The UCSB Economic Forecast Project hosted its 34th annual summit last Thursday at Santa Barbara’s Granada Theatre. Attendance was large with many South Coast business elites packing the venue. News from the summit was that Santa Barbara’s economy looks to be headed in a positive direction for the next several years. Data regarding the area’s rising GDP, employment growth, new businesses and increased home values was shared. Percentage increases in agriculture, wine, clothing, retail, and building material sales was also given.
Key points presented at the recent economic summit also included the following: The real estate industry in Santa Barbara County currently accounts for the largest share of the GDP at 19%; A record breaking demand for housing caused rents to increase 7.1 percent last year, with an additional increase as high as 6 percent predicted for this year; Overall 2,692 jobs are expected to be added in the county this year, although most of those jobs will not be “high paying”. To read more news presented and details of the summit click here.
While Santa Barbara County’s economic figures are growing, its share of available housing has continued to stay at record low levels. The City of Santa Barbara permitted only 12 new residential units last year according to UCSB, and Carpinteria only 2. In addition, figures this week show that the currently available resale inventory in the Santa Barbara area is down over 12 percent from the same time last year. Amidst the low supply of homes I look forward keeping you informed of the very best property opportunities available throughout the year and appreciate your inquiries!