The University of San Diego‘s index of leading economic indicators posted its strongest rise in over six months in November amid strong growth in building permits and consumer confidence.
The monthly index by the Burnham-Moores Center for Real Estate rose 0.3 percent after a 0.1 percent decline in October and no change in September.
Solid gains were posted in the categories of residential building permits, claims for unemployment insurance and consumer confidence, while there were declines in local stock prices and help wanted advertising.
“While November’s increase is welcome news, more is needed in the coming months to adjust the outlook, which is currently for a positive but slower growing local economy in 2017,” said Professor Alan Gin.
The USD economist expects employment to increase by about 25,000 in the county during the year, which is less than what the region has been experiencing in the last few years.
Higher interest rates and affordability issues will limit housing prices, which are expected to increase by low single digits in the coming year.
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