A new economic forecast shows continued problems for Ventura County’s economy.
Hundreds of community leaders were on hand Tuesday as California Lutheran University’s Center for Economic Research and Forecasting released its annual report.
A leading economist at the center said Ventura County’s economy has serious issues, with high home prices prompting many young adults to move elsewhere.
"The outlook is for slow, anemic growth for Ventura County," said Matthew Fienup, Executive Director of the Cal Lutheran Research Center. “We continue to see weakness in the area of job creation. We have been adding jobs in education and health care, but unfortunately, that's a lower-paying sector that doesn't support home ownership."
"The total number of jobs in all sectors outside of the education and health care sector has declined," said Fienup. "If it were not for education and health care, the total number of jobs would have declined."
With a median home price of $941,000, some young adults are looking at more affordable areas to live. The county’s population peaked in 2016.
Who's leaving the county?
"Generally speaking, they're younger folks under the age of 40, and they have middle incomes, between $50,000 and $150,000 annually," said Fienup. He noted those moving to the county tend to be people over the age of 65, with money.
Fineup says developing more affordable housing is key to improving Ventura County’s economy.
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