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Economic Recovery in San Diego Is Approaching

May 12, 2022

Economic Recovery in San Diego Is Approaching

San Diego seems to be slowly returning to pre-recession levels according to a report that was presented to the San Diego Regional Chamber of Commerce last Tuesday. Export Access Global Consulting, a research and consulting group made up of UC San Diego students, presented the data, findings, and an analysis. According to the report, 6,400 non-farm jobs were created last month in San Diego and the unemployment rate has been lower every month this year than the corresponding month of the previous year. The unemployment rate in May of this year was 8.8% which is a full percent lower than the rate in May 2011. Also, many San Diego communities had lower unemployment rates in May than the national average of 7.9% including Carlsbad at 5.8%,

Coronado at 5.6%, Encinitas at 6.2%, La Mesa at 7.3%, Santee at 7.4%, and Poway, the lowest in the County at a whopping 5.2%. Real Estate news was also positive. In the first quarter of 2012, the average monthly rate of foreclosures was 28% less than the first quarter of 2011. The median home price of single family residences increased in February for the first time in over a year and has continued to increase. Tourism seems to be bouncing back as well. Hotel occupancy rates, on average, are now back above pre-recession levels and the amount of tourists visiting San Diego has increased for 13 straight months. All in all, a very positive report and good signs of things to come in San Diego!

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