AgdaPkt 2016-12-12 Closed and Joint SA PFA

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6.3.A. - Page 95 Business infrastructure needs, including business location, go hand-in-hand with workforce needs. The current recovering economy has resulted in a low vacancy rate in office/retail space compared to the last few years. The Workforce Investment Board (WIB) is operated at the county level. WIB provides services dedicated to providing a needed workforce to our local business by offering professional services that include recruitment and hiring, and business growth assistance and expansion. With these services, the WIB is addressing the need to find qualified workers for businesses in San Mateo County. Describe any major changes that may have an economic impact, such as planned local or regional public or private sector investments or initiatives that have affected or may affect job and business growth opportunities during the planning period. Describe any needs for workforce development, business support or infrastructure these changes may create. Redwood City is currently experiencing a housing construction boom in its downtown. This is also attracting private sector investment and businesses to locate in Redwood City. The City will add approximately 2,500 new housing units to the downtown area. Many of the new jobs will be in hospitality and retail, however the largest sector of job growth will be in technology. How do the skills and education of the current workforce correspond to employment opportunities in the jurisdiction? Though San Mateo County has a robust economy, much of its workforce cannot afford to live within the county. Job growth has been strong, although cyclical, over the past 10 years, and is projected to continue. However, housing development has not kept up the pace with the growth in local jobs. According to the Department of Housing (Housing Needs Study, 2007), by 2025 San Mateo County's supply of housing will only meet one-third to one-half of the demand. Additionally, 40 percent of new jobs in the county will pay lower-income wages. In 2013, the median household income for Redwood City was $82,000, which was lower than the county median of $92,000. Overall, a greater proportion of Redwood City's households are in the lower-income categories than the county as a whole. Describe any current workforce training initiatives, including those supported by Workforce Investment Boards, community colleges and other organizations. Describe how these efforts will support the jurisdiction's Consolidated Plan. To meet the requirements of SB 734, which requires Workforce Investment Boards to spend 25% of their overall budget on training beginning 2013 and 30% in 2016, San Mateo County Workforce Investment Board (WIB) is strengthening its partner relationships with businesses, educational institutions and community based organizations and leveraging mutual resources. Currently, they coordinate with the San Mateo County Community College District (SMCCCD) in convening industry Consolidated Plan REDWOOD CITY 92 OMB Control No: 2506-0117 (exp. 07/31/2015)