A new report by the Monterey County Business Council and Beacon Economics reveals significant insights into the local economy, highlighting both strengths and challenges. The presentation included a variety of topics with the purpose to help businesses understand what type of things are going on and how they can prepare for the future so they can succeed.The report found that Monterey County leads the nation in agricultural output, with the ag sector supporting more than one-third of private-sector jobs in the county.However, the sector faces significant challenges, including a decline in payrolls over the past year.”In order to afford to rent here, the average price of rental housing in Salinas, you need to earn nearly $60 an hour,” the report notes.”Obviously, earning the minimum wage or just above the minimum wage for farmworkers is not going to cut it,” the report adds.Matt Huerta of the Monterey Bay Economic Partnership advocates for fair and affordable housing and emphasizes the need for more housing options.”We desperately need more apartments to meet the needs of farmworkers, especially, and other lower-income parts of our workforce that can’t find any housing right now,” Huerta said.The report also found that incomes countywide grew by more than four percent, with the average income in Monterey County at $54,000.However, this is 38 percent less than the state average, attributed to the prevalence of low-skilled, low-paying jobs in agriculture and hospitality.The study also highlights a shift in consumer trends, noting an increase in vacant retail space compared to six years ago as more consumers turn to online shopping.”If a city has space that’s available, the technology that’s out there can say here’s the type of businesses that would do well there,” the report explains.”There are all kinds of information to help them solve the problems that we didn’t have before,” the report concludes.To read the full report from Beacon Economics, click here.
A new report by the Monterey County Business Council and Beacon Economics reveals significant insights into the local economy, highlighting both strengths and challenges.
The presentation included a variety of topics with the purpose to help businesses understand what type of things are going on and how they can prepare for the future so they can succeed.
The report found that Monterey County leads the nation in agricultural output, with the ag sector supporting more than one-third of private-sector jobs in the county.
However, the sector faces significant challenges, including a decline in payrolls over the past year.
“In order to afford to rent here, the average price of rental housing in Salinas, you need to earn nearly $60 an hour,” the report notes.
“Obviously, earning the minimum wage or just above the minimum wage for farmworkers is not going to cut it,” the report adds.
Matt Huerta of the Monterey Bay Economic Partnership advocates for fair and affordable housing and emphasizes the need for more housing options.
“We desperately need more apartments to meet the needs of farmworkers, especially, and other lower-income parts of our workforce that can’t find any housing right now,” Huerta said.
The report also found that incomes countywide grew by more than four percent, with the average income in Monterey County at $54,000.
However, this is 38 percent less than the state average, attributed to the prevalence of low-skilled, low-paying jobs in agriculture and hospitality.
The study also highlights a shift in consumer trends, noting an increase in vacant retail space compared to six years ago as more consumers turn to online shopping.
“If a city has space that’s available, the technology that’s out there can say here’s the type of businesses that would do well there,” the report explains.
“There are all kinds of information to help them solve the problems that we didn’t have before,” the report concludes.
Read More: New report highlights economic challenges and opportunities in Monterey County