Quake May Have Economic Upside: Thousands of New Jobs

Despite the destruction that hit much of Ventura County as a result of last week’s earthquake and its aftershocks, the quake’s long-range financial impact on the county should be positive, in the view of Cal Lutheran University economics professor Jamshid Damooei.

Thousands of jobs will be created to repair the damage to homes, industrial plants, stores and public facilities, predicts Damooei, an expert on the county’s economy.

“The construction industry will be the main beneficiary, but numerous other fields, such as retailing and finance, will benefit, too,” he said. “A great many support services prosper when building activity expands.”

Damooei expects the upsurge to last through the rest of this year and to continue into 1995. “By then, Ventura County’s slowly developing comeback could kick in. Tragic as the earthquake was, it could mark the beginning of a long-term business improvement.”

Along with the gains, however, the county will suffer all-too-apparent losses, the economist noted.

“Millions of dollars in assets have been destroyed. Some of it will never be recovered. Even state and federal aid, as welcome as it is, must be paid for by somebody somewhere,” he said.