San Diego’s economy will end this year above $200 billion in gross domestic product, the sum of all spending by companies, the highest level in its history, according to a recent study by a local think tank.
The National University System Institute for Policy Research report projected the county’s GDP for this year to finish at $206.4 billion, up 4.3 percent from the prior year.
Given revisions to data going back to 2001, the region has fully recovered from the Great Recession, with the area’s growth rate falling right in the middle of the nation’s 381 metropolitan areas, the report states.
Kelly Cunningham, the economist who wrote the report, said the San Diego economy could be labeled a Goldilocks recovery, not too hot and not too cold.
In 2013, the region’s GDP grew 1.7 percent to $197.8 billion, the exact average increase for other metropolitan areas.
Several larger areas such as Atlanta and Phoenix have yet to recover to the levels those cities were at before the recession, while others, such as Seattle, San Jose, Portland and Denver, have all quickly recovered and expanded beyond pre-recession levels, the report said.
While certain sectors in the local economy have done well, including professional and business services, real estate and health care, others have lagged. These include information, construction, hospitality and retail trade, the report said.