A monthly sampling of area business confidence that’s been wildly fluctuating over the past year climbed more than five points last month, the San Diego Regional Chamber of Commerce reported Wednesday.
The chamber’s Business Outlook Index climbed out of the lowest level of its three-year history in June to reach 20.9 in July, near the average for the past year.
The index’s roller coaster ride over the past 12 months has seen a high of 27 and several dips into the teens. The historical average is 25.
The index ranges from plus-100 to minus-100, with zero being neutral.
It’s 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 uptick in business confidence this month is in line with what economists predict for the second half of the year,” said Dino D’Auria, executive vice president and chief banking officer at Silvergate Bank, which sponsors the survey. “Over the course of the year we have seen increased consumer spending helping to lift other areas of the economy that are lagging.”
The survey found that employers in the city of San Diego, especially those involved in development and the information technology, software and online security sector, are more optimistic than their counterparts in more outlying areas of the county.
— City News Service