Tuesday, April 9, 2013
San Diego's economic indicators hit a five-year high.
SAN DIEGO A surging construction industry and an improving job market are helping drive optimism about San Diego's economy.
The San Diego region's index of leading economic indicators jumped nearly a full point in March.
University of San Diego economist Alan Gin compiles the information. He said a surge in the number of multi-family building permits and a decline in first-time unemployment claims led the charge.
An increase in online Help-Wanted advertising, strong performance from local stocks and a perception that the national economy is doing well all point to an improving local economy through 2013.
The region's steady economic recovery is expected to continue.
"I think we'll have good job growth." Gin said. "I think the housing market will continue to be strong. And as a result, I think the unemployment rate is going to drop locally. It's already down to about 8 percent."
Consumer confidence did dip for the second straight month, Gin said. It was the only indicator that lost ground from the month before.
Gin said rising gas prices, new payroll taxes and political gridlock in Washington may be sapping that confidence.