The San Diego Regional Chamber of Commerce‘s monthly business index ticked up in May to the highest level since January, suggesting that the local economy will be strong this summer.
“As the county’s prime tourism season ramps up, we’re seeing a boost in the hospitality/restaurant industry, whose outlook has more than doubled since last month,” said Tom Wornham, chief executive officer of CalPrivate Bank, the sponsor of the forecast.
“The economic boost this industry expects is reflected in their bullish outlook across all four index components — hiring, employee hours, revenue, and industry conditions,” he added.
The index stood at 19.1 in May, the highest since 18.8 in January, indicating local businesses as a whole are growing more optimistic about the economy as the summer begins.
While the hospitality industry was the most optimistic, the law and security sector also expressed a high level of confidence, and firms with 50 or more employees were especially optimistic about hiring in the next three months.
The survey of local businesses was fielded May 16-31 by Competitive Edge Research & Communication using responses from 201 randomly-selected members of the San Diego, East County, Alpine, Escondido, Lakeside, Vista, Santee, Encinitas, National City and Coronado Chambers of Commerce.
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