The University of San Diego Burnham-Moores Center for Real Estate’s Index of Leading Economic Indicators for San Diego County rose 0.4 percent last month to a post-recession high.
USD professor Alan Gin said gains in the job market and local stock prices led the way, more than offsetting a dip in residential housing permits issued by local government and a small decrease in consumer confidence. The number of housing permits that were issued fell for the first time in six months, he said.
The uptick was the fifth in six months and placed the index at 140.4, the highest level since November 2006.
The professor said March’s gain was solid but unspectacular.
“The local economy remains on track to have good year,” Gin said.
“Through the first three months of the year, job growth hovers near the 40,000 mark in terms of year-over-year growth in wage and salary employment,” Gin said. “The main worries are external forces, specifically, the health of the national and international economies.”
He said the International Monetary Fund is projecting global growth of 3.2 percent, up slightly from last year. While remaining above 6 percent, growth in China is continuing to slow, and Europe remains in turmoil over financial problems, immigration, and the possible exit of Britain from the European Union.
—City News Service
