Economic Development Update
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Why Companies are Onshoring in Tracy
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Approximately two of every three North American manufacturing companies surveyed by Thomas reported COVID-19 business disruptions. Interrupted supply chains and delayed product deliveries have increased significantly over the past six months. Business officials across the country are reevaluating cost savings practices such as offshoring in the current business environment. Whether they opt to move their entire operations or seek local suppliers, Tracy, California finds itself in the position to leverage its prime location as the gateway to the Bay Area, a readily available and diverse commercial real estate supply, large and affordable labor force, business friendly environment, new infrastructure, and high quality of life.
Onshoring is Logical Solution
For four decades, companies have offshored manufacturing operations overseas in order to save costs. But the COVID-19 crisis has essentially reversed the race to cut costs as companies were no longer able to supply customers and fulfill contracts. Onshoring has been increasingly embraced as the solution to reducing the risk of future disruptions and delays. Though companies may not be looking to move their entire operations back to the United States at once, gradual reopening of U.S. manufacturing facilities has started to take place. In addition to companies onshoring directly, 28% of suppliers surveyed reported seeking domestic sources. This will create trickle expansion opportunities for current U.S. manufacturers.
Onshoring in Tracy Prior to COVID-19
Tracy is uniquely positioned to accommodate the reshoring trend and enable growth for companies seeking to leverage the benefits of returning their operation to the U.S. or those onshoring for the first time. Prior to the COVID-19 crisis, Tracy had already built significant momentum drawing new businesses like Thermo Fisher Scientific and Medline. According to Tracy’s City Manager Jenny Haruyama , the City Council had planned for the future with a 30-year Infrastructure Master Plan, providing a roadmap for infrastructure, which includes water, sewer, drainage, roads, parks, public facilities, and fire and police facilities. The City also streamlines the entitlement process with zoning permits approved at staff level.
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New Residential and Commercial Development Activity
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Industrial
Industrial rents have continued increasing in Tracy since 2012 with vacancy decreasing. Industrial space has been in strong position to overcome COVID-related changes in the economy due to the needs of supply chains, proximity to the large Bay Area consumer markets, and reshoring. The following manufacturing building activity is in the pipeline:
- Amazon #3
- Home Depot #2, with Will Call
- Best Buy #2, with Will Call
- 3 Buildings in NEI
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About the City of Tracy
Tracy is a community where neighbors and local merchants greet you by name and the welcoming never stops. It’s a great place to establish your business. And you’ll find friendly and expert support along the way as we strive to serve your existing, expanding or new business.
Tracy is centered in a triangle formed by major interstate I-205 to the North, I-580 to the west and I-5 to the east. This arrangement offers easy access to a modern, well maintained network of roads and easy access to the cities of Sacramento, San Francisco, San Jose and Los Angeles. Recreation hot-spots like Bay Delta, Yosemite, Tahoe and the San Francisco Bay are also within easy reach. View our community profile.
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We Can Help
Tracy is committed to a strong, growing business climate. The process of collecting data, finding a site, obtaining permits, constructing a facility, and hiring and training an adequate workforce may seem daunting. The City of Tracy understands these challenges and partners with the business community to enable success. A wide range of business-friendly financial incentives, such as sales tax rebates, direct financial assistance incentives and Building and Planning Rebates, are available to companies choosing to locate to the City. If onshoring is part of your business protection strategy, Tracy is here to help with the entire process. Contact us to learn more.
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Contact Us
Economic Development Manager
Tel.: (209) 831-6493
Email: michael.nimon@cityoftracy.org
Economic Development Analyst
Tel.: (209) 831-6491
Email: barbara.harb@cityoftracy.org
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City of Tracy
333 Civic Center Plaza,
Tracy, CA 95376
www.cityoftracy.org
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