Blueprint 2.0
City Council Meeting – November 15, 2022
Blueprint 2.0
2 Long Beach U-Rate, Labor Force, Employment Down
Blueprint 2.0
3 Long Beach
Industry
Employment
Mixed
Blueprint 2.0
4 So Cal Housing Prices Rising, Sales Faltering
Southern
California
Aug 2021 July 2022 Aug 2022 Price MTM%
Change
Price YTY%
Change
Sales YTY%
Change
Los Angeles $830,070 $846,320 $854,960 1%% 3% -29%
Orange $1,100,000 $1,231,000 $1,200,000 -3% 9% -30%
Riverside $570,000 $625,000 $620,000 -1% 9% -27%
San Bernardino $435,000 $490,000 $472,750 -4% 9% -33%
San Diego $835,000 $930,000 $885,000 -5% 6% -28%
Ventura $853,000 $920,000 $884,000 -4% 4% -24%
Source: California Association of Realtors, KE
Blueprint 2.0
5 Supply of Existing Homes: Low Inventory and
Demographics Drive Price Increases
Unsold Inventory Index (Months)
Region Aug 2021 July 2022 Aug 2022
Los Angeles 2.0 3.3 3.1
Orange 1.6 3.0 2.5
Riverside 2.0 3.4 3.2
San Bernardino 2.4 4.0 3.7
San Diego 1.7 3.1 2.5
Ventura 1.9 2.8 2.3
Source: California Association of Realtors, KE
Blueprint 2.0
6 California Housing Affordability Well Below U.S.
Region Feb 21 Feb 21 Feb 22 Median Home
Price
Monthly Payment
Including Taxes &
Insurance
Minimum
Qualifying
Income
Los Angeles 22 20 16 $825,650 $4,650 $186,000
Orange 17 13 12 $1,300,000 $7,330 $293,200
Riverside 33 28 21 $640,000 $3,610 $144,400
San
Bernardino
43 39 30 $493,000 $2,780 $111,200
San Diego 22 19 14 $965,870 $5,450 $21,800
Ventura 23 21 16 $939,000 $5,290 $211,600
CA SFH (SAAR) 23 24 16 $883,370 $4,980 $199,200
US 49 47 38 $413,500 $2,330 $93,200
Percentage of Households that can Afford to Buy Median Priced Home Blueprint 2.0
7 Long Beach: Housing Prices up $300K in 5 Years. Why?
Blueprint 2.0
Recent Population and Housing Trends
8 Long Beach Housing Needs
Year Population Housing
Units
2020 464,176 179,530
2021 459,757 180,062
2022 460,682 181,426
Source: DOF
Income Level Units Relative to Median
HH Income
Very Low Income 7,141 Less than 50%
Low Income 4,047 50-80%
Moderate Income 4,158 80-120%
Above Moderate
Income
11,156 More than 120%
Total 26,502
Source: SCAG
Year Population Housing
Units
2020 464,176 179,530
2021 459,757 180,062
2022 460,682 181,426
Source: DOF
Regional Housing Needs Assessment
(RHNA) – Timeframe: 2021-2029
Blueprint 2.0
9 Outlook
• Recession low probability, mild if at all. Inflation coming down in 2023 • Twin Challenges in California: tight labor market and high housing costs • Demographics drive demand for housing (Millennial generation) • Long Beach: aerospace, tourism, health care, logistics, professional services Wild Cards
• Pandemic
• Fed action
• Russia-Ukraine war
• Labor force dynamics
Blueprint 2.0
10 Mission:
• Creating equitable economic opportunities for workers, investors, and entrepreneurs.
Objectives:
• Grow and strengthen established industry clusters and emerging sectors in Long Beach.
• Increase access to economic opportunities in low-income communities to advance economic equity.
• Ensure workforce preparedness and business
competitiveness through alignment of economic.
development, training, education, and community partners. • Make long-term investments in quality-of-life strategies to grow businesses, jobs, and investment that support a
thriving local economy.
Blueprint 2.0
11 5 Years in the Making:
• Blueprint for Economic Development (City Council) April 4, 2017 • COVID-19 Restrictions (Economic Transformation) March 2020 • Economic Response Plan (CARES Act) March to December 2020 • Racial Reconciliation Framework May to October 2020
• Call to Action: Economic Development Commission August 8, 2020 • (25) Economic Recovery Roundtables (ED&F) January to March 2021 • Economic Recovery Plan Adoption (City Council) March 16, 2021 • Long Beach Recovery Act (ARPA) October 1, 2021
• (18) Blueprint 2.0 Study Sessions (EDC) April 2021 to July 2022 • Economic Development Commission (EDC) Draft Approved August 22, 2022 • Economic Development & Finance Committee (ED&F) September 20, 2022 Draft Approved
* Over 40 roundtables, public meetings, and study sessions held over 2-year period in the development of the Blueprint 2.0 recommendations.
Blueprint 2.0
12 A Vision for 2030
City Council Priorities
13 Fiscal Year 2023:
1. Continued Implementation of Long Beach Recovery Act
Economic support programs to foster a more inclusive and equitable economic recovery.
2. Create a more inclusive economy by 2030.
3. Operationalize Digital Inclusion Roadmap to eliminate the digital divide for all residents, workers, and business owners by 2025.
4. Incorporate goals of Racial Equity and Reconciliation Initiative to eliminate economic disparities in communities most impacted by racism.
5. Implement multi-year action plans for City’s major real estate assets (Economic Empowerment Zones, Queen
Mary, Convention Center, etc.).
Economic Development Commission Priorities
14 Call to Action
1. Internet for All
2. Information is Power, Empowering the Powerless
a) Address Structural Racism
b) Equity and the Essential Workforce
c) Invest in the Caring Economy
d) Population Health
e) Cultivating the Green Economy
f) Community Pride and Ownership
Blueprint 2.0
15 New Focus Areas
1. Engines of Growth
2. Economic Partnerships
3. Equity and Economic Inclusion
4. Small Business Retention & Attraction
5. Talent Recruitment and Retention
6. Digital Connectivity and Inclusion
7. Real Estate Development
8. Quality of Life
* Digital Connectivity & Inclusion was added as its
own Focus Area in the new Blueprint.
Blueprint 2.0
16 User-Friendly Format
• Mission Statements
• Objectives
• Recommendations
* Retaining short, user-friendly format (e.g. one
page per Focus Area), to make Blueprint
accessible to community.
Blueprint 2.0
17 Implementation Plan
• Language Access (translation into at least 4 languages) • Print and Digital (for flexible distribution)
• Online Dashboard (for Tracking & Reporting)
• Marketing & Promotion (for attracting investment)
• Detailed Business Plans (as funding is identified)
• Annual Updates (Economic Development Commission)
• Live Events (in partnership with LBEP and CSULB)
Thank you.