Author: William A. Saks Columnist: William A. Saks Mar, 2009 Issue
This wave of new hotels with numerous retail additions, will bring revenue to the cities in the form of sales and transient occupancy tax. Ironically, the Bay Area’s economic woes may accelerate hotel demand in the Wine Country, as people take short weekend getaways rather than longer destination vacations. In summary, there are a lot of new jobs being created and a lot of “room nights” on the near horizon—which translates to a lot of new money about to hit our local economy.
Given the state of the housing industry and credit markets, is the commercial real estate office sector poised for a downhill spiral following its 2007 peak? While many believe the housing sector controls the fate of our economy, it actually accounts for only 4% of the U.S. Gross Domestic Product (USGDP).
Like most, I shudder when I hear the words “economic recession,” yet every newspaper around the country is talking about it. When will it happen? Has it already started? More important to us, will Napa County be affected?
