More Non-Farm Jobs In Tulare County
Tulare County’s unemployment rate in January was 15.2% compared to 16.6 % in January 2013 EDD reports. Non-farm jobs climbed by 2600 over the past year while there are 700 fewer farm jobs. Hospitality jobs are up 1100 year over year.
Visalia Building Permits Stay Strong
Visalia building permits were up for the second month in a row over totals for the same month last year. The city permitted 26 single family homes in February compared to 23 in Feb 2013. Commercial improvement permits jumped to 121 vs 79.Total permits numbered 288 vs 226 and valuation increased to $11.2 million vs $10.3 million in Feb 2013. For the year so far, new home permits are up 18%.
Rising Home Values Help Economy
The Federal Reserve reported this week that household net worth rose 14% last year driven in part by a $2.3 trillion increase in the value of real estate. An increases in housing wealth makes it easier for families to borrow on the equity in their homes. In addition this “wealth effect” helps consumers feel more comfortable opening their pocket books. Meanwhile fewer homes in the US are “underwater.” This week a report said four million homes in the U.S. returned to positive equity in 2013, bringing the total number of mortgaged residential properties with equity to 42.7 million. Still, almost 6.5 million homes, or 13.3 percent of all residential properties with a mortgage, were underwater at the end of 2013, according to CoreLogic Inc. The report said in Visalia-Porterville, 20.8 percent, or 14,314, of all residential properties with a mortgage were in negative equity as of the fourth quarter 2013 compared to 22.9 percent, or 15,729 properties, in the third quarter of 2013. DQ News says the median price of a house sold in Tulare County in January was up 25% compared to a year ago.
Fitch Downgrades Tulare Hospital Bonds
Bond Oversight Committee Losses Confidence In Tower Project
New York-based Fitch Ratings has recently downgraded to ‘B’ from ‘B+’ the rating on $15,230,000 series 2007 fixed rate bonds issued by the Tulare Local Health Care District d/b/a Tulare Regional Medical Center (TRMC). The bonds have been placed on Rating Watch Negative. The ratings firm says “TRMC’s liquidity position is very weak” adding that unrestricted cash and investments were $6.3 million at Dec. 31, 2013 compared to $10.5 million at Dec. 31, 2012 and $24.4 million at FYE 2010.
Looking at TRMC’S delayed tower construction project, Fitch pointed to new efforts by the hospital’s recently hired management firm. “TRMC is leveraging HCCA’s expertise to renegotiate contracts and develop a recovery schedule.” Fitch sounded a hopeful note on TRMC’s declining patient revenues. “HCCA is projecting TRMC to break even by the end of calendar year 2014, which Fitch believes is relatively attainable.”
Also this week the District’s Bond Oversight Committee after hearing a discouraging report on lack of progress on construction of the tower in January heard that the district had just $6.31 million left in their budget for a project that will need $18.5 million to complete.The advisory group said they had lost confidence in the way the tower project was moving and will report that to the District board later this month.
Panera Bread To Porterville
Fast growing Panera Bread will be coming to the Porterville Marketplace shopping center on Henderson in late 2014 in a 4200 sf restaurant space. Plans for the buildlng have been filed with the city. The restaurant already has locations in Visalia and Hanford and across 38 states.
Fresno’s Wathen Castanos Buys Mangano Homes
Wathen Castanos, a Fresno-based builder announced it had purchased Mangano Homes, owned by long time Visalia home builder Andy Mangano. The Fresno company already ahas home projects in Visalia but will take over Mangano projects in Visalia and on the Central Coast.Mangano serves on the Wathen Castanos board.
The sale does not include Mangano Co Inc, owned by brother Craig Mangano who will continue to do mixed-use and commercial projects says Craig.”Andy and I will continue to work together on various projects” says Craig,mostly on the Coast these days.
Coast Firm Plans Asphalt Batch Plant in Visalia
Pismo Beach-based Papich Construction plans to build a new asphalt batch plant in the Visalia Industrial Park with the project being the subject of a public hearing March 24. The plant would be built on 18 acres on Sunnyview Ave. Papich supplies asphalt to large public works projects like Hwy 99 widening, now underway in Tulare County.
Tractor Supply Coming To Dinuba
Dinuba Planning Commission has approved a lot split last month on El Monte Way paving the way for a new Tractor Supply store that will be opening here.The farm and ranch retailer has over 1276 locations in the US. The 2.5 acre lot will be developed by California Gold Development with plans to break ground later this month on a 20,000 sf store.
Gas Prices Head Higher
AAA says So Ca gas price averages are now within a few pennies of $4 a gallon after five straight weeks of price increases in most areas.The state average is $3.891 a gallon for regular, 6.6 cents more than last week.The price is up about 40 cents compared to a month ago with the best price around Visalia at $3.65. Oil companies continue to export more product, pull more oil from US soil and move more oil by pipe and rail but critics say all this activity has not lead to Americans getting some relief at the pump.World oil prices are higher in the past month.