The University of San Diego Burnham-Moores Center for Real Estate's Index for Economic Indicators for San Diego County rose for the 22nd time in 25 months, according to figures released Tuesday.
The nearly 1 percent increase was led by sharp gains in building permits, said University of San Diego School of Business Administration professor Alan Gin, who compiled the report.
The number of permitted residential units was nearly double the amount for the same period in 2010, Gin said. Multi-family units are nearly five times the level reported last year.
The increase was supported by local stock prices, consumer confidence and moderate gains in initial claims in unemployment insurance and by gains in help wanted advertising.
Housing prices are up from the 2009 lows but have fallen in the past three months because of low interest rates increased employment, according to the S & P/Case-Shiller Home Price index.
Local employment rates are increasing, Gin said, but the increase is slow compared to the compared to the losses the local economy suffered during the downturn. The local unemployment rate fell to 9.8 percent in April, down from 10.2 in March, the first time the unemployment rate has fell below 10 percent since 2009.
Positive economic growth is expected for the local economy for the remainder of the year, Gin said.
Copyright Do you have more information about this story? Click here to contact usCopyright 2011 by City News Service. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.