FAIRFIELD — The property tax rolls climbed for the sixth straight year, a sign that the Solano County economy continues to improve in the wake of the Great Recession.
Moreover, the gross value of crop and livestock production increased after two straight years of decline, reaching$362.82 million in 2017 – the second highest in county history. The highest was in 2014 at better than $378.64 million.
Additionally, Travis Air Force Base remains a strong foundational piece with its estimated $1.6 billion economic impact. That situation is even more secure with the soon-to-arrive KC-46 Pegasus mission.
Still, it is the promise of an economic boon that continues to be at the forefront of the big picture discussions.
Government and business leaders note how the county is in such a strong position – geographically and in terms of available resources – to attract Bay Area firms looking to relocate or even to land new companies.
It is why the Solano Economic Development Corp. last year unveiled a new marketing strategy, and a detail-rich source of information that includes available land, financing options and other critical points of interest.
The system is designed to be able to gather information quickly and distributed to anyone interested, and to get those firms in touch with the appropriate public and private resources that can be of further help.
The resource goes so far to show prospective firms the areas that are shovel-ready, and those that may need a bit more infrastructure and areas that are raw but may have potential.
The EDC is targeting certain industry clusters, such as biotechnology, food and beverage manufacturing, healthcare and agri-tourism, the latter of which just got a big jolt with the approval to construct the Caymus Solano Winery in Suisun Valley.
The lack of housing stock, transportation improvements, workforce development and a wide and troubling wage gap continue to be serious hurdles for the county to overcome.
Housing is of particular importance. Solano County is viewed – from the outside looking in – as more affordable than other Bay Area counties. That is good news for commuters who make their homes locally, but travel to the wage-stronger areas.
It is not-so-good news for the local workforce as the cost of buying a home, and the skyrocketing rents, are outpacing their incomes.
Economist Robert Eyler, in his 2017 Index of Economic and Community Progress, noted that might be changing.
He told the Board of Supervisor recently and business leaders at a later event that Solano County can likely expect economic growth through 2021 and beyond as jobs, wages, housing prices and tax revenues have had a slow, steady climb in recent years.
Most promising, he said, is that over the next 10 years, Solano County’s wage increase projections are expected to outpace the state average.
Eyler also said job growth should be seen across all industry sectors.
“There is no recession projected by any national- or state-level economist (doing this work) every day of the week,” said Eyler – at least as of the time of his report, he added.
He said if a recession did hit between now and 2022, it would likely be mild, historically speaking.
Bob Burris, president and chief executive officer of the Solano Economic Development Corp., has said he expected to see more manufacturers locate to Solano in the last part of 2018 and into 2019, noting specifically a consumer product firm.
The absolute single greatest strength in the whole of the Solano County economy remains the abundance of water, though the ongoing study of groundwater has been difficult at times.
Water drives an agriculture industry and is the tastiest of carrots to dangle in front of manufacturing and other firms that are looking at Solano as a place to settle.
