Economist Christopher Thornberg: Sonoma County’s economic recovery hinges on home building

Sounding optimistic about Sonoma County’s recovery from last year’s wildfires, economist Christopher Thornberg urged local business leaders and elected officials to keep building houses.

Thousands of homes were lost to lost years fires, which Thornberg said pushed North Bay’s housing shortage into a “crisis.” He projected that Sonoma County would end up with between 2,500 to 2,600 building permits approved by the end of 2018, a “fantastic” figure that he said represented “a giant surge” in construction.

“My only wish for this community is that you make that same number appear for the next four years,” Thornberg said. “Because you should take this momentum and keep it going. It’s not just about re-building. It should be ‘re-building’ directly into ‘building.’”

Thornberg is a founding partner of a Beacon Economics, a Los Angeles consulting and research firm. The appearance at county’s annual economy-themed breakfast was his 15th.

Last year, in the wake of the wildfires that ravaged Sonoma County, Thornberg urged local business leaders to rebuild soon to maintain economic growth. Data since then has shown that the area’s economy has weathered the short-term chaos in the aftermath of the blazes, he said.

“This region has pulled together, and you’re bouncing like nobody’s business,” Thornberg said near the end of his remarks. “It’s all about maintaining that particular momentum.”