Sunny Outlook for San Diego Economy

The University of San Diego Burnham-Moores Center for Real Estate’s Index of Leading Economic Indicators for San Diego County rose 1.3 percent in February, the ninth straight monthly increase.

The hike, tied with last month for the largest monthly jump since February 2011, was led by the building industry and a strong jobs picture, USD Professor Alan Gin said.

The number of residential units authorized by building permits has been strong for the first two months of this year, significant because January and February are typically among the construction industry’s slowest months, according to Gin.

The professor said the labor market was also healthy, with help-wanted advertising at its highest point since January 2013 and a decline in initial claims for unemployment insurance.

“The outlook remains for strong growth in the local economy at least through the end of the year,” Gin said.

All six components of the index, which also includes local stock prices, consumer confidence and the national Index of Leading Economic Indicators, were positive.

The USD index stood at 136 in February, its highest level since July 2007. By contrast, at the low point of the recession, the index recorded a 100.7 in March 2009.

City News Service; Photo via Wikimedia Commons: “Sandiego skyline at night” by Whoismanu

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