The San Diego Economic Index published by the Burnham Moores Center for Real Estate, University of San Diego, reported gains in the final year end numbers.
Highlights of the report include: "Residential units authorized by building permits ended the year with two very strong months. For 2013, total residential units authorized increased by 46 percent to end at the highest level since 2006. The gain was largely due to permits for multi-family units, which were up almost 64 percent, compared to a 17.6 percent increase in single-family units. This left single-family units authorized at 2,565, down from more than 9,000 a year each year from 1998 to 2004. . . Both labor market variables continue to be under downward pressure. Both initial claims for unemployment insurance and help wanted advertising have been down and down sharply for three straight months. Despite these negative results, the local unemployment rate ended the year at 6.4 percent, down from the 6.9 percent rate of November and the 8.2 percent rate at the end of 2012. After seasonal adjustment to take into account hiring during the holiday season, the unemployment rate is 6.8 percent, the first time it has fallen below 7 percent since October 2008. . . The political turmoil over the federal government shutdown, the extension of the debt ceiling, and the rollout of the Affordable Care Act may have finally taken its toll on consumer confidence, halting a string of six consecutive gains for that component. . . Like the broader market averages, local stock prices were up spectacularly during the year, advancing more than 36 percent. That lagged the NASDAQ Composite (up 38.3 percent) but topped the Dow Jones Industrial Average (up 26.5 percent) and the S&P 500 Index (up 29.6 percent). . . The national Index of Leading Economic Indicators was up for the sixth consecutive month, which signals continued growth in the national economy. The “advance” estimate of GDP growth for the fourth quarter of 2013 came in at a solid 3.2 percent, down from the 4.1 percent growth of the third quarter but up sharply from the 0.1 growth in the fourth quarter of 2012."
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