Santa Barbara real estate economic forecast to be “boringly steady” according to Bill Watkins, director of UCSB Economic Forecast Project

By Stephen Downarowicz • April 21st, 2008
Bill Watkins presented his yearly report and forecast, number 28 in consecutive years running, before about 600 people in the Lobero Theatre, Thursday April 17, 2008. "Things look boringly steady on the South Coast," he said, in due mostly to the Santa Barbara area tourism industry, which appears to be doing well and adding jobs. "It should be a very good year in part because of a weak dollar.” He stated. Mr. Watkins also anticipated a large number of international travelers to help fuel the tourist industry as they take advantage of their stronger currencies. A weak dollar also helps exports, like wine and other Santa Barbara County products. Watkins also predicted the Santa Barbara region will maintain strong demand for sources of specialty products, especially in the downtown Santa Barbara sector of the State Street market.
 
Mr. Watkins said positive trends in the North Santa Barbara County area for 2008, are Vandenberg Air Force Base, which is increasing satellite launch missions, along with increased wine industry activity due to some harmful weather in other wine growing regions worldwide, like Australia, and a resurgence of a number of abandoned oil wells due to a jump in crude oil pricing.

UCSB forecasters predicted a county wide growth in 2009 of 4.3 percent sales growth and 1.3 percent price growth, for the whole of Santa Barbara County. To date the Santa Barbara county real estate performance of the South County area, continues stability and strength, especially in the upper end Santa Barbara estates for sale segment of the Santa Barbara real estate market. That strength should continue as the North County also stabilizes.

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