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Economists Say San Diego Slowly Rebounding From Recession

Evening Edition

Above: Marney Cox, the chief economist at the San Diego Association of Governments, or SANDAG, talks to KPBS about a new report on San Diego's economy.

Aired 6/21/12 on KPBS Midday Edition.

GUEST:

Marney Cox, Chief Economist, San Diego Association of Governments, SANDAG

Transcript

A new report shows signs San Diego's economy is pulling out of the recession. The San Diego Regional Chamber of Commerce study indicates the worst of the recession is over for San Diego.

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San Diego's Road to Economic Recovery Report

San Diego's Road to Economic Recovery Report

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Marney Cox, the chief economist at the San Diego Association of Governments, or SANDAG, said the regional economy is headed in the right direction, “but I wouldn’t go so far as to say we’re on the road to recovery.”

He said to really be on that road, the rate of growth locally should be between 4 and 5 percent, and right now it is below 3 percent.

“We can’t be sure the rate we are achieving will return to the pre-recession levels any time soon,” he said.

The report showed that the number of state and local public sector jobs increased, while federal public sector jobs decreased. Cox said many of those local jobs are teachers.

Cox also said he expects the housing market has stabilized, and that the region could see a slight increase in home prices next year. However, he said, many people are still underwater on their homes, which affects how much money they are willing to spend.

Comments

Avatar for user 'HarryStreet'

HarryStreet | June 22, 2012 at 8:19 a.m. ― 1 year, 10 months ago

I like the signs I'm seeing too. Jobs are making a comeback, albeit very slow. Too slow in fact. And many of the low-paying jobs should not be factored in due to the obvious fact we all need to earn a living. I suggest our government find a new approach with incentives for businesses to offer better pay, less government spending/waste, and opportunities for all of us. New laws to enforce living wages versus minimum wages should be entered too because I have yet to see a business that will do what is right versus what will make them money.

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