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<br />Summary of Findings <br /> <br />This Background Report indicates that in general, Pleasanton has fared relatively well in <br />recent years, despite some weaknesses in several sectors influenced by general economic <br />trends. <br /> <br />. The City's demographic trends indicate a stable, affluent residential community <br />characterized by high household incomes, low unemployment, strong educational <br />attainment, and a concentration in middle age ranges. As the community's residents <br />continue to age in place, there may be shifts in the patterns of presence of children, and <br />some long-time residents may seek relocation as their housing needs decline. <br /> <br />. Pleasanton is a "job rich" community, with more than 1.6 jobs for every working <br />resident While about one-third of Pleasanton's working residents stay in Pleasanton to <br />work (including substantial numbers of home based businesses), the more than 56.000 <br />jobs in Pleasanton are also filled by numerous in-commuters. Many communities with <br />more jobs than working residents face the impacts influencing Pleasanton today. With <br />strong economies and resulting fiscal vitality, job-rich communities at the same time <br />face traffic congestion and rising home prices, which some stakeholders perceive as <br />threatening future economic vitality. <br /> <br />. Pleasanton's economy has a broad distribution of jobs among high wage professional <br />sectors including professional, scientific. technical. administrative, and infonnation <br />related jobs. These sectors have seen strong growth since 2002 creating over 3.300 <br />new jobs. <br /> <br />. A large proportion of current jobs in Pleasanton are found in small firms, including more <br />than 1,300 finns with 0 to 4 workers. Analysis of business license data suggests the <br />underlying strength of the small and home-based business segments in Pleasanton, <br />with more than 2,000 new businesses fonned in the past two fiscal years. At present, <br />new business formations outpace business cessations, a positive indicator of a healthy <br />economy. Thus, despite the widely publicized impacts of large corporate ownership <br />change and layoffs such as at Oracle, Pleasanton's economy is flourishing at the vital <br />start-up level. Even the recent sale of vacant Oracle (fonnerly PeopleSoft) buildings to <br />new investors suggests the private market's confidence in Pleasanton as a location for <br />office-based businesses. <br /> <br />To ensure future fiscal and General Fund revenues, the Economic Development Plan should <br />also focus on maintaining Pleasanton's retail and lodging/tourism competitive advantage. <br />Future expansion by the current owner of Stoneridge, along with planning for mixed use <br />development at Hacienda and new agri-tourism initiatives, will be important contributors to <br />Pleasanton's fiscal vitality. <br /> <br />Pleasanton Economic Development Background Report <br />RNAL - January 2006 <br /> <br />3 <br />