Tourism is one of the region’s biggest economic drivers, if not the biggest. But the industry is still in post-COVID 19 pandemic recovery mode. That’s according to the San Diego County Lodging Association’s 2023 hotel economic forecast, which says hotels are poised to continue their recovery after a two-year hiatus.
“We are recovering, but we are not yet recovered,” the top executive said Fred Tyco In a news release. “We are cautiously optimistic that business and convention travelers will make San Diego their preferred destination in 2023, as leisure travelers did in the second half of 2021 and 2022.”
Cooperated with the association San Diego Tourism Authority and RAR Hospitality To produce 2023 hotel economic forecast. An analysis of 2023 forecast data shows what San Diego hotels are likely to see:
- Business and conference travel grew 9.8% in 2022, but remains 10% below 2019.
- Leisure travel declined slightly from 2022’s rebound spike by 0.8% but is still 3.0% above 2019 as financial concerns, rising borrowing costs, a growing recession, and increased competitive pressures from other destinations all affect each other.
There are fewer overall guests — compared to pre-pandemic numbers — but those guests are likely to stay longer. Travelers are choosing San Diego over other areas of California that have been slow to reopen.
“The next year could provide a period of transition for San Diego hotels as they adjust to new travel patterns and bring on new employees,” he said. Nate KellyOne of the two authors of the 2023 Economic Forecast.
The good, the bad and the ugly. The median price of existing single-family homes in California experienced the largest quarter-to-quarter decline in value since the first quarter of 2011. California Association of Realtors In a news release.
However, and this is a big “however,” despite the drop in median prices, the share of California households who can afford a median-priced condominium or townhome saw their borrowing costs rise compared to last year. In light of recent Federal Reserve interest rate hikes.
Here in Southern California, affordability has increased in counties other than San Diego and Los Angeles. In San Diego, affordability increased 1 percentage point to 15% in the third quarter from 14% in the second quarter, but was well below the third quarter 2021 rate of 23%.
Across California, the percentage of homebuyers who could afford a median-priced, existing single-family home in the third quarter 2022 rose slightly to 18% from 16% in the second quarter, but fell from 24% in the third. quarter of 2021, according to the Association’s Conventional Housing Affordability Index.
According to CAR, California hit a recent peak high affordability index of 56% in the first quarter of 2012.
The index is considered the most basic measure of housing affordability for home buyers in the state.
And speaking of residential real estate, National Association of Realtors has been rewarded Greater San Diego Association of Realtors Gold Global Achievement Program Award.
The program recognizes the most active realtors associations in the global trade. NAR noted that San Diego has demonstrated a solid level of service to its global members over the past year.
Among recent activities to gain recognition, SDAR organized 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 cooperation with foreign buyers in real estate; And signed mutual agreements with more than 20 foreign real estate groups.
A San Diego business owner featured on a recent episode of ABC’s Shark Tank Friday is enjoying a huge increase in business, according to 10news.com.
The product, Nana Topi, was created Sean Adler, A local resident. Elder told the station that even his family didn’t know about the deal until the episode aired on Nov. 11.
The storage product fits into the banana with a small silicone knitted cap. Adler said he came up with the idea while wondering what could be done to extend the shelf life of bananas. He said he tried everything from duct tape to saran wrap to tin foil, according to the station.
When the pandemic hit, Nana Hats came to life as she had time to work on her product.
He applied to appear on a popular TV show, and when he appeared, pitched his product to a panel of investors.
Adler said that when he made his pitch, the panelists laughed at the idea, but after hearing about his success, several proposed investments.
Adler struck a deal with panelists Lori Greiner and Peter Jones.
Local utility San Diego Gas and Electric and General Motors has signed an agreement to investigate integrating bidirectional electric vehicles into the electric grid as a local energy source.
Following GM’s announcement of its newest business unit, GM Energy, the study will examine the hardware, software, processes and manufacturing considerations required for 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, which can leverage distributed energy sources like EVs, batteries and chargers to help complete the grid. demand
GM Vice President Travis Hester “As GM continues its journey toward an all-electric future, expanding the capacity of EVs is an important opportunity to help strengthen grid resilience and mitigate the impact of disruptions,” he said.
On average, cars are parked for 95% of their useful life, according to research by UCLA Professor Donald Shop.
California is home to 1.2 million EVs, the largest concentration in the nation. Starting in 2035, all new cars and passenger trucks sold in California are required to be zero emissions.
Finally… San Diego based Planet based foodswhich uses hemp as the number-one ingredient in its meat products, has a deal with the grocery chain. Kroger.
The alternative meat products maker said in a news release that its new Southwest Taquitos and Original Taquitos, as well as its Green Chili Southwest Hemp Burger, can now be found in 700 Kroger stores across the West.
A local company is a unit Planet Based Foods GlobalTraded publicly 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’d like to share, send them to [email protected]