HomeMy WebLinkAboutThe Goderich Signal-Star, 1987-12-30, Page 7Business
Goderch 1987: average economic year
BY SAM KINSMAN
Local business and financial leaders
agree that 1987 was an average year for
Goderich, in economic terms, and that
things will remain at a constant level in
1988.
George Zolob, at the Bank of Nova
Scotia, said the key to how well the local
economy will do lies in what interest rates
do.
"Presently interest rates are coming
down. When that happens people tend to
spend more on consumer items. Consumer
spending in 1987 was good and I expect it to
remain that way for 1988."
Zolob said Goderich saw its share of new
businesses opening up, "Not only did we
see new businesses come in, we also saw
quite an increase in business investment in
inventory and expansions of established
businesses."
Zolob said the real estate market in
Goderich had a good year as well,
"You'll find," he said„ "that an older,
stable populace likes to invest in real
estate. For most people, of course, that
means their principle investment is their
home."
According to Zolob, most major finan-
cial institutions prepare a profit budget or
plan for the new year.
"Local banks and financial institutions
take this analysis of the world markets and
economic trends and apply it to the local
situation. On the whole Goderich's
economy has been relatively bouyant and
we expect it to continue that way."
Al Gerofski, at Lee's Shopping Centre,
said he doesn't see much of an increase in
sales for local retailers, in 1988.
"If anything, I expect to see some
decrease in consumer spending for this
area because many people are choosing to
shop in London and some of the other
larger centres."
FEATURE
REPORT
Gerofski said he sees this tendency for
consumers to shop in the cities as a social
trend.
"In this day and age the customer tends
to have plenty of cash, mobility, and free
time. Shopping is a hobby and people like
to practice this hobby at the places which
have the most goods and services."
Gerofski said higher gas prices and less
ready cash would result in more local
purchasing,
"When times are tough people tend to
stay in town and spend here, but at present
most people aren't tied down to the local
market."
Gerofski said, though,. that Goderich
does have its Loyal customers;
"They tend to be older people who, over
the years, have become close friends with
the merchants, or they are busy people
who must shop locally because of time
constraints."
Bill Clifford, of Clifford Real Estate,
said there is every indication that 19is
shaping up to be a good year for the local
real estate business.
"Interest rates seem to be staying down
and, because of Black Monday, some peo-
ple are a little leery of putting their money
into the stock market and are, instead, tur-
ning to real estate."
Clifford said that while the federal
budget eliminated some of the capital
gains exemptions on homes, enough incen-
tive remains for people to Invest in real
estate.
"Real estate," Clifford said, "is a good
investment. Goderich's economy is strong,
we have little unemployment, major in-
dustries here appear to be doing well and
are expanding."
Clifford said that Goderich real estate
investment tends to be focused on fully
constructed homes or custom built homes,
"We see few spec -homes built in
Goderich. Those are homes built with the
hope that someone will come and buy
them. Over the past two years there has
been a slight increase in homes built for
this purpose, but usually people in this
area want to purchase a home that has
already been occupied, or they want a
home built to their specification."
Jim McDougall, of Goderich Auto Sales
and Service, said 1987 was an average year
in terms of sales and he expects things to
remain the same in 1988.
"No one is really jumping on any band-
wagon as far as purchasing a particular
type of vehicle," McDougall said, "We had
an even mix in sales of large and compact
cars, and I see no reason why it won't con-
tinue that way."
McDougall said that cars are a consis-
tent item of sale, " I don't have an indica-
tion on how the economy will unfold in
1988, but even if there is an economic
decline -I don't expect to see much of a
decrease in sales. In today's way of living,
everyone has to own a car."
McDougall said that most new -used car
dealers sell used cars, while in his case he
finds he sells more new cars.
"I think that is an indication that the
Goderich economy is in good shape."
McDougall said most of his customers
are from the Goderich area, though he has
the occassional purchaser from outside the
area.
GODERICH SIGNAL -STAR, WEDNESDAY, DECEMBER 30, 1987 --PAGE 7
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