“The Burbank economic outlook is quite robust, according to most thermometers.”
Burbank’s unemployment rate, holding steady at 3.9%, is lower than California’s rate of 5.3%, she said.
“These numbers indicate that Burbank is a very good place for business,” she said.
Ramos also pointed out that Burbank’s housing prices are an example of the city’s economic health.
“Five years ago the median price was $256,000; today it’s $650,000,” she said. “We all know that home prices across the country have dipped, but, compared to other communities, Burbank holds stable and remains an excellent investment.”
The average price for a house or condominium in Burbank may be lower than the figure presented, local real estate agent Judy Graff said.
According to figures from the Southern California Multiple Listing Service, the average price for a house or condo is $633,000, she said.
“What I have seen in the last couple of weeks is sellers getting much more realistic with housing prices,” she said. “There is still a credit crunch going on, but the lower the price the more buyers you’re going to attract. It’s good news.”
Safety was also an issue to which Ramos devoted a segment of her address.
“Your city leaders recognize that another aspect of a healthy community is a community that is safe,” she said. “This year . . . we have restored three firefighter positions and two police officer positions.”
Ramos relayed the importance of the new Interagency Communications Interoperability System, which allows police, fire and other safety agencies to remain in contact with one another during emergencies.
