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

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.