Chaffey Bond 2005

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Chaffey College: The High Growth Areaof the Rapidly Growing Inland EmpireRating Agency Presentation: April 2005: 

Chaffey College: The High Growth Area of the Rapidly Growing Inland Empire Rating Agency Presentation: April 2005 John Husing Economics andamp; Politics, Inc.

“Dirt Theory”: 

'Dirt Theory' 1. Affordable Housing andamp; Population Serving Jobs 2. Industrial Projects andamp; Blue Collar Jobs 3. Expensive Housing, Skilled Workers andamp; High Paying Jobs Chaffey College

Chaffey College District:Fastest Growing Portion of the Inland Empire: 

Chaffey College District: Fastest Growing Portion of the Inland Empire

Total Personal Income As State, 2002Passed Iowa—21 States Have Less Income: 

$91 $84 $82 $78 $66 $65 $64 $57 $50 $46 $43 $43 $37 $36 $34 $33 $26 $23 $21 $21 $18 $17 $15 Oklahoma Inland Empire Iowa Kansas Nevada Mississippi Arkansas Utah Nebraska New Mexico New Hampshire West Virginia Hawaii Maine Idaho Rhode Island Delaware Montana Alaska South Dakota Vermont North Dakota Wyoming Note: Oklahoma ranked 29th Source: U.S. Bureau of Economic Analysis Total Personal Income (billions) Inland Empire As A State, 2002 Total Personal Income As State, 2002 Passed Iowa—21 States Have Less Income

Inland Empire will add more people & jobs than San Diego, Orange, Ventura & Imperial Counties combined: 

Inland Empire will add more people andamp; jobs than San Diego, Orange, Ventura andamp; Imperial Counties combined

Inland Empire: 4th Fastest Growth “State”: 

Inland Empire: 4th Fastest Growth 'State'

Inland Empire missing the employment downturns: 

600,000 700,000 800,000 900,000 1,000,000 1,100,000 1,200,000 1,300,000 5,000 5,500 6,000 6,500 7,000 Thousands Balance of Southern California Inland Empire Source: CA Employment Development Department Monthly Job Level Inland Empire vs. Rest of Southern California, 1983-2005 Inland Empire missing the employment downturns

Responsible for largest share of Southern California’s 963,000 New Jobs … 1990-2005: 

(171,600) 62,900 Los Angeles Co. Ventura Co. Source: CA Employment Development Department Employment Change, Southern California Markets Where 963,000 New Jobs Went, 1990-2005 Responsible for largest share of Southern California’s 963,000 New Jobs … 1990-2005

Inland Empire California’s Job 2004 Creation Leader … By Far!: 

Inland Empire California’s Job 2004 Creation Leader … By Far! (708) 1,275 Imperial Ventura Source: CA Employment Development Department Employment Change, Southern California Markets Annual Average, 2003-2004

2004: Inland Empire captured 50.5% of Southern California’s New Home Market!: 

2.0% 9.0% 15.3% 23.3% 50.5% Ventura Orange Los Angeles San Diego Inland Empire Source: Dataquick Share of New Home Market Southern California Areas, 4th 2004 14.4% San Bdno 36.1% Riverside 2004: Inland Empire captured 50.5% of Southern California’s New Home Market!

Chaffey College District: 

Chaffey College District

Chaffey College District Median Home Prices At Record Levels: 

Chaffey College District Median Home Prices At Record Levels

Chaffey District: Home Price Advantage to Coastal Counties, 4th Qtr. 2004: 

Chaffey District: Home Price Advantage to Coastal Counties, 4th Qtr. 2004

Upscale Homes Now Common In Chaffey College District: 

Upscale Homes Now Common In Chaffey College District $500,000 $470,000 $427,000 $402,000 $345,000 $340,000 $331,000 $721,500 $420,500 $552,855 $472,500 $441,000 $363,016 $438,239 Chino Hills Upland R. Cucamonga Chino Montclair Ontario Fontana Existing New Source: Dataquick Existing Home Price Pattern Urbanizing Inland Empire Cities, 4th Quarter, 2004

Affordability vs. Coastal Counties: 

Affordability vs. Coastal Counties

Chaffey District Home SalesStrong Housing Markets: 

Chaffey District Home Sales Strong Housing Markets

High Income Cities Being Created: 

High Income Cities Being Created Population: Chino Hills (76,401), Beverly Hills (35,701), R. Cucamonga (154,780)

Population Growth Forecast: Chaffey Area: 

Population Growth Forecast: Chaffey Area 89,784 53,535 72,618 71,644 68,989 66,165 702,310 792,094 845,629 918,247 989,891 1,058,880 1,125,045 2000 2005 2010 2015 2020 2025 2030 Source: Local Planners, Southern California Association of Governments Population Forecasts Chaffey College District, 2000-2030

10,000 Acres of New Upscale Development: 

10,000 Acres of New Upscale Development Chaffey College Chino Campus

Industrial lease costs in Inland Area, 15.5% to 53.4% less costly than coastal sub-markets: 

Industrial lease costs in Inland Area, 15.5% to 53.4% less costly than coastal sub-markets

Inland Empire added 204 million sq. ft. of Industrial space, 1991-2004 … 149 million (73%) in Chaffey College District: 

Inland Empire added 204 million sq. ft. of Industrial space, 1991-2004 … 149 million (73%) in Chaffey College District

Despite 149 million sq. ft. of new industrial space vacancy rate plunged … lease rate increased: 

Despite 149 million sq. ft. of new industrial space vacancy rate plunged … lease rate increased

Chaffey College District’s total permit valuation remain near record highs: 

Chaffey College District’s total permit valuation remain near record highs

1,254 major firms took new space in Inland Empire, 1994-2004 … 609 (49%) in Chaffey District: 

1,254 major firms took new space in Inland Empire, 1994-2004 … 609 (49%) in Chaffey District

Diverse Largest Private Employers, 2000: 

Diverse Largest Private Employers, 2000

Chaffey District Assessed Valuation Record Level, Growth Accelerating: 

Chaffey District Assessed Valuation Record Level, Growth Accelerating 3.9% -3.4% 1.0% 2.6% 3.8% 3.9% 3.8% 6.1% 8.9% 9.5% 9.9% 10.3% $30.8 $32.0 $30.9 $31.2 $32.0 $33.2 $34.5 $35.8 $38.0 $41.4 $45.3 $49.8 $55.0 FY 92-93 FY 93-94 FY 94-95 FY 95-96 FY 96-97 FY 97-98 FY 98-99 FY 99-00 FY 00-01 FY 01-02 FY 02-03 FY 03-04 FY 04-05 Source: San Bernardino Assessor's Office Assessed Valuation Growth Chaffey College District, FY 93 to FY 05

Chaffey College DistrictPer Capita Assessed Valuation soared to record levels: 

Chaffey College District Per Capita Assessed Valuation soared to record levels

Taxable Sales: strong growth, gaining speed1990-2003, Sales up 145.4%, Prices up just 37.6% : 

Taxable Sales: strong growth, gaining speed 1990-2003, Sales up 145.4%, Prices up just 37.6%

Chaffey College DistrictTaxable Sales Per Capita, At Record Level: 

Chaffey College District Taxable Sales Per Capita, At Record Level

Chaffey College District Community Profile: 

Chaffey College District Community Profile .

John E. Husing, Ph.D.Economics & Politics, Inc.961 Creek View LaneRedlands, CA 92373909-307-9444www.johnhusing.com: 

John E. Husing, Ph.D. Economics andamp; Politics, Inc. 961 Creek View Lane Redlands, CA 92373 909-307-9444 www.johnhusing.com

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