Report: San Diego's economic recovery behind national average - CBS News 8 - San Diego, CA News Station - KFMB Channel 8

Report: San Diego's economic recovery behind national average

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SAN DIEGO (CNS) - San Diego's economic recovery is running behind that of the nation as a whole, according to a report released Monday by the National University System Institute for Policy Research.

While the gross domestic product of the United States reached a new peak for economic activity in the third quarter of 2011, San Diego, and California as a whole, will not do so until next year, the report states.

The San Diego region has frequently led the nation out of previous recessions, according to the NUSIPR.

San Diego's GDP is growing by an estimated 1.4 percent this year, compared to U.S. GDP growth of 1.6 percent. The region's GDP fell 2.9 percent at the height of the recession in 2009 and expanded by 0.9 percent last year -- both figures worse than the national rate.

"Economic momentum clearly remains lackluster in 2011," according to the report, which also projects sluggish growth in San Diego and California next year.

Despite the slow growth, San Diego's GDP of $171.6 billion in 2010 ranks 16th among U.S. metropolitan areas and would rank 47th if compared to countries, according to the NUSIPR. Per capita GDP of $55,237 ranks well ahead of state and national figures, despite a drop of 5.2 percent from its peak in 2007, the report says.

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