Monday, October 1, 2012
San Diego's Leading Economic Indicators held steady in August. The overall rating stayed the same as the month before.
SAN DIEGO The University of San Diego Burnham-Moores Center for Real Estate's index's six economic indicators were mixed last month, but August's overall value was the same as July's.
The USD index measures six areas that help predict how the economy will perform six months down the road.
Consumer confidence fell, stock prices were down, the national economic outlook was weaker and unemployment claims ticked up. That was offset by an increase in help wanted advertising and a big jump in building permits.
The overall results are mixed, but building permit numbers are encouraging news for a housing market that has struggled for some time.
"Developers now are starting to build more," said USD Economist Alan Gin, who complied the index. "The last two months, August and July, have been the best months of the year in terms of single family units authorized."
August was the second month in a row where the overall index remained unchanged. If the September numbers also stand still, Gin said that will be a trend and he will revise downward, his prediction for the future.