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Experts share thoughts on Central Coast’s future at Economic Forecast

Posted at 7:30 PM, Nov 02, 2018
and last updated 2018-11-02 22:48:41-04

Business leaders said the Central Coast economy is booming, but there are still some challenges ahead.

More than 500 professionals came together for the Central Coast economic forecast at the Madonna Expo Center Friday.

According to business leaders, the San Luis Obispo economy added more jobs in manufacturing, wholesale trade and real estate.

Business leaders said retail trade and professional business industry jobs went down.

A Beacon Economic founding partner, Christopher Thornberg, said the economy is strong with two and a half percent growth but the trade problems with China linger.

He said one of his worries is California’s housing crisis, which relates to the national housing market.

“My biggest worry about California is we have artificially constrained growth on the basis of these housing markets that just aren’t producing enough,” Thornberg said. “This state needs 210-260,000 residential permits per year. We’re running half that right now.”

The forecast said the average wage of full-time workers in San Luis Obispo County has increased to almost $48,000 a year.