By City News Service
The University of San Diego's Index of Leading Economic Indicators that was released Tuesday was unchanged for the third straight month, with a huge drop in building permits offsetting gains in other sectors.
Residential units authorized by building permits in October dropped by 2.21 percent to their lowest level of the year, said USD Associate Professor of Economics Alan Gin.
While single-family home construction remained steady for the year as a whole, there has been a drop in construction for multi-family housing, Gin said.
Other sectors improved, including the outlook for the national economy, fewer initial claims for unemployment insurance, and help-wanted advertising was up for the 12th month in a row, Gin said.
The labor market, while still bad, is better relative to the worst depths of the downturn, according to the professor.
"The outlook remains for slow but positive growth for the local economy at least through the first half of 2011," Gin said.
He said the September San Diego index was initially down by 0.1 percent, but it was later adjusted to unchanged because of an upward revision to the national economic index.
The San Diego Index of Leading Economic Indicators is a product of the USD Burnham-Moores Center for Real Estate.