Consistent with the national trend of recession, San Diego County’s career outlook is not exactly as shiny as a new catamaran. Nevertheless, the avalanche of job loss in San Diego may have found a point of equilibrium, says University of San Diego economics professor Alan Gin. Considering how grim things have been economically, a net gain of 100 jobs over a 12-month period beginning in Nov. 2009 must be viewed in a optimistic light, reports the La Mesa Patch. The fact that people are also making on time payments on their payday loans more and more is also good news.
Soon to see a better economy for San Diego
The economic outlook isn't so bad in San Diego if you ask Professor Gin. A "really good number" will be featured in the national job report for December coming out on Friday which will be great for the San Diego economic recovery which is what Gin explained to the La Mesa-Foothills Democratic Club audience in his PowerPoint presentation that he did.
His monthly "index of leading economic factors" was referred to by Alan Gin. This is how he explained that there would be a 5 to 7 percent increase in home prices in San Diego this year. A net gain of 1,000 to 1,500 jobs will happen as well. This is what Gin says 2011 will be looking like. There were 70,000 jobs that were lost in just 2009 which means the city, after losing jobs for three whole years, can really use the increase like this.
The San Diego jobs that 2011 will show
Gin suggests that there are three fields in San Diego County that will grow the most in 2011. These would be hospitality, admin-support and health care. Yet it is defense/Homeland Security, biotech, communications and green technology businesses that are expected to be the driving forces of the area’s economy. EcoATM was one of the green tech companies mentioned by Gin in San Diego. He said that consumers can recycle old cell phones for store vouchers with this kiosk based business.
There isn't a super great GDP forecast
Significant growth in San Diego’s gross domestic product would be a welcome sign of high net job growth, but San Diego isn’t quite there, said Gin. In 2011, there is expected to be a 3 to 3.5 percent growth. Jobs won't become available all the sudden though. The higher unemployment isn't going up either with a consumer confidence level. There is also good news to know that there isn't a decline in spending, investing, hiring and payday lending anymore in San Diego.
"At this point, we’ve flattened out," said Gin.
Information from
Alan Gin's USD homepage
home.sandiego.edu/%7Eagin/
La Mesa Patch
lamesa.patch.com/articles/leading-economic-indicators-guru-things-are-not-falling-anymore
Alan Gin on San Diego avoiding the ‘double-dip’
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