To: Honorable Mayor and Members of City Council
From: Vin Smith, Community Development Director
Prepared By: Brendan Hurley, Economic Development Program Coordinator
TITLE: Financial and Economic Indicator Update, Q1 2024
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RECOMMENDED ACTION:
Recommendation
Receive and discuss financial update from Robert Eyler, PhD, regarding the City's Economic Development Dashboard and key performance indicators.
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DISCUSSION:
Background
The Economic Development Division and Finance Department have created a system to capture a range of economic metrics on the City of Napa's economic performance and communicate those metrics to City Council, staff, and the general public. Dr. Eyler, President at Economic Forensics and Analytics and Economist at Sonoma State University, has assisted with data capture and will provide City Council with quarterly updates on key indicators. A publicly accessible "Economic Development Dashboard" (www.cityofnapa.org/1172/Economic-Development-Dashboard) is available on the City's website to view indicators as they get updated on a quarterly basis.
Dr. Eyler's quarterly economic report (see Attachment 1) includes a macro-overview of the general economic outlook and indicators based on local business health, property investment and improvement, labor force trends, tourism trends, and housing and equity issues.
The economic report and publicly available Economic Development Dashboard include the following indicators:
* COVID-19 employment recovery and inflation trends
* Taxable sales to track business health in terms of revenue and sales tax revenue for the City
* Napa County's gross regional product economic output (GRP)
* Visitor and Tourism Trends including hotel occupancy rates and average daily rate
* Labor Trends such as unemployment, employment by industry and median wages
* Housing Trends including median home price, market forecast, and rent comparisons to other jurisdictions
* Equity Trends such as housing bu...
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