A Strong Housing Recovery
The San Diego MSA has experienced a strong housing recovery since the beginning of 2011. The countywide economy has steadily improved since it bottomed in 2009 according to data on the leading economic indicators. The Unemployment rate has stabilized at 8.5% and remains below California’s 10.4% unemployment. Between 2007 and 2010 San Diego lost 103,300 jobs. Since that time, approximately 51,000 jobs have been added and nearly every industry created jobs in 2012. San Diego County reached an estimated $185.8 billion in Gross Domestic Product with a 2% targeted growth rate, the most ambitious growth rate projected since 2006. Since 2012 San Diego County has experienced a robust real estate recovery. All real estate asset classes participated in the slow, albeit steady, stabilization within the market. Real estate activities account for nearly one in every five dollars generated by the regional economy.