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San Diego Could Have Best Year for Job Growth Since 2000

San Diego has had 10 straight months of gains in the Index of Leading Economic Indicators.

University of San Diego Professor Alan Gin. Courtesy photo.
University of San Diego Professor Alan Gin. Courtesy photo.

The Index of Leading Economic Indicators released Tuesday by the University of San Diego's Burnham-Moores Center for Real Estate rose by 0.1 percent in June, compared to the month before.

The monthly gain was the 10th straight for the index and 18th out of the last 19 months. The index stood at 126.6 in June, 5.4 points above June 2012.

USD Professor Alan Gin said the small climb was led by increases in consumer confidence, help-wanted advertising and the number of residential building permits that were issued. Those were offset, however, by more initial claims for unemployment insurance and lower local stock prices.

"The outlook remains for solid growth in the local economy through the end of 2013 and into at least the first half of 2014," Gin said.

He said this year could be the best for job growth since 2000, but it's unclear whether the pace can be maintained. Consumer confidence is at its highest mark since September 2007, he said.

Gin said the number of help-wanted ads increased for the eighth straight month. The amount of building permits issued by local governments in the first six months of this year was 29 percent higher than the first half of last year, according to the professor.

-City News Service

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