San Diego Regional Chamber of Commerce
SAN DIEGO'S ROAD TO ECONOMIC RECOVERY
New report details positive economic trends for America's Finest City
SAN DIEGO (June 19, 2012) – The San Diego Regional Chamber of Commerce has released a new study that gives the San Diego regional business community greater economic certainty for the remainder of 2012 and beyond. The report – San Diego’s Road to Economic Recovery – indicates that the worst of the 2008 financial crisis and real estate collapse may be over for America’s Finest City.
Released just this week, the report data shows gradual and positive economic trends for San Diego in the areas of unemployment, real estate, tourism and production. The report examines each of these trends from both a long-term perspective spanning periods pre and post-crisis, as well as first quarter activity from 2012.
“This report represents yet another positive indication that San Diego is recovering at a faster rate than other cities in California and across the nation,” said Ruben Barrales, Chamber president & CEO. “While the recovery remains slow, San Diego is well positioned for long term success and viability.”
Overall the data reveals that, much like the state and national economies, San Diego is still struggling to fully recover from the 2008 recession but making positive strides. Since 2011, San Diego’s economy has performed more favorably than both California and the national economy. In the regional real estate market in the first quarter of 2012, foreclosures saw an average monthly decrease of 28% compared to the previous year. Additionally, San Diego’s occupancy rates in March 2012 were higher than those of March 2007 – a sign of complete recovery.
Data and analysis for the report was provided by Export Access Global Consulting, a graduate student-run global market research and consulting group at the University of California San Diego. The report is a joint project between the County of San Diego and the San Diego Regional Chamber of Commerce.
This report comes just weeks after a recent article by Forbes Magazine which ranked San Diego as the third best city for technology jobs. Click here to view the full report and other related information from the Chamber.
About The San Diego Regional Chamber of Commerce
The San Diego Regional Chamber of Commerce is a nonprofit membership organization that helps provide a voice for San Diego businesses through advocacy, member-to-member connections and professional development. Representing nearly 3,000 businesses and more than 400,000 member business’ employees, the Chamber is committed to organizing the business community to help make San Diego a better place to do business. For more information, please visit www.sdchamber.org or call 619/544-1300.