Economic Insight Report Released by NBLC, Where are Companies Going in the North Bay?
Trends in North Bay Business Locations
May 2008
Dr. Robert Eyler, Chief Economist at Sonoma State University, was commissioned by NBLC to investigate the trends and reasons for business locations in and out of Marin and Sonoma counties. He presented his report and recommendations on ways to capture targeted businesses in the North Bay on May 15, 2008 at the Sheraton Hotel in Petaluma. The vibrancy of the local economy hinges on having a thriving business community composed of a diversified mix of industry sectors and services. The North Bay is home to approximately 90,000 firms according to the last Census figures. Each of those businesses makes decisions whether to come, stay or leave the North Bay.
One of the significant findings of the report is that business owners or chief executives are willing to pay a premium to be in the North Bay. The attraction of being close to family and the lifestyle of the North Bay is a major driver in businesses choosing the North Bay as their home despite the higher costs of doing business and growing labor shortage. But as those costs increase and challenges multiply, there is good reason to be concerned that businesses may decide to move to more hospitable locations outside the North Bay.
Three business leaders responded to the report and participated in a lively panel discussion about their own company's decision on location. Panelists included Russ Colombo, President and CEO, Bank of Marin; Mark Wood, Vice President, Human Resources, BioMarin Pharmaceuticals; and Bill McCubbin, President and CEO, Orion Partners, Ltd. The panel was moderated by Brad Bollinger, Editor in Chief & Associate Publisher, North Bay Business Journal.