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 August 30, 2008

Is San Diego in a Recession?
Experts are saying that, like many areas in the United States, our dear San Diego is in a recession as well. This is being caused by lack of jobs, increasing numbers of people losing their jobs and the San Diego housing market. In addition, the University of San Diego released its report stating that consumers are losing confidence and are buying less.
The unemployment rate is higher than it has been since the 90's, hiring is low and people are losing their jobs at an increasing rate. The San Diego housing market, as well as new construction, are also leading factors in San Diego's recession. Also hit hard by the recession, the car sales market and the retail sector.

For more than half of 2008, job growth is down and there are nearly 5,000 less workers on salary than there were a year ago.

Not all being reported is bad news: Gas prices have fallen and this usually leads to more consumer confidence. The biotech industry has also remained strong and consistent.

Initially, the so called experts thought that the San Diego housing market, with its diverse regions, including real estate in La Jolla, Coronado and Rancho Santa Fe would not be affected like some of the other cities across the nation. However, they are now saying they were surprised with people losing their jobs along with the decline in the housing market and the recession in San Diego is much worse than they anticipated. However, some of the experts think that San Diego is in a recession solely because of the increase in unemployment and lower sales in the retail sector.