The University of San Diego Burnham-Moores Institute for Real Estate’s Index of Leading Economic Indicators for San Diego County rose 0.6 percent last month thanks to a strong outlook for the national economy, according to figures released Wednesday.
More modest gains occurred in consumer confidence, local stock prices and the jobs picture, according to Professor Alan Gin, who compiles the data and issues the monthly report. He said the number of residential building permits issued by local governments declined, but only by a small amount.
The national Index of Leading Economic Indicators has risen 14 months in a row, fueled by significant job gains. He said that rise has translated to an increase of more than 23,000 jobs in the San Diego region through the first three quarters this year, compared to the same period of 2016.
The local index climbed 0.2 percent in September.
“With the gains in September and October, the USD index has now increased or been unchanged for an entire year,” Gin said. “The outlook then continues to be for positive but slower growth for the local economy at least through most of 2018.”
October’s gain put the index at 146.2, the highest mark in about 17 years, and above the pre-recession high of 144.2 set in March 2006.
—City News Service
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