The State of the San Diego Economy: Where Have We Been, Where Are We Headed? October 17, 2013
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The State of the San Diego Economy: The State of the San Diego Economy: Where Have We Been, Where Are We Headed? Where Have We Been, Where Are We Headed? October 17, 2013 October 17, 2013
description
The State of the San Diego Economy: Where Have We Been, Where Are We Headed? October 17, 2013. Welcome Dr. Ronald Uhlig Dean, School of Business and Management. Introduction Dr. Michael R. Cunningham President, National University Chancellor, National University System. Presentation - PowerPoint PPT Presentation
Transcript of The State of the San Diego Economy: Where Have We Been, Where Are We Headed? October 17, 2013
The State of the San Diego Economy: The State of the San Diego Economy: Where Have We Been, Where Are We Headed? Where Have We Been, Where Are We Headed?
October 17, 2013October 17, 2013
WelcomeDr. Ronald Uhlig
Dean, School of Business and Management
IntroductionDr. Michael R. Cunningham
President, National UniversityChancellor, National University
System
PresentationKelly Cunningham
Senior Fellow and Economist,National University System
Kelly CunninghamKelly CunninghamEconomist, Senior FellowEconomist, Senior Fellowwww.nusinstitute.orgwww.nusinstitute.org
The State of the San Diego Economy: The State of the San Diego Economy: Where Have We Been, Where Are We Headed? Where Have We Been, Where Are We Headed?
October 17, 2013October 17, 2013
The State of the San Diego Economy:• Great Recession “ended” in 2009• National indicators of recovery • State and regional indicators• San Diego’s economic interdependence and
independence/strengths and weaknesses– Industries– Jobs
• San Diego demographics• Our economic outlook: opportunities
– San Diego region– National University– Individual
Debt Limit/Default – October 17, 2013• If we hit this date without raising the debt limit the U.S. is not going to
automatically default on the debt.– At this time, the Treasury would have to start prioritizing payments, meaning
picking and choosing who gets paid first.
• If a government default occurs, it will be due to the government’s unwillingness to pay, not on ability to pay.
– There is plenty of cash on hand to make debt obligation payments, but there is not enough money to pay for all government programs. Congress should eliminate programs that can’t be justified
– Raising the debt limit amounts to putting off paying the government’s bills.
• Borrowing more and going further into debt only perpetuates the day of reckoning when we lose the world reserve currency status.
– This would be the most traumatic event that could happen to the US, worse than Pearl Harbor, 9/11, and the 2008 financial collapse; and we are dangerously approaching this possibility.
• “The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies.” - Senator Barack Obama, 2006
U.S. Job Loss and RecoveryU.S. Job Loss and Recovery
U.S. Unemployment RateU.S. Unemployment Rate
Employment Population Ratio, Participation RateEmployment Population Ratio, Participation Rate
MeasureState U-1 U-2 U-3 U-4 U-5 U-6United States 4.2 4.2 7.8 8.3 9.2 14.3Nevada 6.1 5.9 10.4 11.3 12.5 19.0California 5.4 5.2 9.5 10.1 11.1 18.3Rhode Island 5.6 5.5 9.5 9.9 10.7 15.9Mississippi 5.0 4.7 9.3 9.9 11.1 15.8New Jersey 5.7 5.2 9.1 9.7 10.6 15.7North Carolina 5.4 4.8 9.1 9.5 10.5 15.6Illinois 5.3 5.0 9.0 9.5 10.3 16.1Michigan 4.9 4.7 8.9 9.5 10.6 16.1Georgia 5.1 4.2 8.8 9.6 10.5 15.6Oregon 4.2 4.8 8.7 9.0 9.9 16.9Substate areas:Los Angeles County 6.0 5.7 10.3 11.0 12.0 20.5New York City 5.9 5.4 8.8 9.8 10.9 15.1SAN DIEGO COUNTY 8.2 est. 16.3Source: U.S. Department of Labor, Bureau of Labor Statistics.San Diego U-6 estimate by National University System Institutefor Policy Research.
Alternative measures of labor underutilizationAlternative measures of labor underutilization33rdrd Qtr, 2012 through 2 Qtr, 2012 through 2ndnd Qtr 2013 Averages Qtr 2013 Averages
U-1: Persons unemployed 15 weeks or longer, as a percent of the civilian labor force.U-2: Job losers and persons who completed temporary jobs, as a percent of the civilian labor force.U-3: Total unemployed, as a percent of the civilian labor force (this is the definition used for the official unemployment rate).U-4: Total unemployed plus discouraged workers.U-5: Includes U-4 plus all other marginally attached workers.U-6: Includes U-5 plus total employed part time for economic reasons.
Unemployment rate- labor underutilizationUnemployment rate- labor underutilization
0
2
4
6
8
10
12
14
16
18
2007 2008 2009 2010 2011 2012 2013
Une
mpl
oym
ent r
ate
Unemployed plus marginally attached and employedpart-time for economic reasons (U-6)
Unemployed rate (U-3)
90
95
100
105
110
115
120
125
130
2007 2008 2009 2010 2011 2012 2013
Inde
x: Ja
n 20
07=1
00
55 years and over
25 to 54 years
Change in U.S. Employment by AgeChange in U.S. Employment by Age
55+ year olds: 34% of
workers in 2013
55+ year olds: 25% of workers
in 2007
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
11.0%
12.0%
2006 2007 2008 2009 2010 2011 2012 2013
Seasonally Adjusted
California
SAN DIEGO
United States
Unemployment Rate ComparisonUnemployment Rate Comparison
San Diego Metropolitan AreaSan Diego Metropolitan AreaGross Domestic ProductGross Domestic Product
GDP Percent of Constant Dollars*Year (Billions) Calif. U.S. S.D. Cal. U.S.2001 $114.475 8.54% 1.08% 1.3% 0.1% 0.9%2002 $123.271 8.89% 1.12% 5.2% 1.9% 1.8%2003 $131.024 8.97% 1.14% 3.9% 3.1% 2.8%2004 $141.494 9.01% 1.15% 5.1% 4.6% 3.8%2005 $151.388 8.96% 1.16% 3.8% 4.2% 3.4%2006 $159.582 8.87% 1.15% 2.2% 3.3% 2.7%2007 $166.017 8.87% 1.15% 1.1% 1.0% 1.8%2008 $167.732 8.83% 1.14% -0.8% -0.4% -0.3%2009 $163.644 9.00% 1.14% -4.5% -5.1% -2.8%2010 $163.875 8.88% 1.10% -0.4% 0.3% 2.5%2011 $169.888 8.90% 1.09% 2.1% 1.2% 1.8%2012 $177.410 8.86% 1.09% 2.7% 3.5% 2.8%2013e $185.416 8.86% 1.10% 1.8% 1.9% 1.5%*Adjusted by GDP implicit price deflator.
Source: Bureau of Economic Analysis, U.S.Department of Commerce;e: estimate by National University System Institute for Policy Research.
Ranking of Ranking of Gross Domestic Gross Domestic
ProductsProducts2012 U.S. Dollars2012 U.S. Dollars
Rank Countries (billions) Rank Countries (billions)WORLD $72,216 31 Venezuela $381.3
1 UNITED STATES 16,245 31 Colombia 369.02 China 8,221 32 Thailand 366.03 Japan 5,960 33 Denmark 314.94 Germany 3,430 34 Malaysia 303.75 France 2,614 35 Singapore 276.56 United Kingdom 2,477 36 Nigeria 270.27 Brazil 2,253 37 Chile 268.28 Russia 2,030 38 Hong Kong 263.39 Italy 2,014 39 Israel 257.5
CALIFORNIA 2,003 40 Egypt 256.710 India 1,842 41 Philippines 250.211 Canada 1,821 42 Greece 249.212 Australia 1,543 43 Finland 247.613 Spain 1,324 44 Pakistan 225.614 Mexico 1,177 45 Iraq 212.515 South Korea 1,130 46 Portugal 212.416 Indonesia 879 47 Ireland 210.417 Turkey 788 48 Algeria 209.318 Netherlands 771 49 Kazakhstan 202.719 Saudi Arabia 711 50 Peru 198.920 Switzerland 631 51 Czech Republic 195.721 Iran 549 52 Qatar 192.422 Sweden 524 53 Kuwait 184.523 Norway 500 SAN DIEGO 177.424 Poland 490 54 Ukraine 176.225 Belgium 484 55 New Zealand 169.826 Argentina 475 56 Romania 169.427 Taiwan 474 57 Vietnam 155.628 Austria 395 58 Hungary 125.729 South Africa 384 59 Bangladesh 123.030 United Arab Emirates 384 60 Angola 115.2
Source: International Monetary Fund; U.S. Department of Commerce, Bureau of Economic Analysis;
National University System Institute for Policy Research.
Comparison of Annual Change in GDPComparison of Annual Change in GDPSAN DIEGO, California, U.S.SAN DIEGO, California, U.S.
-5.0%
-4.0%
-3.0%
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013e
Adju
sted
for I
nflati
on
Source: U.S. Department of Commerce, Bureau of Economic Analysis.e: estimate, f: forecast by National University System Institute for Policy Research.
SAN DIEGO
California
United States
Government17.8%
Real estate, rental, leasing17.4%
Professional, business services
15.8%
Trade10.6%
Manufacturing8.5%
Health care, social assist5.8%
Finance, insurance5.0%
Transportation, utilities
3.6%Information
3.5%
Accommodations, food services
3.5%Construction
3.2%Other services
2.3%Educational
services1.2% Arts, entertainment,
recreation1.0%
Natural resources, mining
.5%
San Diego GDP by Industry - 2012San Diego GDP by Industry - 2012
Defense Spending Percent of San Diego GDPDefense Spending Percent of San Diego GDP
0%
5%
10%
15%
20%19
8319
8419
8519
8619
8719
8819
8919
9019
9119
9219
9319
9419
9519
9619
9719
9819
9920
0020
0120
0220
0320
0420
0520
0620
0720
0820
0920
1020
1120
1220
13e
2014
f
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
$30.020
01
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Chai
ned
2005
Dol
lars
(bill
ions
)
Source: U.S. Bureau of Economic Analysis; National University System Institute of Policy Research.
Naturalresources, miningEducationalservicesArts, entertain-ment, recreationOther services
Accommodations,food serivcesConstruction
Information
Finance,insuranceManufacturing
Trade
Professional, busservicesGovernment
Real estate,rental, leasing
San Diego GDP by Industry: 2001-12San Diego GDP by Industry: 2001-12
Government18.2%
Real estate, rental, leasing
5.6%
Professional, business services
17.8%
Trade12.0%
Manufacturing5.5%
Health care, social assistance
8.4%
Finance, insurance4.7%
Transportation, utilities
2.0%Information
1.7%Accommodations,
food services7.8%
Construction4.4%
Other services5.8%
Educational services
2.3%Arts,
entertainment, recreation
2.5%Natural resources,
mining1.1%
Employment by Industry
Government17.8%
Real estate, rental, leasing17.4%
Professional, business services
15.8%
Trade10.6%
Manufacturing8.5%
Health care, social assist5.8%
Finance, insurance5.0%
Transportation, utilities
3.6%Information
3.5%
Accommodations, food services
3.5%Construction
3.2%Other services
2.3%Educational
services1.2% Arts, entertainment,
recreation1.0%
Natural resources, mining
.5%
San Diego GDP by Industry GDP Jobs ProductionIndustry (millions) (000s) per JobAll industry total $169,888 1,833 $92,700Real estate, rental, leasing 30,621 103 297,600Transportation, utilities 5,764 36 188,800Information 5,821 31 159,000Manufacturing 13,488 102 132,700Government 31,327 333 94,000Finance, insurance 7,573 87 87,200Professional, business services 27,865 326 85,500Trade 17,280 220 78,500Construction 5,609 81 69,200Health care, social assistance 10,108 154 65,800Natural resources, mining 891 21 43,200Arts, entertainment, recreation 1,860 46 43,200Educational services 1,786 43 40,000Accommodations, food services 5,718 143 40,000Other services 4,177 107 39,000Source: U.S. Bureau of Economic Analysis.
Location Quotient
• Location quotient (LQ) is a way of quantifying how concentrated a particular industry, cluster, occupation, or demographic group is in a region as compared to the nation.
– It can reveal what makes a particular region unique in comparison to the national average.
• Location Quotient formula =(SD industry employment / SD total employment)
(U.S. Industry employment / U.S. total employment)
• LQ > 1.0 San Diego has higher concentration of production or employment the national average.
• LQ = 1.0 San Diego has the same share of regional production or employment as the nation.
• LQ < 1.0 San Diego has a lower concentration of production or employment the national average.
San Diego Location Quotient by IndustryChange
(2.32)1.02
(0.12)0.100.55
(0.04)0.040.010.03
(0.12)(0.21)(0.31)(0.16)0.05
(0.02)0.24
(0.20)(0.05)0.06
(0.24)
Industry 2001 2012Government-federal military 7.29 4.97Real estate, rental, leasing 1.37 2.39Government-federal civilian 1.47 1.35Professional, scientific, technical 1.25 1.35Manufacturing-Durable goods 0.69 1.24Accommodation, food services 1.15 1.11Arts, entertainment, recreation 1.00 1.05Administrative, waste management 0.95 0.97Trade 0.88 0.91Information 1.02 0.89Other services 1.10 0.89Construction 1.18 0.87Government-state, local 1.02 0.86Educational services 0.74 0.79Health care, social assistance 0.77 0.75Transportation, utilities 0.46 0.70Management companies, enterprises 0.89 0.68Finance, insurance 0.65 0.59Manufacturing-Nondurable goods 0.39 0.45Natural resources, mining 0.44 0.20
San Diego, California, U.S. JobsSan Diego, California, U.S. JobsNonfarm payroll employment seasonally adjustedNonfarm payroll employment seasonally adjusted
0.94
0.96
0.98
1.00
1.02
1.04
1.06
1.08
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Seas
onal
ly A
djus
ted
Inde
x: Ja
n200
2=1.
00
Source: U.S. Department of Labor, Bureau of Labor Statistics; California Employment Development Department; National University System Institute for Policy Research.
SAN DIEGO
U.S.
California
Nonfarm Payroll Industry JobsNonfarm Payroll Industry Jobs
1,210,000
1,220,000
1,230,000
1,240,000
1,250,000
1,260,000
1,270,000
1,280,000
1,290,000
1,300,000
1,310,000
2007 2008 2009 2010 2011 2012 2013
Seas
onal
ly A
djus
ted
Source: California Employment Development Department; National University System Institute for Policy Research.
-3,000 -2,000 -1,000 0 1,000 2,000 3,000 4,000 5,000 6,000
Manufacturing
Arts, Entertainment, Recreation
Federal Government
Real Estate, Rental, Leasing
Finance, Insurance
Information
Natural resources, mining
Other Services
Professional, Scientific, Technical
Construction
Transportation, Warehousing, Utils
Educational Services
State & Local Government
Trade (Retail, Wholesale)
Management, Admin, Support
Health Care, Social Assistance
Accommodation, Food Services
Change in San Diego Jobs by Industry Sectors, Change in San Diego Jobs by Industry Sectors, August 2012- August 2013August 2012- August 2013
Manufacturing EmploymentManufacturing Employment
90,000
95,000
100,000
105,000
110,000
115,000
120,000
125,000
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
5,000
5,200
5,400
5,600
5,800
6,000
6,200
6,400
6,600
6,800
7,000
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Aerospace
4,000
4,500
5,000
5,500
6,000
6,500
7,000
7,500
8,000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Shipbuilding
Change in Jobs among Top-Five San Diego Defense-Change in Jobs among Top-Five San Diego Defense-Dependent Industries vs. All Other Private Sector IndustriesDependent Industries vs. All Other Private Sector Industries
0.97
0.98
0.99
1.00
1.01
1.02
1.03
1.04
1.05
1.06
1.07
1.08
2011 2012 2013
Inde
x: Ja
n 20
11=
1.00
Federal budget deliberations
Other private sector industriesDefense-dependent industries
Debt-limitdeliberationsAug 2011
Fiscal cliff --sequestrationdeliberationsAug 2012
Sequestration implementa-tion starting Mar 2013
Professional, Scientific, Technical ServicesProfessional, Scientific, Technical Services
90,000
95,000
100,000
105,000
110,000
115,000
120,000
125,000
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Billions
Source: U.S. Census Bureau, Foreign Trade Division; National University System Institute for Policy Research.
Exports to rest of worldImports from rest of world
Exports to Mexico
Imports from Mexico
San Diego International Trade San Diego International Trade with Mexico and Rest of the Worldwith Mexico and Rest of the World
San Diego Industry Employment ChangeSan Diego Industry Employment Change
San Diego technology companies account for: Average Wage (2012)
Establishments: 6% Employment: 11% San Diego (overall) $54,000
Payrolls: 21% Average Wage: 190% Tech Average $102,600
0.90
0.92
0.94
0.96
0.98
1.00
1.02
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Qe
2Qe
2008 2009 2010 2011 2012 2013
Inde
x: 1
Q20
08=1
00.0
e: estimate
Technology Sectors
Total, All Industries
Private Industry
San Diego Technology Employment by SectorSan Diego Technology Employment by Sector
0
5,000
10,000
15,000
20,000
25,000
30,0001Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
e2Q
e
2008 2009 2010 2011 2012 2013Source: National University System Institute for Policy Research, based upon California Employment Development Department, Quarterly Census of Employment and Wages (QCEW).
Pharma/biotech/medical CommunicationsEquipment Mfg Software
Biotechnology,Pharmaceutical Defense andTransportation Computer,Electronics EnvironmentalTechnology Other TechnicalConsulting Srvs BiomedicalProducts RecreationalGoods
Health Care & Social AssistanceHealth Care & Social Assistance
90,000
95,000
100,000
105,000
110,000
115,000
120,000
125,000
130,000
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Leisure and HospitalityLeisure and Hospitality
0
20,000
40,000
60,000
80,000
100,000
120,000
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Food Service, DrinkingAccommodationsAmusementsAir Transportation
Finance, Insurance, Real EstateFinance, Insurance, Real Estate
65,000
67,000
69,000
71,000
73,000
75,000
77,000
79,000
81,000
83,000
85,00020
00
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Construction EmploymentConstruction Employment
50,000
55,000
60,000
65,000
70,000
75,000
80,000
85,000
90,000
95,00020
00
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Small <5038%
Mid 50-24929%
Large 250+33%
Employees
Small <5095%
Mid 50-2493.9%
Large 250+0.6%
Businesses/Employers
San Diego Businesses/EmployersSan Diego Businesses/Employersby Number of Employeesby Number of Employees Businesses Percent of Total
Year TotalSmall <50
Mid 50-249
Large 250+ Total
Small <50
Mid 50-249
Large 250+
2008 98,941 94,322 4,046 573 100% 95% 4.1% 0.6%2009 95,908 91,652 3,731 525 100% 96% 3.9% 0.5%2010 97,489 93,240 3,712 537 100% 96% 3.8% 0.6%2011 100,211 95,818 3,842 551 100% 96% 3.8% 0.5%2012 99,658 95,173 3,917 568 100% 95% 3.9% 0.6%
Number Change: Percent Change:08/09 -3,033 -2,670 -315 -48 -3.1% -2.8% -7.8% 2.3%09/10 1,581 1,588 -19 12 1.6% 1.7% -0.5% 2.6%10/11 2,722 2,578 130 14 2.8% 2.8% 3.5% 3.1%11/12 -553 -645 75 17 -0.6% -0.7% 2.0% 0.0%
Employees Percent of Total
Year TotalSmall <50
Mid 50-249
Large 250+ Total
Small <50
Mid 50-249
Large 250+
2008 1,317,094 494,288 392,228 430,578 100% 38% 30% 33%2009 1,229,065 461,544 360,340 407,181 100% 38% 29% 33%2010 1,237,369 468,503 360,295 408,571 100% 38% 29% 33%2011 1,251,868 473,763 368,979 409,126 100% 38% 29% 33%2012 1,284,281 493,320 373,888 417,073 100% 38% 29% 32%
Number Change: Percent Change:08/09 -88,029 -32,744 -31,888 -23,397 -6.7% -6.6% -8.1% -5.4%09/10 8,304 6,959 -45 1,390 0.7% 1.5% 0.0% 0.3%10/11 14,499 5,260 8,684 555 1.2% 1.1% 2.4% 0.1%11/12 32,413 19,557 4,909 7,947 2.6% 4.1% 1.3% 1.9%Source: California Employment Development Department
Annual San Diego County Population ChangeAnnual San Diego County Population Change
-45,000
-35,000
-25,000
-15,000
-5,000
5,000
15,000
25,000
35,000
45,000
55,000
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
e
Source: California Department of Finance; estimate and forecast by National University System Institute for Policy Research.
Net Domestic MigrationNet ImmigrationNatural IncreaseTotal Change
0
50,000
100,000
150,000
200,000
250,000
0-4
5-9
10-1
4
15-1
9
20-2
4
25-2
9
30-3
4
35-3
9
40-4
4
45-4
9
50-5
4
55-5
9
60-6
4
65-6
9
70-7
4
75-7
9
80-8
4
85+
Popu
latio
n
Age Range (Years)
2000
2012
San Diego San Diego Population Population
by Ageby Age
Year 2000 2012 Change PercentTOTAL 2,813,863 3,143,429 329,566 11.7%0-14 611,119 602,245 -8,874 -1.5%15-29 652,175 751,133 98,958 15.2%30-44 679,350 641,634 -37,716 -5.6%45-64 557,469 773,882 216,413 38.8%65+ 277,343 314,869 37,526 13.5%
MedianAge 33.2 34.8 1.6 4.8%
Source: San Diego Association of Governments; National
University System Institute for Policy Research.
S&P/Case-Shiller Home Price IndicesS&P/Case-Shiller Home Price Indices
50.0
100.0
150.0
200.0
250.020
00
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Seas
onal
ly A
djus
ted
Inde
x: 2
000=
100.
0Los Angeles CA
Washington DC
SAN DIEGO CA
New York NY
Boston MA
Miami FL
Portland OR
Seattle WA
San Francisco CA
Tampa FL
Denver CO
Chicago IL
Dallas TX
Minneapolis MN
Charlotte NC
Phoenix AZ
Cleveland OH
Las Vegas NV
Atlanta GA
Detroit MI
2.0
3.0
4.0
5.0
6.0
7.0
8.0
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Med
ian
Hom
e Pr
ice
/ Med
ian
Inco
me
Source: National Association of Home Builders; National University System Institute for Policy Research.
SAN DIEGONational
Ratio of Median Selling Home Price Ratio of Median Selling Home Price to Median Household Incometo Median Household Income
Least Housing Median RatioAfford- Oppor- Home Median of Home
able tunity Sales Family Price toRank Metro Area Index+ Price Income Income
1 San Francisco-San Mateo-Redwood City, CA* 19.3 $781,000 $101,200 7.722 Los Angeles-Long Beach-Glendale, CA* 28.3 407,000 61,900 6.583 Santa Ana-Anaheim-Irvine, CA* 28.8 535,000 84,100 6.364 New York-White Plains-Wayne, NY-NJ* 29.8 435,000 66,000 6.595 Santa Cruz-Watsonville, CA 30.0 509,000 73,800 6.906 San Jose-Sunnyvale-Santa Clara, CA 32.2 640,000 101,300 6.327 San Luis Obispo-Paso Robles, CA 35.0 400,000 70,900 5.648 SAN DIEGO-CARLSBAD-SAN MARCOS, CA 37.1 400,000 72,300 5.539 Salinas, CA 40.5 346,000 63,100 5.4810 Napa, CA 40.9 430,000 80,600 5.3311 Santa Rosa-Petaluma, CA 42.3 385,000 74,900 5.1412 Santa Barbara-Santa Maria-Goleta, CA 43.3 426,000 71,000 6.0013 Bridgeport-Stamford-Norwalk, CT 43.8 400,000 87,900 4.5514 Oxnard-Thousand Oaks-Ventura, CA 46.5 423,000 86,700 4.8815 Oakland-Fremont-Hayward, CA* 47.3 425,000 89,200 4.7616 Laredo, TX 49.9 149,000 40,300 3.7017 Honolulu, HI 51.6 430,000 86,300 4.9818 Ocean City, NJ 53.8 320,000 76,600 4.1819 Santa Fe, NM 54.2 277,000 62,000 4.4720 Barnstable Town, MA 56.2 317,000 74,900 4.23
National 69.3 202,000 64,400 3.14*Indicates Metropolitan Divisions, all others are Metropolitan Statistical Areas. California areas are in italics .
+Share of homes sold during the quarter affordable to median income.
Source: National Association of Home Builders; National University System Institute for Policy Research.
Housing Opportunity Index – 2Housing Opportunity Index – 2ndnd Qtr 2013 Qtr 2013
San Diego Housing ConstructionSan Diego Housing Construction
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