I cannot imagine how voiceofsandiego.org decided there is something wrong with the San Diego economy. I find the question bizarre. Here’s why:
San Diego is the core of the 16th largest economic region in America. The local economy is outperforming statewide averages based on several criteria:
Economic Growth: The Gross Regional Product in 2008 was nearly $170 billion, a 52 percent increase since 2001. During that same period, Californiaʼs gross annual product grew by 42 just percent.
Employment Stability: While unemployment is high at 10.6 percent, this compares favorably to statewide unemployment at 12.4 percent.
California generally holds its own in attracting jobs. During the period 1992-2004, Californiaʼs net job migration was a loss of 10,000 jobs from an economy that averaged 17 million jobs over the period. The San Diego region fared better, experiencing a net gain of jobs compared to other regions of the state.
Diversity and Resilience: San Diego is home to a diverse mixture of highly competitive industries whose stability or growth appears equal or superior to most California cities. Despite tough times, San Diego has a stable workforce relative to the rest of the state.
So what tea leaves are you guys reading (or smoking)?
Bob Nelson is chairman of the Citizens Revenue Review and Economic Competiveness Commission. He lives in Bankers Hill.