The economy is gradually getting better for California and the North Bay, but taking its own sweet time, while significant obstacles to recovery must still be addressed. Today's North Bay Report offers highlights from the annual Sonoma State Economic Outlook Conference held Thursday morning.
Economic professor Robert Eyler, Director of the Center for Regional Economic Analysis at SSU, told the school's annual Economic Outlook Conference Thursday that the biggest impediment to a robust recovery in our region is a shortage of business investing. But he adds that both lenders and borrowers share that responsibility.
The construction industry is expected to be slow to rebound throughout California, not just in the North Bay. State Controller John Chiang is hoping to give that sector a boost by promoting home remodeling projects that add energy efficiency.
Employment figures, even those that reflect well on California, are only an indicator, Chiang says, so there is a great deal that those numbers cannot tell about the nuances of today's job market.
Government, a major employer across the state, is another sector of the economy that will be slow to rebound from the recession, predicts Eyler. But he speculates that displaced workers from counties and cities could prove attractive to certain types of businesses that are looking to expand.