Wednesday, October 31, 2012
An index of San Diego County's leading economic indicators rose 0.6 percent in September, compared to 0.1 percent decline in August, according to figures released today by the University of San Diego Burnham-Moores Center for Real Estate today.
August marked the first dip of the year. By contrast, the index for September was 122.3, the highest mark since March 2008.
All six components of the index were up, USD Professor Alan Gin said.
The strongest gains were in the number of residential building permits issued, up for the seventh month in a row and 14.6 percent higher than September of 2011, according to Gin.
Gin said the strong increase and positive performance of all six components alleviated some concerns he had about the August report.
"The local economy continues to be sound, particularly in terms of employment when compared to 2011,'' Gin said.
San Diego County has gained 28,000 nonfarm jobs since September 2011, he said.
According to Gin, the volume of help wanted advertising increased for the 21st month in a row, consumer confidence was higher for the ninth time in 10 months, and local stock prices ended the third quarter of the year up 7 percent over the same period in 2011, though it lagged the 10 percent increase in the Dow Jones Industrial Average and a 19.6 percent gain in the NASDAQ composite.
The outlook for the national economy continues to be mixed, with advances too small to improve the job picture significantly, he said.