The Business Outlook Index for San Diego County rose by a small amount in May compared with the month before, ending a streak of sharp climbs and falls, the San Diego Regional Chamber of Commerce reported Wednesday.
The index stood at 19 in April and 21.3 in May, the average of the past year, according to the chamber.
The index is the result of random monthly surveys of more than 200 chamber members around the county who are asked whether, over the next three months, they will increase or decrease their number of employees and work hours, will see more or less revenue, and experience an improvement or a worsening of business conditions.
The index ranges from minus-100 to plus-100, with zero being neutral.
“After several months of up-and-down sentiment from the business community, it is good to see some stabilization in the business outlook,” said Dino D’Auria, executive vice president and chief banking officer at Silvergate Bank, which sponsors the index.
“While governmental pressures continue to burden business, we are continuing to look for ways to provide growth capital into privately held businesses to expand their revenues and their ability to hire more people,” D’Auria said.
The chamber reported that while members in most business sectors are optimistic, the hospitality and restaurant industry continued a more pessimistic outlook that has weighed down local economic sentiment this year.
Businesses in county areas outside the city of San Diego also show less optimism, with the exception of Santee, where the outlook has climbed recently, according to the report.
—City News Service
