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Economic Forecast for Ocean City in 2014: Success in Tourism and Real Estate

Ocean City Home Bank President Steve Brady gives his annual economic forecast to the Ocean City Regional Chamber of Commerce.

Ocean City Home Bank President Steve Brady
Ocean City Home Bank President Steve Brady

In his 22nd annual economic forecast for the Ocean City Regional Chamber of Commerce, Ocean City Home Bank President Steve Brady said he sees a good year ahead for tourism and the real estate industry in Ocean City — even if the national economy lumbers along and interest rates creep up slowly.

Brady addressed a couple hundred business owners and professionals at a luncheon at the Flanders Hotel on Thursday afternoon (Jan. 16).

While much of his address last year concerning the region's recovery from Superstorm Sandy, Brady this year said he saw good signs of stability in the real estate market with summer rentals booked to date up by 50 percent from 2013 and building permits climbing from 150 to 259. He said 975 units were sold in 2013 at an average sales price of $573,000.

Among positive developments for the region in 2013, Brady pointed out:

  • Another successful First Night in Ocean City.
  • The return of the Miss America Pageant to Atlantic City.
  • The introduction of online gaming in New Jersey.
  • The election of Don Guardian as mayor in Atlantic City.
  • The arrival of United Airlines flights at Atlantic City International Airport.
For 2014, Brady expects to see continued increases in real estate sales and sale prices in Ocean City, and another good year for tourism.

Among Brady's "hopes" for 2014: civility in Washington, D.C., Trenton and Atlantic City.
ocpfan January 17, 2014 at 11:14 PM
Really? Gabrielle & Co, The Irish Shop, The Cricket Box & Toilet Water are all closed. Chatterbox is up for sale. Anybody know of other stores that have closed?

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