New business ventures set to improve San Jose's economy

For most professionals, finding a metro with a strong economy is important when searching for a home. Potential homebuyers looking at the homes for sale in San Jose are in luck - the metro posted significant positive numbers in the past year, and the upward trend is expected to continue well into 2013. Area companies and city officials are working together to promote further economic progress by increasing hiring and making new business ventures easier to implement.

San Jose initiates new business incentives
During and after the economic recession, many companies closed down in cities across the United States, and the same held true in San Jose. However, city officials in the California metro are changing zoning laws and other restrictions so that businesses may better thrive in the recovering economy. The Silicon Valley/San Jose Business Journal reports that the San Jose City Council eased restrictions on ground-floor retail space in March 2012. Now, the metro area has another, similar initiative - the city council is launching a public-private partnership.

According to the news source, new fee waivers and discount "teaser" lease rates are part of the council's new initiatives, which are intended to entice retailers to open shop downtown and in other San Jose business districts.

"It's a coalition of the willing," San Jose Councilmember Sam Liccardo told the news source. "If [property management companies are] willing to offer discounted rates, we're willing to waive fees."

According to the new proposal, the city would waive permitting and business licensing fees for commercial spaces where landlords are willing to reduce leases for at least 12 months. Right now, the city is recommending reducing rent by $1 per square foot.

"Obviously [anything] could change as (the proposal) moves through the council process," Liccardo said, explaining that the incentives are subject to review by city staffers. "If they say $1.25 would be better, then we’ll consider that. We recognize the challenges that small businesses are facing in an uncertain economy. Although we don’t have dollars to give, the city needs to be nimble and proactive in filling empty storefronts."

City initiatives like this demonstrate to the public how much the area's officials are willing to consider innovative ways of revamping the metro. Consider the benefits of this and other similar proposed San Jose programs, which can make living in a progressive city worthwhile.

Investors attracted to area business
Local computer hardware and software brand Oracle is expected to report a double-digit boost in second quarter earnings for 2012. The Silicon Valley/San Jose Business Journal reports that the organization's quarterly report is being examined by industry experts, as it is an early indicator of the strength of the technology sector, and it was announced weeks before other tech companies released their earnings data.

Current projections are positive, according to the news source, because the tech company recently purchased Sun Microsystems and gave industry experts a peek at new hardware and software being developed. That section of the business is accredited with bringing in about 80 percent of the organization's profits.

Due to the volume of tech industries in the Silicon Valley area, it may be important for potential homebuyers to pay attention to the fiscal success of local businesses, which provide a higher number of local jobs. If industry leaders believe the success of Oracle indicates that similar businesses will also see strong gains in 2012, workers and families may feel more secure in their futures. A thriving community is made up of many parts - including local companies, which is why their success could positively affect residents. Check out property in San Jose to determine if this is the right metro for you.