For the first time since May, San Diego’s economy showed a consecutive upswing in November and December.
This means the local economy is creeping up – even quicker than previously estimated, said USD Economist Alan Gin.
Data released Tuesday by Gin in his monthly economic index showed broad growth. The only component of the economy to drop in December was local stock prices, according to the report.
On the other hand, building permits, initial claims for unemployment insurance, consumer confidence, help wanted advertising, and national economy outlook all showed gains in December.
The strongest gain was seen in building permits. According to the Construction Industry Research Board, San Diego granted building permits to .85 percent more residents than it did in November. Multi-family units gained the most permits in December.
And, the report estimates that San Diego’s local economy will add up to 25,000 jobs this coming year. This is a conservative estimate too, Gin said. Last year, San Diego gained 27,000 jobs, so with more growth this year than last, it's likely the number will be higher, he added.
At this rate, it may only take about four years to gain back the approximately 90,000 jobs lost during the downturn, said Gin.
He says most of the jobs gained in San Diego will be in the leisure and hospitality sector, as well as health care and business and perpetual services (jobs such as lawyers, architects and engineers).
"It's good news," Gin said. "The outlook is positive, and it's unlikely that we'll go into a double dip recession."