The University of San Diego Burnham-Moores Institute for Real Estate’s Index of Leading Economic Indicators for San Diego County, released Thursday, rose 0.4 percent in March, compared to the previous month, and reached its highest level in 11 years.
A sharp increase in consumer confidence and an improving jobs picture pushed the index to 143.2, the highest since it was at 143.8 in April 2006. By comparison, the recession-era low was 100.7 in March 2009.
“March’s increase was the fifth straight monthly increase for the USD Index,” professor Alan Gin said.
“As a result, the outlook for the local economy remains unchanged from what has been indicated in recent reports — positive but slower growth through the rest of 2017 and possibly into early 2018,” Gin said. “Through the first quarter of 2017, the data show that that forecast is playing out.”
In March, the outlook for the national economy and local stock prices also rose. Local stocks climbed 7.8 percent in the first quarter of this year, Gin said.
On the other hand, the number of residential building permits authorized by local governments was down 41 percent in the first three months of this year, compared to the same period in 2016. The professor said permits for single-family homes were actually up by 17 percent, but that increase was overwhelmed by a 59 percent plunge in permits for multi-family construction.
—City News Service
