What’s Ahead For San Diego’s Economy In 2016
Monday, January 4, 2016
What's Ahead For San Diego's Economy In 2016
Marney Cox, chief economist, San Diego Association of Governments
Overall the economic news at the end of 2015 was positive. The unemployment rate dropped to 4.8 percent in San Diego County, and the nation saw modest economic growth.
But experts are seeing curious things in the economy. On the first trading day of the year, global stock markets sank as worries about China's economy continue.
So how will the global economy impact San Diego? What will the county's economic picture look like in the new year?
Marney Cox, chief economist with the San Diego Association of Governments, said the good news should continue for the region. He said the local economy during 2016 is expected to outpace the national and state economies, with more than 30,000 new jobs — equal to a 2 percent growth rate. Most of that growth is expected in the education and health services, business services, leisure and hospitality, and construction sectors.
Cox also said San Diego County will likely have an unemployment rate of around 4.5 percent.
But he warned the nation's GDP growth will remain sluggish in 2016, as will wage growth. That could contribute to more economic inequality across the country.
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