Notes from Sonoma County Economic Development Board Meeting at Santa Rosa Realtors’ Breakfast:
1. Unemployment in Sonoma County has dropped.
2. New Construction will be slow until 2011.
3. There is concern over consumer credit; interest rates should start going up in 2011 to start paying off U.S. debt.
4. Sonoma County (real estate) prices have come down 54% since 2006.
5. Canadian and U.S. monetary values almost the same.
6. Commercial Property vacancy rates are high.
7. Business confidence is up – beginning to hire, buying new equipment.
8. Changes coming will be in Green Technology, Digital, Bio and Life Science, Animation.
9. Look for increased tourism, Health & Wellness, Wine re-branding, Finance, Insurance and Real Estate.
10. Green Stimulus incentives now available.
11. Economy should pick up 2010-2011, although we will continue to have unemployment into 2013. Unemployment will start to stabilize this year and start dropping in 2011; incomes will start to rise in 2011; stabilizing in 2012-2013.
12. Watch what happens nationally; it will help improve our (local) economy.
To see the full report, you are encouraged to go directly to the Sonoma County Economic Development Board website at: http://www.sonoma-county.org/edb/pdf/2010/financial_realestate_creative.pdf.
I hope you find this information informative. If you have any questions, please feel free to contact me by telephone at (707) 799-5069 or e-mail at badamsrealtor@sbcglobal.net.
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