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Monday, Jul 15, 2024

Local Economic Index Increases 0.8% in June

A local index of leading economic indicators for San Diego County rose more in June than it has since April 2015.

The index reached 144.4, up 0.8 percent from 143.2 in May.

That increase in the index, developed by economist Alan Gin and published monthly by the University of San Diego Burnham-Moores Center for Real Estate, following two months of tepid gains.

Two of the six indicators tracked played significant roles in pushing the index to new heights.

More than 2,100 residential units were authorized by building permits – the most in a single month since March 2005. The outlook for the national economy also played a role, rising compared to the prior month. Local stock prices and consumer confidence showed improvement as well.

These gains more than balanced out negative moves in online help-wanted advertising and initial claims for unemployment insurance in San Diego.

The index has not declined for the past eight months, and during that stretch it has risen seven times.

With the caveat that “caution should be exercised when dealing with a single month’s data point,” Gin said the economic outlook remains for a “positive but slower growing” local economy.

USD Index of Leading Economic Indicators for San Diego County

June: 144.4

May: 143.2

April: 143

March: 143

February: 142.5

January: 142

Source: University of San Diego Burnham-Moores Center for Real Estate


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