Torrey Pines Bank Hosts Economic Forum
Dr. Christopher Thornberg of Beacon Economics was the keynote speaker at Torrey Pines Bank’s first Economic Forum, held Friday, June 9 at the University of San Diego. Following Dr. Thornberg’s presentation, Mark Cafferty of the San Diego Regional Economic Development Corporation moderated a panel discussion that dove deeper into the San Diego economy. Panelists included Baron Herdelin-Doherty of the YMCA of San Diego County, Alan Gin of the University of San Diego, and Ure Kretowicz of Cornerstone Communities.
A Regional Intelligence Report was released in conjunction with the Forum. Key findings in the report include:
- As elsewhere in California, job gains in San Diego have been slowing as expansion has decelerated, with 1.3% year –over –year growth in April 2017.
- The worsening housing shortage has ramifications for the regional economy’s ability to draw talent; 7,800 workers have either dropped out of the labor force or moved to jobs elsewhere since April 2016.
- Rising at 6.5% between the fourth quarter of 2015 and the fourth quarter of 2016, taxable sales growth in San Diego County outpaced the Counties of Orange, Los Angeles and Riverside, with multiple indicators pointing to stronger tourism activity in the region overall.
- San Diego continues to be an attractive place for startups, and recent data reflect creation of 137 technology establishments over the most recent yearlong period.
- Even though residential permitting levels hit a post-recession high in 2016, housing supply remains substantially behind demand. Strong demand coupled with a tight supply has shifted many households towards the rental market.