County Economy Grew Steadily in ’89 but Real Estate Slowed Down : Business: A survey shows that a predicted boom did not materialize. High interest rates slowed construction.

Ventura County’s economy did not boom last year as many local businesses had predicted, but the county did experience a year of steady economic growth, according to a countywide survey released Friday.

Nearly two-thirds of 519 businesses responding to a Ventura National Bank survey said their sales increased in 1989. In January, however, an earlier survey by the same firm had predicted a banner year, with more than 80% of the respondents anticipating that their businesses would grow.

“When the January survey went out, the economy was in an upswing. Things were really booming, and there was no reason to believe that would change,” said Richard Ball, Ventura County National Bank’s senior vice president in charge of the survey.

But since then, Bell said, high interest rates and slow-growth restrictions have slowed the real estate and construction markets considerably.

After a good year in 1988, the real estate industry was stagnant in 1989, the survey suggests. Forty-one percent of the respondents said their profits increased, and an equal percentage said profits decreased.

The retail market--while remaining healthy--slowed too, Bell said. With the nationwide savings and loan industry crisis and some economists predicting a recession, “people held onto their dollars,” he said. “And we did not have a robust Christmas season.”

However, major retail companies--auto dealers and furniture and large appliance stores--escaped the downturn, the survey suggests. Together with agribusiness and service companies such as banks, they were the fastest-growing businesses in the county, with more than 70% reporting increased sales.

On the other hand, energy-related ventures such as oil companies continued their prolonged slump, with more than half reporting sales decreases.

“The price of oil is up, and the ecological impact of drilling is affecting that industry too,” Bell said. When oil prices increase, production slows, he said.

Overall, the county’s business community is more cautious than it was last year, but it remains optimistic, the survey concludes. Only 3% of the respondents said they would consider relocating outside Ventura.

Three-quarters of those surveyed said they expect increased profits this year.