San Diego Comeback
Despite the Asian Contagion, San Diego County enjoyed solid growth in 1997, continuing its comeback from the defense budget cutbacks that eviscerated the local economy in the early 1990s.
University of San Diego economist Alan Gin said that county unemployment was down to 3.5% in November and that non-agriculture job growth should total 26,000 new jobs in 1997, up 2.6% for the year. More important, it means that the 60,000 jobs lost during the defense cutbacks have finally reappeared.
“Psychologically there are still some scars, but we’re all the way back now from where we were in the late 1980s,” Gin said.
Another sign of returning prosperity: The average sale price of new detached houses in the county during the three months ended Sept. 30 was $283,000, finally surpassing the previous record high average price of $278,000 set in the second quarter of 1991, according to Market Profiles of San Diego, a real estate market research firm.
Times staff writer Chris Kraul can be reached by phone at (619) 544-6040.
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