SLO County News BlogGolf, Wine, Real Estate, Business & Travel NewsShoppers Boost SLO EconomySunday, June 26, 2005SAN LUIS OBISPO, Calif. (AP) - Shoppers boosted the city's economic recovery.The city's growth rate last year reflected "an impressive reversal" from 2003, due in large part to a flurry of retail activity, said economist Bill Watkins of the University of California, Santa Barbara. Watkins said the city's gross product - measured by the total value of goods and services - grew 1.5 percent last year compared to 2003 when the economy shrank by 0.4 percent from 2002. New shopping opportunities are largely responsible for the turnaround and 2005 figures should also rise, the economist said. Watkins included in the forecast recent and upcoming store openings in the downtown Court Street center as well as the Aug. 24 opening of Costco. "These shopping areas are expected to contribute to higher growth in the apparel segment and in the eating and drinking segment," Watkins said in his forecast report. Still, Watkins said, the city's economy continues to be weighed down because of its dependence on government jobs. The city's study area includes city, county and state offices, the California Men's Colony and California Polytechnic University, San Luis Obispo. "The state budget problem is going to be a drag on the government sector for many years to come," he said. "While we might want to see that sector improve, there is nothing that can be done on a local level." Read More
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