Tourism is one of the biggest economic drivers in the region, if not the biggest. But the industry is still in recovery mode after the Covid-19 pandemic. According to the San Diego County Lodging Association’s 2023 Hotel Economic Forecast, which says hotels are poised to continue the recovery after two years of disruptions
“We are recovering, but we are not yet recovered,” said the top executive Fred Tycho in a news release. “We are cautiously excited that business and convention travelers will make San Diego their preferred destination in 2023, just as leisure travelers did in the second half of 2021 and throughout 2022.”
partnered with the association San Diego Tourism Authority And RAR Hospitality To produce 2023 hotel economic forecast. An analysis of the forecast data for 2023 shows that San Diego hotels are likely to see:
- Business and convention travel to grow 9.8% in 2022, but remain down 10% from 2019.
- Leisure travel is down slightly from 0.8% in 2022’s rebound spike, but still up 3.0% from 2019 as financial concerns, rising borrowing costs, a looming recession, and growing competitive pressures from other destinations weigh on each have an impact on.
There have been fewer overall guests compared to pre-pandemic numbers – yet those guests are likely to stay longer. Travelers are choosing San Diego over other areas of California that have been slower to reopen.
“Next year may provide a period of transition for San Diego hotels as they adjust to new travel patterns and bring on new employees,” said Nate KellyOne of the two authors of the Economic Forecast for 2023.
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The good, the bad and the ugly. The median price of existing single-family homes in California experienced the largest quarter-over-quarter decline since the first quarter of 2011. California Association of Realtors in a news release.
However, and this is a big “however,” despite the decline in median prices, the share of households in California who were able to purchase a median-priced condominium or townhome continued to decline over the past year as borrowing costs continued to climb. In view of the recent increase in interest rates by the Federal Reserve.
Here in Southern California, affordability increased in San Diego and other counties except for Los Angeles. In San Diego, affordability rose 1 percentage point to 15% in the third quarter from 14% in the second quarter, but was down significantly from the 23% rate in the third quarter of 2021.
Across California, the percentage of home buyers who can afford a median-priced existing single-family home in the third quarter of 2022 increased slightly from 16% in the second quarter to 18%, but up from 24% in the third quarter was down. quarter of 2021, according to the association’s traditional housing affordability index.
According to the CAR, California recently touched its highest affordability index of 56% in the first quarter of 2012.
The index is considered to be the most fundamental measure of housing welfare for home buyers in the state.
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And speaking of residential real estate, National Association of Realtors has been awarded Greater San Diego Association of Realtors Gold Global Achievement Program Award.
The program recognizes the most active realtor associations in the global business. NAR noted that San Diego has demonstrated a solid level of service to its global members over the past year.
Among recent activities that gained recognition, SDAR hosted a “Caravan” for 55 San Diego members and guests to view properties in Tijuana and Rosarito; conducted a seminar for 70 San Diego members and guests on collaborating with foreign buyers in real estate; And signed reciprocal agreements with more than 20 overseas real estate groups.
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According to 10news.com, a recent episode of ABC’s Shark Tank Friday featured a San Diego business owner who is enjoying a massive increase in business.
The product, Nana Hats, was created Sean Adler, a local resident. Elder told the station that even his family did not know about the deal until the episode aired on November 11.
The storage product fits over a banana with a little silicone knit cap. Adler said he got the idea while considering what he could do to extend the shelf life of bananas. He said he had tried everything from duct tape, to saran wrap, to tin foil, according to the station.
When the pandemic struck, Nana Hats came to life as they had time to work on their product.
He applied to appear on popular TV shows, and when he appeared, pitched his product to a panel of investors.
Adler said that when he made his point, the panelists laughed about the idea, but upon hearing about his success to date, many proposed investments.
Adler struck a deal with panelists Lori Greiner and Peter Jones.
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local utility San Diego Gas & Electric And General Motors An agreement has been reached to investigate the integration of bidirectional electric vehicles into the electric grid as a local energy resource.
Following the announcement of GM’s newest business unit, GM Energy, the study will examine the hardware, software, processes and manufacturing considerations needed to accelerate widespread adoption of vehicle-to-grid integration capabilities.
Under the new agreement, GM and SDG&E will study three VGI capabilities: vehicle-to-home, vehicle-to-grid and a virtual power plant that will integrate distributed energy such as EVs, batteries and chargers to help complete the grid. can take advantage of the resources. Demand.
GM Vice President travis hester Said, “As GM continues its journey toward a fully electric future, expanding the capabilities of EVs represents a significant opportunity to strengthen grid resilience and help mitigate the impact of disruptions.”
According to research, on average, cars are parked for 95% of their useful life UCLA Professor Donald Shoup,
California is home to 1.2 million EVs, the largest concentration in the country. Starting in 2035, all new cars and passenger trucks sold in California are required to be zero-emissions.
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Finally…Located San Diego Planet Based FoodsWhich uses hemp as the number-one ingredient in its meat products has struck a deal with the grocery chain Kroger,
The alternative meat products maker said in a news release that it’s new Southwest Taquitos and Original Taquitos, as well as its Green Chile Southwest Hemp Burger, can now be found in 700 Kroger stores across the West.
is a unit of a local company Planet Based Foods GlobalIt is publicly traded over the counter, as well as on exchanges in Canada and Germany.
Tom York is a Carlsbad-based freelance journalist who specializes in writing about business and the economy. If you have news tips you want to share, send them to [email protected]
