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Wine, tourism and medical technology behind economic recovery

Wine, tourism and medical technology will drive Sonoma County's continuing economic rebound next year, with gains in employment and personal income, according to an economic forecast released Wednesday.

The Fall 2012 Local Economic Report forecasts a gain of 3,800 jobs and a 5.2 percent growth in personal income in 2013, with continued expansion through 2016.

"It's definitely upbeat and optimistic," said Ben Stone, executive director of the Sonoma County Economic Development Board, which issued the report.

The local economy has been gaining momentum for several years, Stone said, noting that the expected job growth for next year will exceed state and national averages.

"I think good times are coming," he said.

The forecasts, prepared by Moody's Analytics, show county employment rising to 177,200 jobs next year, up from 173,400 this year.

The annual unemployment rate next year will drop to 8.0 percent, down from 8.6 percent for 2012. In 2014, unemployment will drop to 7.1 percent, falling to 5.9 percent in 2015 and 5.4 percent in 2016, the report said.

Sonoma County unemployment was 5.8 percent in 2008, peaked at 10.4 percent in 2010 and has been declining since then.

The report pegged personal income growth at 3.8 percent this year, about the same as it was in 2010 and 2011.

Personal income is expected to grow by 5.2 percent next year and by more than 7 percent in 2014 and 2015. Income suffered a 7.1 percent drop in 2009 and has since grown every year.


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