote came after a sometimes-heated discussion that put the team, its partners and even potential subcontractors under the microscope on a variety of topics, including allegations of deceptive labor practices.
The council action ends a nearly year-long contest and starts a new phase in the effort to remake the Midway District property. The city and the team will have, once an exclusive negotiating agreement is signed, around two years to hammer out lease and development terms.
Illumina Accelerator invests in six new startups
Illumina said on Wednesday that its Illumina Accelerator program has invested in six new startups from around the world. The firms include Acrobat Genomics, a Stanford University spinout that uses high-throughput CRISPR gene editing to fill its pipeline of novel therapeutics; Nusantics, a genomics company from Indonesia that is developing microbiome-related diagnostic tools tailored for the Indonesian and other Asian populations; and Pandora Biosciences, a South African neuroscience company building genetically diverse and physiologically relevant organoid-based disease models for drug development for complex neurological diseases.
In addition to seed funding, the firms gain access to Illumina sequencing systems and reagents, business guidance, genomics expertise, and fully operational lab space adjacent to Illumina’s campuses in Cambridge, UK, or the San Francisco Bay area.
Illumina has invested in 74 genomics startups through the accelerator, the firm said in a statement.
Will California tax Biden student debt relief?
CalMatters
In Monday’s newsletter, CalMatters higher education reporter Mikhail Zinshteyn explained that California law might consider the student debt forgiveness offered by the Biden administration as taxable income — in effect, taxing borrowers for the debt they no longer own. Mikhail asked the state’s tax authorities to look into it but hadn’t heard back. On Tuesday, he got a response:
California Tax Franchise Board spokesperson Andrew LePage:“The student loan debt forgiveness would be taxable in California.” The upshot: For a childless single filer earning $50,000, taxing $10,000 in forgiven debt would raise that person’s state income tax bill by about $800, according to the tax board.
The question now is what the Biden administration or California lawmakers want to do about it. The two leading Democrats in the Legislature — Assembly Speaker Anthony Rendon and Senate President Pro Tem Toni Atkins — have vowed to “make the relief tax exempt” before next year’s tax filing season.
La Jolla Music Society artistic director wins
Western Arts Alliance 2022 Leadership Award
La Jolla Music Society Artistic Director Lea Rosenthal was honored with the Western Arts Alliance 2022 Leadership Award at the group’s annual conference aug. 29 in Calgary.
Western Arts Alliance (WAA) is a membership association of touring and performing arts professionals engaged in promoting and presenting performing arts throughout the Western states and provinces.
“No one is more deserving of this award than Leah. Largely working behind the scenes, Leah has dedicated her career to artists and audiences, working tirelessly to create inspiring seasons that feature some of the greatest artists in the world, as well as up-and-coming artists on the brink of stardom,” says Todd Schultz, La Jolla Music Society president and CEO. “Leah has a tremendous level of taste, has high expectations, curates each season beautifully and draws upon an extensive international network of friends and colleagues in the arts. All of San Diego benefits from Leah’s excellent work, and The Conrad is lucky to have Leah in her leadership role.”
Kay Faulconer Boger assumes new role as SDCCD
chancelor’s liaison for community engagement
Kay Faulconer Boger, an experienced higher education leader with strong experience in workforce development, has been named chancellor’s liaison for community engagement for the San Diego Community College District.
Boger’s appointment is her latest role with the SDCCD, she previously served as acting president, acting vice president of instruction, and director of industry partnerships at the SDCCD’s College of Continuing Education.
Boger will be responsible for working directly with more than a dozen industry representatives serving on the SDCCD Corporate Council. The Corporate Council advises the district on issues regarding workforce education and training.
Boger has more than 30 years of higher education and business consulting experience. Prior to her work at the College of Continuing Education, she worked as the dean of Ventura College, acting vice president of Instruction at Oxnard College, and was the manager of America’s Job Centers.
City signs off on federal loan for
stormwater infrastructure projects
To address the City of San Diego’s aging storm drain system and protect neighborhood quality of life, Mayor Todd Gloria joined U.S. Environmental Protection Agency (EPA) leaders Tuesday to formally sign off on a key federal loan that will allow for up to $733 million to be invested in stormwater infrastructure projects over the next five years.
The City Council unanimously approved the plan in April, allowing the city to use the EPA’s special loan program for water infrastructure projects to cover 49 percent of up to $733 million in stormwater upgrades – from pipeline replacements to pump station repairs to watershed restoration. The city will cover the other half through loans, grants and other financing methods.
Gloria and EPA officials held a signing ceremony at the top of the Torrey Pines State Reserve with the expansive Los Peñasquitos Watershed in the background. One of the over 80 projects funded will be the restoration of 84 acres of historic salt marsh habitat in the watershed.
Realtors group and San Diego MLS
launch ‘Top 200 Leaderboard’
The Greater San Diego Association of Realtors and San Diego MLS are giving members more resources to successfully promote their business by launching a “Top 200 Leaderboard” featuring the highest performing residential real estate professionals in San Diego County.
The leaderboard is exclusive to SDAR and SDMLS – one of the many benefits provided by San Diego’s largest Realtor association and the only local MLS provider. Members will be able to access the listings by simply logging into their member portal and clicking on the dedicated button for the “SDAR Top Producer Leaderboard.”
The monthly listing is comprehensive in that it will present the top 200 performing listing and selling agents as recorded from all MLS sources in San Diego County, not just participants in SDMLS. The top producers are ranked by both sales volume and units sold. In addition, the leaderboard will feature a ranking of the top 20 performing brokerages by sales volume.
Ticket sales now available for 2023 World
Lacrosse Men’s Championship in San Diego
Ticket sales have officially launched for the 2023 World Lacrosse Men’s Championship in the City of San Diego. The first world championship in the sport of lacrosse to take place in California, the 2023 World Lacrosse Men’s Championship will feature teams from 30 countries and more than 100 games at San Diego State University and University of San Diego from June 21 to July 1, 2023
This marks the best chance to purchase tickets at the lowest cost before prices increase October 11. Length of Event passes start at $79, providing access to the Opening and Closing Ceremonies, and all games including USA vs. Canada, semifinals and medal games.
Hosted by the San Diego 2023 Organizing Committee, World Lacrosse and USA Lacrosse, the tournament will showcase the top 30 men’s teams from around the world as the sport vies for inclusion in the Los Angeles 2028 Olympic Games.
To purchase tickets and get more information on the 2023 World Lacrosse Men’s Championship, visit WorldLax2023.com.
MiraCosta College’s biomanufacturing baccalaureate
degree program receives diversity award
MiraCosta College’s groundbreaking program that offers bachelor’s degrees in biomanufacturing has been recognized with a national award honoring its efforts to promote diversity. MiraCosta College was one of 77 colleges and universities across the country that were recognized with the 2022 Inspiring Programs in STEM Award by Insight into Diversity magazine.
The institutions were chosen because of their cutting-edge programs devoted to the work of improving diversity, equity, and inclusion in science, technology, and math (STEM) programs. The U.S. Bureau of Labor Statistics projects that careers in STEM will grow more than twice as fast as all other occupations by 2029.
The Biomanufacturing Baccalaureate Degree program at MiraCosta College, which was established in 2017, is one of 15 programs that allow California community colleges to award bachelor’s degrees. A goal of the legislation setting up the programs was to impact student populations that were historically underserved by higher education.
A study of the first cohort of 22 students at MiraCosta College found that 19 were from underrepresented populations—and everyone completed the program within three years.
Port of San Diego gets $2.7 million grant to support
electrical upgrades for all-electric harbor cranes
The Port of San Diego has accepted a $2.7 million grant from the San Diego County Air Pollution Control District (SDAPCD), which provides incentive funding to support clean technology investments, especially in underserved communities. The grant will partially fund electrical upgrades to power two new all-electric mobile harbor cranes that will help improve public health and reduce diesel particulates, a significant milestone in bringing cleaner air to the Portside communities of Barrio Logan, Sherman Heights, Logan Heights, and West National City.
The cranes will be the first of their kind in North America when they begin operating at the Port’s Tenth Avenue Marine Terminal in summer 2023.
In support of the electric cranes, the board today also: Approved a construction contract with Leed Electric, Inc. for approximately $8.9 million to make the needed electrical infrastructure improvements, and approved the use of $1.9 million of the Port’s Low Carbon Fuel Standards credit proceeds.
