The San Diego Regional Chamber of Commerce’s Business Forecast fell in July to its lowest point in a year, though the Chamber said the decline from June was statistically insignificant.
The Chamber’s Business Outlook Index dropped five points to 22.5. The index has hovered between 24 and 28 since last July, when it decreased to 18.5. That was the month the City Council passed a minimum wage hike ordinance.
“The dip we see in this month’s outlook, while not a cause for alarm, does remind us of the vulnerability of our business community,” Chamber CEO Jerry Sanders said.
One-sixth of the businesses surveyed said “governmental challenges” issues were dragging down their confidence, according to the Chamber. Those firms had an average index of 7, while all other companies had an index of 25. Some businesses also anticipated a cut in workforce hours in the fall, and the hospitality and maintenance industries expressed less confidence coming out of summer.