Regional Economic Intelligence Report predicts recession not likely for the next two years
The 2018 Regional Economic Intelligence Report, released at the annual Torrey Pines Bank Economic Forum and conducted with Beacon Economics, highlights that labor and affordable housing shortages will grow.
Christopher Thornberg, Ph.D. of Beacon Economics noted that San Diego’s growth is impressive, almost unabatingly positive over the last eight years, while the unemployment rate has fallen steadily year over year for the last seven years. He stressed the importance of San Diego companies attracting new talent to fill open positions, but noted that the housing market is a strong deterrent. The magnitude and impact of the California housing shortage is discussed in detail in the Regional Intelligence Report.
Other highlights of the 16-page report include:
- California jobs outpacing the US and many states with 400,000 created in 2017.
- Personal income in the state rose 3.8 percent, the third highest in the country.
- Greater financial market volatility will continue.
- Expect the US Federal Reserve rates to rise further.
Download the full report here.