San Diego economy improving

SAN DIEGO (CNS) – The University of San Diego Burnham-Moores Center for Real Estate’s Leading Economic Indicators for San Diego County reached their highest level in seven years in September, following a sharp increase from August, according to figures released Friday.

The index rose 0.6 percent higher in September 129.1, the highest point since November 2007, according to data provided by USD Professor Alan Gin.

The monthly hike was led by improving jobs data and the outlook for the national economy. Local stock prices were also better, Gin said.

The only category that was lower was the number of residential building permits issued by government agencies, the professor said.

“The forecast remains for strong growth in the local economy, which is poised to add another 30,000 jobs in 2015,” Gin said. “That would be the fourth straight year with job gains exceeding that level.”

He said the recent plunge in gasoline prices would give San Diegans an extra $1 million a month combined in cash that could be spent elsewhere, such as at retail establishments or restaurants.

Lower gas prices also could result in lower costs for products transported into the region, he said.