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San Diego Economic Index Down Again in July

Audio

Aired 4/19/09

The University of San Diego 's index of leading economic indicators is down for the 15th time in 16 months. The numbers from July suggest slow regional growth over the next year or so. KPBS reporter Andrew Phelps has details.

USD economist Alan Gin says consumer confidence is down. Help-wanted advertising is down. Unemployment is up -- four-tenths of a percent higher than the year before.

Gin says a slow housing market is dragging down the rest of the local economy.

Gin : Sales are down. There's been an increase in foreclosures. And as a result of that, construction jobs are down, real estate-related jobs are down, jobs in finance are down. And that's affecting other sectors of the economy as well, as people have less money to spend.

Gin's index does register a slight bump in San Diego County building permits. He says that bucks the trend, and the number will probably go back down.

Andrew Phelps, KPBS News.

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