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San Diego's economic recovery lags state, nation

Big reason: Defense expenditures have softened since 2010

Since the bottom of the Great Recession in 2009, and through 2012, San Diego's gross domestic product, or total output of goods and services, has grown only 4.5 percent, compared with 5.3 percent for Caifornia and 6.7 percent for the United States, according to economist Kelly Cunningham of the National University System Institute for Policy Research.

By comparison, San Jose (Silicon Valley) grew by 21 percent, highest among the nation's larger metro areas. San Diego was among the most slowly recovering metro areas such as Riverside-San Bernardino, Sacramento, and Las Vegas. As of last year, San Diego's economy had not quite reached the levels of production reached in 2007 and 2008, notes Cunningham.

Last year, the San Diego economy grew by 2.7 percent adjusted for inflation, but that lagged San Francisco (7.4 percent), Los Angeles/Orange County (3.1 percent), and San Jose/Silicon Valley (2.8 percent).

A big reason for San Diego's weak performance during the recovery period is that military and defense expenditures have softened since 2010, says Cunningham.

Government (federal, state, local) is the largest part of the local economy at 17.8 percent. Military contracting is large. Including government contracting, more than 25 percent of the local economy is generated by government spending.

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Since the bottom of the Great Recession in 2009, and through 2012, San Diego's gross domestic product, or total output of goods and services, has grown only 4.5 percent, compared with 5.3 percent for Caifornia and 6.7 percent for the United States, according to economist Kelly Cunningham of the National University System Institute for Policy Research.

By comparison, San Jose (Silicon Valley) grew by 21 percent, highest among the nation's larger metro areas. San Diego was among the most slowly recovering metro areas such as Riverside-San Bernardino, Sacramento, and Las Vegas. As of last year, San Diego's economy had not quite reached the levels of production reached in 2007 and 2008, notes Cunningham.

Last year, the San Diego economy grew by 2.7 percent adjusted for inflation, but that lagged San Francisco (7.4 percent), Los Angeles/Orange County (3.1 percent), and San Jose/Silicon Valley (2.8 percent).

A big reason for San Diego's weak performance during the recovery period is that military and defense expenditures have softened since 2010, says Cunningham.

Government (federal, state, local) is the largest part of the local economy at 17.8 percent. Military contracting is large. Including government contracting, more than 25 percent of the local economy is generated by government spending.

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2

And then there is this little piece in Fridays UT. Talk about spin! http://www.utsandiego.com/news/2013/nov/21/beacon-economics-forecast-jobs-economy-shutdown/

Nov. 22, 2013

stingray: Yes, I got a chuckle out of that. I don't know who Beacon Economics is. For just one example, San Diego is lagging LA and Orange County in tourism. Best, Don Bauder

Nov. 22, 2013

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4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs
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