San Diego’s Economic Outlook Looks Positive Despite Decline in Housing Permits

Houses for Sale in San Diego – The outlook for San Diego’s economy through the first half of 2011 looks slow, but positive according to Alan Gin, Professor of Economics at the University of San Diego. Although permits for new houses for sale in San Diego showed a decline of 2.2 percent in October, that was offset by positive gains in five other leading economic indicators for San Diego County.

 

The unemployment picture continues to improve in San Diego edging downward from 10.6 percent to 10.2 percent, despite an increase in unemployment claims in the overall U.S. economy. In addition, gains in San Diego stock prices, help wanted advertising, consumer confidence and the national economic index helped offset the decline in San Diego building permits. This resulted in the third month in a row that San Diego’s Economic Index remained flat.

 

However, Alan Gin noted with the seasonal gains in employment through the holidays he expects a net gain of jobs in San Diego through this last 12 month period. This would be the first time this has occurred since 2007, the beginning of the Great Recession.

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