Thursday, February 24, 2011
A new federal report shows San Diego’s economic output shrank by 2.4 percent in 2009. That decline matches the average for all metropolitan areas.
SAN DIEGO In 2009, San Diego County’s GDP dropped by 2.4 percent. A new report from the Bureau of Economic Analysis shows that decline matched the average for metropolitan areas across the country that year.
Out of 13 economic sectors broken out a in a report from the Bureau of Economic Analysis, only four saw any growth in San Diego in 2009. The information sector contracted by just over 1 percent, and was the largest hit to the county's overall economic output.
Construction dropped by .7 percent, professional and business services shrank by .61 percent and leisure and hospitality lost .51 percent.
The region’s economic picture at the height of the recession looked grim. But it roughly matched what was going on across the country.
Dr. Lynn Reaser, chief economist at Point Loma Nazarene University, said she expects the region kept tracking with the national economy through 2010. As the picture improved nationally last year, it did in San Diego, too.
“We’ve seen it in terms of consumer spending and sales tax results. It was not a spectacular recovery," she said. "But it does appear that San Diego has joined the nation in rebounding from the recession lows.”
Continued military spending and a rebounding professional and business services sector were two areas Reaser said helped improve the economic picture in the county last year. She expects to see more industries rebounding through 2011.
“Housing activity should show some gain, we will see more activity in the overall travel and tourism industry, international trade will be rising and we’ll see more spending on the part of both consumers and businesses," she said.