Originally published June 21, 2012 at 11:15 a.m., updated June 21, 2012 at 3:19 p.m.
Marney Cox, Chief Economist, San Diego Association of Governments, SANDAG
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.
San Diego's Road to Economic Recovery Report
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.