FAIRFIELD — Solano County continues its long climb back from the depths of the Great Recession, but still has a way to go, a new economic report finds.
Solano County’s labor markets grew quickly in 2013 and may be accelerating. The number of unemployed residents has declined by more than 30 percent since 2010.
But another 6,285 residents need to find jobs before the unemployment rate will return to the 2005, pre-recession mark of 5.4 percent. The rate for January was 8.1 percent. The county lags the Bay Area in labor market recovery, the report said.
The Solano County Board of Supervisors on Tuesday is scheduled to hear the Solano County 2013 Index of Economic and Community Progress. It meets at 9 a.m. at the county Government Center at 675 Texas St.
Solano County launched the community progress reports in 2007 after several local economic summits. These reports are designed to take the pulse of the local economy. The latest edition focuses on how the county is recovering from the recession.
In a rarity for recent years, supervisors will receive an economic report with positive news.
For example, the report looks at the housing market. The housing market meltdown helped trigger the Great Recession.
The local housing market in 2013 experienced a “perfect, positive storm” with strong financing conditions, availability of houses and rising demand. The number of foreclosures and notices of default fell to pre-recession levels. Prices climbed to 56 percent over the lowest median level during the recession, the report said.
The median price for a Solano County home in December 2013 was $218,000, according to San Diego-based real estate service DataQuick.
Still, Solano County in 2013 had affordable housing in comparison with the surrounding area. Fifty-six percent of the population can afford a median-priced house, compared to 50 percent in Sacramento, 28 percent in Napa County, 24 percent in Sonoma County, 18 percent in Contra Costa and Marin counties, 16 percent in San Francisco County and 32 percent for the state, the report said.
Gross domestic product is a common measure of the nation’s economy. The Solano County report looks at the gross county product – the sum of all goods and services purchased within county borders during a year.
Solano County’s gross county product grew by more than 4 percent in 2012 and perhaps by 3.8 percent in 2013, the report said. Still, the county’s inflation-adjusted, pre-recession gross county product in 2005 was 5.2 percent larger than in 2012, showing the county has yet to overcome the losses from the recession, it said.
Solano County and the Solano Economic Development Corp. released the new report. Robert Eyler of Economic Forensics and Analytics prepared the data.
Eyler will present the Index of Economic and Community Progress at 8 a.m. March 28 the Solano Economic Development Corp. breakfast at the Hilton Garden Inn, 2200 Gateway Court, Fairfield. Call 864-1855 for registration information.
Reach Barry Eberling at 427-6929 or [email protected] Follow him on Twitter at www.twitter.com/beberlingdr.