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California economy and the Central Coast's economies hitting record highs

money
Posted at 7:37 PM, Oct 26, 2022

California is poised to surpass Germany as the 4th largest economy in the world…here on the Central Coast we’re seeing similar success much to do with tourism and its massive rebound post-pandemic.

California's total GDP last year, $3.3 trillion is closing in on Germany’s $4.2 trillion, the smallest margin on record. That lead is forecast to disappear as Germany's economy looks to shrink next year, according to Bloomberg news. On the Central Coast, our economy is just a blip on the state's radar, yet continues to boom.

"The California market is huge when California changes the rules about something that often changes things for everyone in the United States," explained Dr. Dan Seiver Cal Poly Economics Professor.

California outperforms the US and the rest of the world across a multitude of industries, which helps the state bounce back and get tourism once again soaring. While our coastal community doesn’t stack up number for number, we do hold our own in tourism revenue.

"Tourism in San Luis Obispo County is the second largest economic driver here its only second to agriculture were putting 20,000 people to work every day generating almost $1.8 billion in travel spending a year," said Chuck Davison, President and CEO, Visit SLO CAL.

That number is the highest on record and the county is not stopping there. For the first time in its 6-year lifespan, San Luis Obispo won the bid to host the California luxury forum, an event where 30 buyers and 10 media reps from around the world got a taste of the San Luis Obispo life, putting the laid-back luxuries of San Luis Obispo County on the map.

"40 travel companies make up about $4.1 billion in annual travel spend so introducing this audience to this destination creates future economic impact to our community," said Davison.

Unlike the usual white glove grandeur, the Central Coast brings a relaxed feel to luxury through experiences unique to the Central Coast. A local retailer, Junk Girls, is getting in on the action demonstrating their niche business.

"It's not just about wine and it's not just about hiking there are lots of different things to do and I think they did a really great job in showing that," said Jenny Kompolt, Junk girls.

San Luis Obispo competed against 100 other destinations to win the bid for this forum and the county is optimistic about the long-term and sustainable type of revenue it will produce.

The Central Coast Economic Forecast event is happening next Friday, November 4th which gives an in-depth review of the Central Coast’s economic standings over the past year. That will happen at the Madona inn.