One Reason San Diego Home Values Not Increasing – Stagnating Wages
Wages in San Diego County grew at the slowest annual rate among the nation’s 10 largest counties in the third quarter of last year, the U.S. Bureau of Labor Statistics reported Thursday.
From the third quarter of 2013 to the third quarter of 2014, the average weekly wage rose 0.8 percent to $1,030. San Diego’s gain over the year was less than half the rate of inflation, which increased 1.8 percent locally in the third quarter.
“That’s very slow,” said Esmael Adibi, economist at Chapman University in Orange. “This is obviously one of the biggest concerns that economists have, that if the wage growth doesn’t pick up speed, then it means people’s earning are not growing as fast and in a way that in turn is going to slow down spending growth.”
San Diego’s pace trailed the nine other largest counties, with the next-slowest county being Maricopa in Arizona, which includes Phoenix, where pay grew 1.8 percent over the year to $914 per week. This is the second consecutive quarter in which San Diego County has boasted the slowest wage gains among the top 10 regions.
read more at: http://www.utsandiego.com/news/2015/mar/19/bls-wages-jobs-pay-salary-economy-hiring/
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