Regional unemployment rate hits new pandemic-era low
The tri-county region’s combined unemployment rate dropped to 4.7% in October, down from 5% in September and a new pandemic-era low, according to new data released by the California Employment Development Department on Nov. 19. The statewide unemployment rate in mid-October was 7.3%, down from 7.5% the month in September, as California added 96,800 non-farm Read More →
Sonos reports loss for quarter but record annual revenue
Santa Barbara home audio company Sonos beat analysts’ expectations with its fourth-quarter earnings and also delivered record revenues for its 2021 fiscal year, but supply chain issues could spoil the first half of 2022, the company said. Sonos reported a net loss of $8.7 million in the quarter ended Sept. 30, according to results released Read More →
WEV wins $50K Bank of America grant for equity programs
Women’s Economic Ventures received $50,000 in grant funding from Bank of America’s philanthropic program to help underrepresented entrepreneurs on the Central Coast. The grant, announced by the Santa Barbara-based nonprofit on Nov. 17, will be used to advance a micro-grant and entrepreneurial training pilot program it launched recently in partnership with an Oxnard-based nonprofit supporting Read More →
Real Estate: Hotel Californian was Santa Barbara’s biggest hotel sale in years
The Hotel Californian on lower State Street in Santa Barbara was purchased for an estimated $130 million, according to Hayes Commercial Real Estate’s recently released South Coast market report. Foley Entertainment Group, founded by Las Vegas Golden Knights hockey owner and Santa Barbara County wine magnate Bill Foley, bought the 121-room hotel near Santa Barbara’s Read More →
Goleta plans to sue UCSB over housing
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Economist: Return of international travelers could strain hospitality industry
Reopening international travel to the United States might create some problems in Santa Barbara in wake of employment disruptions triggered by the pandemic, especially in the restaurant industry, economic Mark Schniepp said at a Nov. 11 economic forecast event. On Nov. 8, the U.S. lifted travel restrictions from specific countries and vaccinated international visitors entered Read More →
Transphorm reports profitable quarter, big revenue growth
Goleta-based Transphorm saw revenue increase for the seventh consecutive quarter and also reported a profit for the quarter ended Sept. 30. Transphorm, a supplier of gallium nitride power conversion products, reported net income of $6 million, or 15 cents per share, compared to a net loss of $7.1 million in the same quarter a year Read More →
