The local economy rose for the seventh straight month in October, according to University of San Diego economics professor Alan Gin’s latest index, released today.
The increase was led by a spike in consumer confidence, the indicator that has led the way for several months. Here’s Gin:
… the key to reviving the local economy is for that to translate into increased spending by consumers. The holiday buying season will be a good indication as to whether or not that comes into fruition.
But the employment picture remains negative.
Continued job losses will make 2009 “the worst year ever in terms of job loss for San Diego County,” Gin said. The number of jobs in the local economy will be back to 2004 levels by the end of the year, he said.
And though developers filed enough building permits last month to give a boost to the overall index, the year hasn’t been good:
2009 will be by far the worst year on record for residential units authorized by building permits.
You can read the whole report in PDF here.