San Diego’s economy seems to be doing far worse than everyone realized.
San Diego’s gross domestic product shows much weaker activity than formerly reported, according to newly released estimates of GDP by metropolitan area.
This chart compares the previous estimates of “real” change in GDP to the latest estimates:
The revisions indicate San Diego’s GDP growth between 2003 and 2005 was much higher than formerly reported, and the recession came sooner and significantly worse. The past few years also show much weaker growth than previously estimated.
The Commerce Department provides GDP estimates of the nation’s 382 metropolitan areas. GDP by metropolitan area is the sub-state counterpart to the nation’s GDP, the most comprehensive and featured measure of U.S. economic activity. GDP by metropolitan area is derived by the sum of GDP originating among all industries for each metro area.
We Stand Up for You. Will You Stand Up for Us?
@philip piel I have read your comments before and have been challenged trying to figure out your meanings. Are you using sarcasm or do you believe that taxpayer funded work should be closed to all but union members?
This information answers several questions about San Diego and its economics that have been puzzling. The city needs a better model, something beyond bits and pieces or pet projects, to get itself righted and become the city it thinks it is.
Sea level rise only comes after a near term climate change that has a very hotter and desert dry San Diego
Thank you for a data driven article
Our Military sector should improve with the planned increases to military personnel levels but it will never return to the cold war civilian industries levels. The Kearny Mesa high tech military missile production jobs are not coming back!
The real challenges lay with the loss of San Diego's Tourism / Hospitality competitive advantages. We are no longer a twofer destination with Mexico. San Diego is no longer a low cost resort city because of needed progressive living wages, the tripling or quadrupling water / sewer costs from PURE toilet to tap project costs, and the coming storm water clean up fees.
The looming loss is our fabled Mediterranean climate for the more drought high temperature desert climate that Climate Change projects. Why go to a high cost hot spot when Las Vegas offers more at lower costs? Yes they had a crazed shooting incident but San Diego has diseased hepatitis and rampant poverty.
The future also includes Global Warming regulations that may double jet aircraft travel costs. Personally I would not recommend buying 40 year San Diego convention center or municipal bonds, given the city's terrible budgetary future and declining hospitality sector.
The days of the 100 year old Panama Exhibition carnival based economy are over. No longer can we bet our economic future on keeping a herd of old elephants downtown