‘Solid Growth’ Forecast for Local Economy into 2014

The University of San Diego's Index of Leading Economic Indicators released Wednesday rose a tenth of 1 percent in June, compared to the month before.

The monthly gain was the 10th straight for the index produced by the Burnham-Moores Center for Real Estate. The index stood at 126.6 in June, compared to 121.2 in June 2012.

USD Professor Alan Gin said the fractional increase was driven by improving consumer confidence, help wanted advertising and the number of residential building permits issued. Those were offset, however, by higher unemployment and falling stock prices.

"The outlook remains for solid growth in the local economy through the end of 2013 and into at least the first half of 2014," Gin said.

He said this year could be the best for job growth since 2000, but it's unclear whether the pace can be maintained. Consumer confidence is at its highest mark since September 2007, he said.

Gin said the number of help wanted ads increased for the eighth straight month. The amount of building permits issued by local governments in the first six months of this year was 29 percent higher than the first half of last year, Gin said.

-City News Service