SAN DIEGO (CNS) - San Diego's gross domestic product should rise an inflation-adjusted 3 percent this year, outpacing both the state and national economies, according to a report released Monday by the National University System Institute for Policy Research.
San Diego's GDP this year is projected to be $218.6 billion. Last year, it was estimated to be $208.2 billion. The difference in straight dollars is 5 percent, but the NUSIPR reported the inflation-adjusted increase.
The NUSIPR report says a diversified mix of high-technology businesses will lead the economic improvement.
"San Diego continues to emerge from the great recession that technically ended five years ago," said Kelly Cunningham, an economist and senior fellow at the institute.
"The recession hastened economic transformation that had been ongoing for some time," Cunningham said. "The disruption accelerated transition from historical dependence upon tourism, military bases, defense procurement and real estate development to a much more diversified and entrenched mix of scientific research, development and productive innovation."
The NUSIPR report also projected more than 40,000 people will move into San Diego this year, attracted by brightening job prospects and a projected dip in unemployment.
Pay, however, will continue to be clustered at the higher and lower salary levels, squeezing the middle class, according to Cunningham.
The report projects a continued improvement in San Diego's median household income, which is estimated to have improved last year. In 2013, the figure, which is adjusted for inflation, reached a 20-year low.
The National Weather Service has issued an excessive heat warning for San Diego County inland valleys, mountains, and deserts. The warning is valid for Monday morning through Thursday evening
A man accused of stealing a car led police on a slow speed chase on Sunday that ended with the suspect in custody.
San Diego Comic-Con is in full swing and so is the superhero-themed fashion! Celebrities like Sarah Paulson, Sonequa Martin-Green and Camila Mendes, among many other stylish ladies, rocked a bevy of leather, nylon and pleather to attend the annual comic book convention.
Detectives are investigating the circumstances surrounding a man who died Saturday morning on a sidewalk in Old Town.
A suspected drunk driver was shot by sheriff's deputies after leading them on a pursuit across North County freeways Friday night, the San Diego County Sheriff's Department said.
Fire crews responded to a fully involved building fire in the 7000 block of Amherst Drive in Rolando.
The woman fatally shot at an Oceanside apartment Friday afternoon was identified as a Navy corpsman, and a suspect is in custody.
Warner Bros. brought out all the stops Saturday at Comic-Con with an army of stars, surprises and new footage from films like "Aquaman," ''Shazam!" and even "Wonder Woman 1984," which is only three and a half weeks into production.