USD: Local economic indicators up for 11th straight month

The University of San Diego’s local index of leading economic indicators inched up .1 percent in February, the 11th consecutive monthly increase, it was announced Thursday.

According to professor Alan Gin, who compiles the monthly index for USD’s Burnham-Moore Center for Real Estate, the outlook for the San Diego economy remains positive, but he expects slow growth in the year ahead.

Moderate gains in building permits, help-wanted advertising, the outlook for the national economy and fewer people filing for unemployment insurance were outweighed by declines in local stock prices and consumer confidence, according to the index.

One area of potential concern is the budgetary difficulties faced by state and local governments, according to the index.

Gin also cautioned that there could be another wave of home foreclosures due to severe job losses in the local economy and further weakness in commercial real estate.

After unprecedented volatility for the last couple of years, the USD index has “settled down,” with no major change in any component in either direction for the past two months, according to Gin.

February’s gain, however, was the smallest in 11 months, according to the index.

City News Service staff wrote and edited this story.

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