A number of our associates attended the 27th Sonoma State University Economic Outlook Conference with a presentation from Keynote speaker, economist Robert Eyler, Ph.D. Robert, and 2 panels of experts (On the future industries & on the housing challenges and successes) provided an economic forecast, and discussed what’s ahead for the business community and home building in the North Bay.
Our associate Mike Lagoyda shared some his main takeaways from the event:
- Recession is unlikely before 2023
- People are not leaving the North Bay in droves. The two counties that lost the most population last year were Napa (declined about 1,000) Marin (declined about 1,500). But if you stretch out the curve to 10 years most North Bay Counties Population is up 2.5-3%
- We need a good mix of housing developed to maintain our local workforce (rentals & entry-level housing) but it is hard to get these projects to pencil. Will be an ongoing challenge for the region.
- Rents actually went down last year in Sonoma County for the first time in a long time.
- We passed the 1,000 home mark this month on completed fire rebuilds inside Santa Rosa City Limits. Coffey Park is on its way to 100% completed rebuilds. Fountaingrove will take another 5 years or so to near completion.
- The importance of small business & construction in the local economy. (almost 70% of all businesses in Marin County have 9 or fewer employees! This stat blew my mind!)
- The 5G wireless network is coming and it is the linchpin to a deluge of new developments in technology: Driverless cars & delivery trucks; mobile worker robots doing repetitive manual labor like framing houses; increased interaction with the IOT (Internet of Things – all of your devices are going to start coordinating with each other)
Robert’s full presentation can be found on Sound Cloud or by following the link below:
northbaybusinessjournal.com/ industrynews/education/ 10731855-181/recession- unlikely-in-the-next