San Luis Obispo County Economic Statistics
The Tribune released its Biz Buzz Extra magazine on August 27. The magazine profiles a few successful local businesses and industries, spotlights Q & A with "the experts" and includes an array of interesting local economic statistics. Below, we have included a rundown on these profiled statistics.
1) Housing Market
The SLO County median home price has dropped 40 percent off its 2005 peak of $581,305 to $354,842 in the first quarter of this year. That number represents the lowest median price since 2002. The number of foreclosures, 300, at the beginning of 2011 has easily been the most since the housing bubble burst. Despite the slump, there are reasons for optimism. This July, home sales grew 34.7 percent in SLO County, including a 32.8 percent increase in existing home sales. The hike in sales has helped take excess inventory off of the market, which was helping to keep home price low. We could be seeing the bottom of housing market prices, and as foreclosed properties continue to be purchased, a recovery seems to be likely.
2) Taxable Sales
We have seen a slight uptick in taxable sales around the county from 2009 to 2010. Specifically, last year there were $30.5 million in taxable sales, as opposed to $29.4 million in 2009. The county peaked at $36.3 million in sales in 2007, which then dropped to $34 million in 2008 before the $5 million drop in 2009.
3) (Un)employment
SLO County enjoyed healthy employment rates through the early 2000s, and until 2008 unemployment rates ranged between 3 and 5% - well below the national average. Now, SLO county has an unemployment rate higher than the national average, and there does not appear to be an easy break through in sight. We have hovered at an unemployment rate between 10.5% and 9.5% for much of the past year. We have seen slight job growth early in the year, and have remained just below 10% since peak unemployment in November 2010.
