Ventura County Shows Economic Growth

The county’s economy continued to pick up steam through the first half of 1999, setting a pace to make this year its most successful of the decade.

In its midyear review and forecast, the UC Santa Barbara Economic Forecast Project found that the local economy, primed by increased consumer spending and soaring business confidence, had grown through June at a healthy 4.1%.

Comparatively, growth in all of 1998, the county economy’s most successful year this decade, came in at 3.5%.

“If you had asked me six months ago where the economy would be right now, I wouldn’t have predicted this,” said forecast Director Mark Schniepp. “There hasn’t been this slowing that we would have expected to see by now. . . . Things have just gotten better.”

Leading economic indicators such as employment growth, resident spending and earned income averages all remained solid through June.

Through the first six months of the year, about 5,000 jobs were created in the county, most in service, retail, construction and education. That is closing in on the 8,500 jobs created during last year’s explosive economic expansion.