San Diego Economy in Three-Month Slump

San Diego County’s economy is going through a three-month slump, according to a University of San Diego study.

The report looked at building permits, stock prices, unemployment and other factors. Building permits were especially down, at just 136 in September, the lowest since October 2010. It’s also a major contrast from about 1,000 in May. Only 15 permits were issued for multifamily development last month.

The study further states that a reason for the economic decline is a lack of land to build on, as well as construction workers moving to markets with a more favorable economy. Less building, of course, also means less retail spending.