Thursday, November 9, 2006
San Diego County’s Index of Leading Economic Indicators predicts the region’s economy will likely slow down around the first of the year. The University of San Diego’s indicators are down for the sixth straight month. KPBS Radio’s Andrew Phelps has more.
Economist Alan Gin says he doesn’t anticipate a recession in San Diego County, but the region is adding fewer jobs. More people are claiming unemployment insurance, and there are fewer help-wanted ads in local newspapers. Gin also says it has been a bad year for building permits.
Gin: And in particular single-family homes have been hard hit. The number of single-family homes authorized by building permits is down by more than 40 percent. So the home builders have reacted to this slowing of the housing market by cutting back dramatically in terms of their plans to build.
San Diego’s economic indicators also show a sharp drop in consumer confidence, but a slight rise in local stock prices. The report shows the outlook for the national economy is positive. For KPBS, I’m Andrew Phelps.