Pasadena, CA - The City of Pasadena proudly unveiled its new Economic Development Strategic Plan, a roadmap designed to showcase and amplify the city's inherent strengths and ensure its continued prosperity, vibrancy, and charm. This plan, developed through extensive research, collaboration, and community engagement, is a pivotal step in Pasadena's ongoing efforts to foster innovation, resilience, and economic growth.

The Economic Development Division, an integral part of the City Manager's Office, has crafted this strategic plan to create new opportunities and highlight the existing vibrancy of Pasadena. With input from city officials, local businesses, and community stakeholders, the plan aims to build, and spread the word about Pasadena's exceptional quality of life, thriving business environment, and cultural richness, guiding the city's economic initiatives over the next five years.

"Supporting and nurturing our local businesses is crucial for Pasadena's fiscal health and overall prosperity," remarked City Manager Miguel Marquez. "The contributions of our business community are vital for maintaining the city's quality of life and economic stability."

Key Highlights and Success Stories

Pasadena is poised to become a regional leader in "Deep Tech" industries, including life sciences, AI, and quantum technologies. With the city's strong tech workforce and world-renowned institutions like Caltech, Pasadena offers a unique environment for companies at the cutting edge of innovation. Recent successes include the relocation of Xencor Inc. to Pasadena and the upcoming expansion of Motiv Space Systems in 2024, underscoring Pasadena's growing appeal in these high-growth sectors.

Following the disruptions caused by the COVID-19 pandemic, Pasadena has made a steady recovery, with current employment levels nearing the pre-pandemic peak of 80,000 jobs. The new strategic plan aims to accelerate this recovery by addressing the evolving economic landscape and leveraging Pasadena's competitive advantages.

In 2023 alone, Pasadena's commercial parcels contributed over $114 million to the City's general fund, with sales and tax revenues adding nearly $70 million. Pasadena has outperformed neighboring cities and Los Angeles County in key economic metrics, boasting a lower office vacancy rate, lower unemployment rate, and higher median earnings.

The plan also aims to tackle Pasadena's retail oversupply with targeted methods to reduce vacancies and enhance neighborhood commercial corridors. By refining retail space requirements and expanding allowable uses the city is ensuring a more vibrant, sustainable commercial landscape that meets the needs of both residents and visitors.

Pasadena is also a regional destination for shopping and dining, supporting more collective square feet of retail and food & beverage offerings than its nearby competitors. As highlighted in recent publications like Vogue and The New York Times, Pasadena offers a unique blend of historic charm and modern luxury, making it a sought-after destination for visitors and residents alike.

"We are thrilled to reach this milestone in the Division, and now the exciting work of carrying out the plan's initiatives begins," said Director David Klug. "Our success depends on strong collaboration with our community partners, and we look forward to working together to enhance Pasadena's economy."

Strategic Pillars for Growth

The plan outlines six guiding principles that will direct the Division's efforts and those of its partners:

1. Build Systems and Partnerships for Success - establishing strong public-private partnerships, enhancing communication and marketing efforts, and forming a Deep Tech Council.
2. Champion Life Sciences and Cultivate a Deep Tech Ecosystem - leveraging Pasadena's competitive advantages to attract and retain industry leaders.
3. Invest in Neighborhoods and Small Businesses - reducing barriers to market entry and improving neighborhood commercial corridors.
4. Reinforce Pasadena as a Destination for Culture and Entertainment - with strategic investments in cultural and entertainment offerings that complement Pasadena's status as a dining destination.
5. Expand and Streamline Workforce Opportunities - through partnerships and training programs that prepare residents for the jobs of tomorrow.
6. Prioritize Place and Accessibility Investments - enhancing Pasadena's walkability and connectivity to create a more attractive environment for businesses, residents, and visitors.

Join Us in Shaping Pasadena's Future

The City of Pasadena invites businesses, investors, and community members to partner in this exciting new chapter. To explore opportunities or learn more about the strategic initiatives, please contact the Economic Development Division at [email protected] or (626) 744-4660.

Visit CityOfPasadena.net/EconomicDevelopment/Development-News/ to view the full plan.

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