The California Association for Local Economic Development (CALED) recently honored the City of San Marcos with an Award of Excellence—its highest prize—for helping local businesses grow over the past two years.
San Marcos has helped four San Marcos companies secure nearly $1.4 million in state income tax credits since 2017, allowing them to collectively create 79 local jobs.
“We’re proud to have helped these businesses connect with the resources they need to grow in San Marcos,” said Economic Development Manager Tess Sangster. “These companies will undoubtedly boost our local economy, which is a really big win for our whole community.”
The Governor’s Office of Business and Economic Development (GO-Biz) awards these credits, which are applied to reduce a company’s state income taxes. Those savings are then invested back into the company.
Winning these credits is highly competitive, so city staff guided business owners each step of the way. This included calling on the San Diego Regional Economic Development Corporation (San Diego Regional EDC) for added expertise in the area.
“Helping these business owners put their best foot forward was a team effort,” Sangster said, pointing out that the City appropriately won the award in the Economic Development Collaboration category. “By bringing San Diego Regional EDC to the table, we were ultimately able to win against stiff competition.”
In fact, only 63 companies across the state were awarded tax credits in the last round—and San Marcos was the only city in northern San Diego County to make the list.
To date, the City has helped: Wholesale Shade earn a $500,000 tax credit that will create 26 jobs; Cliniqa earn a $350,000 tax credit that will create 24 jobs; Creative Electron earn a $446,700 tax credit will create 22 jobs; and Quick Charge Power earn a $100,000 tax credit that will create seven jobs.
These companies are all are part of San Marcos’ booming manufacturing industry, the City’s second-largest economic sector. Data recently compiled by the San Diego Regional EDC shows that manufacturing accounts for nearly 7 percent of local gross domestic product (GDP), or about $550 million annually. It also provides 11 percent of local employment, which is about 4,300 jobs.
Sangster—who formally accepted the award on Thursday, March 28 during CALED’s annual conference in Anaheim—said she hopes to help even more businesses apply for tax credits.
“The City is eager to support its business community, and this is one of the many ways we’re happy to continue doing that,” she said.
For more information about CALED, please visit caled.org. For more information about the City’s economic development division, visit www.san-marcos.net/openforbusiness or contact Economic Development Manager Tess Sangster at TSangster@san-marcos.net or (760) 744-1050, ext. 3120.