Tuesday, April 25, 2017

Solano County’s economic index shows increase in standards of living

By Melissa Murphy, The Reporter, Vacaville
Posted: 04/22/17, 2:14 PM PDT                                 

The Solano County 2016 Index of Economic and Community Progress is available for review. The full document is available online at www.solanocounty.com/economicindex.

Prepared by Robert Eyler, a principal at Economic Forensics and Analytics, along with the Solano Economic Development Corporation and the County Administrator’s office, the 2016 Index highlights Solano County’s continued economic growth since 2011 and expanding economic base.

The 2016 Index, according to county staff in a report to the Solano County Board of Supervisors, shows that personal income and gross domestic product per capita continue an upward trend while median household income decreased slightly.

“Taken as a whole, indications point to a year of increased standards of living,” staff said.

Key highlights of the 2016 Index:

• Solano County expanded with 3,700 new jobs in 2016, a growth of 2.8 percent.

• Solano County’s seasonally-adjusted unemployment rate is at 5.1 percent.

• Wages in Solano County remain competitive versus counties in the core Bay Area where rages are rising quickly due to minimum wage ordinances and market forces.

• Housing prices increased 15.3 percent in 2016 and housing affordability increased slightly, a sign of income growth to come in 2017.

The Solano County Board of Supervisors meets at 1 p.m. in the County Government Center, 675 Texas St., Fairfield.