The Santa Clarita economy has reached new heights with a booming technology sector and a rise in filming, according to presentations by economists at the yearly Economic Outlook conference.

The Santa Clarita Valley Economic Development Corporation (SCVEDC) hosted approximately 400 business leaders and residents at an event Thursday to share an in-depth forecast of the national and local economies, and to discuss global megatrends that could affect local businesses.

“We are in a golden age in Santa Clarita,” Holly Schroeder, president and CEO of SCVEDC, said. “The valley has grown tremendously, and we expect it to grow even more.”

The annual Economic Outlook featured several economists and community leaders, who discussed the future of the Santa Clarita economy and the nation as a whole.

The Big Picture

Mark Vitner, a Wells Fargo senior economist, spoke on national trends in the country — including the proposed tariffs to aluminum and steel.

“This is not the ‘old’ steel industry of the past,” Vitner said. “These materials are used in many sectors, and we need to compete on a global scale.”

The economist said Wells Fargo was predicting a 2.6 percent increase in the nation’s Gross Domestic Product (GDP).

Vitner also discussed the tax cuts which went into effect early this year, and how they will impact businesses in the country.

“These cuts will benefit our economy,” Vitner said. “The tax code hasn’t been updated since 1986, we needed reforms in the system.”

The Golden State

The economist also stressed the importance of California, which makes up an estimated 7 percent of the nation’s GDP at $2.6 trillion in 2017.

“California is seeing growth in not only the coasts, but the interior of the state is growing at almost the same pace.” Vitner said.

The state has seen an increase in jobs the past year and is almost at “full” employment, he added.

Another prominent economist, Dr. Mark Schniepp, director of the California Economic Forecast, also talked about the future of California. He noted his predictions from last year’s forecast remained true: a strong economy and no recession in the immediate future.

“What can we expect in 2018?” Schniepp said. “An extension of 2017.”

His presentation called for employment growth, which would include higher-paying jobs that would increase household incomes in the state.

“There is no hint of a slow-down, let alone a full-blown recession,” he said.

The SCV

Many of the presenters highlighted the growth of the Santa Clarita Valley, citing the Newhall Ranch development as well as the Needham Ranch project, which is set to add four million square feet of industrial space.

“Growth is good,” Schroeder said. “We need to transform from a bedroom community to a place where residents can both live and work.”

Los Angeles County Supervisor Kathryn Barger, stressed the importance of infrastructure as the valley prepares for the impact of the population swell.

“Santa Clarita is a destination where people want to come, where they want to live and where they want to do business,” Barger said.

She noted improvements to transportation, including construction along the I-5 corridor at the Newhall Pass, and the proposed MetroLink station at Vista Canyon.

Additionally, Barger emphasized the county is also improving other arteries to-and-from the valley including The Old Road.

Hollywood North

Scott Williams, writer and executive producer for NCIS, discussed the impact of filming in the Santa Clarita Valley, which brought in an estimated $33.9 million in location filming alone.

“We have been in this valley for 15 seasons now,” Williams said. “Many of the cast and crew have even moved up here.”

Santa Clarita is home to more than 20 sound stages and 10 movie ranches, which all provide filming locations and opportunities for the entertainment industry to invest locally, according to the SCVEDC.

Williams noted the “flexibility” of locations in the SCV, including College of the Canyons, which has been transformed into everything from government buildings to hospitals for both television shows and movies.

The New Economy

Dr. Dianne Van Hook, chancellor of College of the Canyons, said employers in the Santa Clarita Valley need a skilled workforce, a demand COC is hoping to meet.

“We are preparing our students for the jobs of tomorrow,” Van Hook said. “Almost 40 percent of the jobs of the future don’t even exist yet.”

She stressed the impact COC has had on the valley, noting one-third of all of the employees at Scorpion Internet Marketing are graduates of the college.

All of the presenters at the Economic Outlook were optimistic for the upcoming year, saying the growth the valley has seen so far, is just the beginning.

“If you have innovation followed by optimism, you can do pretty much anything,” Van Hook said

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