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| San Diego economy shows positive signs during 2Q11 |
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MetroStudy Report - (San Diego, CA– August 1, 2011) The San Diego County economy is headed in the right direction for the eighth consecutive month, according to a recent report by Metrostudy, a national housing data and consulting firm that maintains the most extensive primary database on residential construction in the US housing market. “The San Diego economy continues to create positive job growth year over year,” said Steve Johnson, director of Metrostudy’s Southern California Region. The San Diego County unemployment rate is at 10.4%, which is better off than the both the Southern California Region at 11.8% and California unemployment rate of 12.1%. However it is weaker than the national unemployment rate of 9.3%.“Starts and closings for the San Diego/Imperial housing market were mixed this quarter,” said Johnson. 521 homes closed, down 11% from 1Q11 and down 47% from 2Q10. Starts for 2Q11 were at 592, up 16% from 1Q11 but down 25% from 2Q10. New home inventory totaled 3,519 at the end of 2Q11, declining by 2% over 1Q11 to a 16.1 months of supply. Detached total housing inventory continues to remain at low levels with only 1,310 homes in the construction process or finished vacant. The bulk of inventory is attached product with 2,209 units, an increasing 25.7 months of supply. “Retail sales are presently up about 8 percent in San Diego County but that rate will probably fall to 4 percent over the course of the year,” said Johnson. “We are not out of the woods yet but we certainly are in a better place than we were 2 years ago.” About Metrostudy Contact: |
