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Monday, Sep 26, 2022
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Region’s Economic Index Makes a Giant Leap

San Diego’s economy may be on the mend.

In February, an index measuring the local economic data showed a gain of 1.9 percent, the biggest one-month jump since the data has been collected starting in 1977.

The record one-month increase in the University of San Diego’s Burnham-Moores Center for Real Estate’s Index of Leading Economic Indicators for San Diego County followed a 0.9 percent rise in January, and was mainly the result of big jump in the number of building permits issued by the county.

The university released the new index numbers March 31.

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All six components of the index showed increases for both January and February. In addition to the 5.11 percent jump in building permits last month, gains were also registered by reduced initial claims for unemployment insurance, consumer confidence, help-wanted advertising, the outlook for the national economy, and local stock prices.

Counting the latest two months, the index has risen or been unchanged for 23 consecutive months.

Alan Gin, the USD economics professor who compiles the data, said February’s numbers suggest a pickup in the pace of the local economic recovery. He added that while the region has added about 23,000 jobs since the depths of the recession in January 2010, that’s less than 20 percent of the more than 122,000 jobs the region lost from the peak employment month of December 2007.

Unemployment continues to be a drag, with the rate holding above 10 percent for 21 straight months, Gin noted.

— Mike Allen

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