I would define it as
1) a diversified job base (i.e. not relying on one sector such as real estate),
2) rising employment in jobs paying above-average wages for that area,
3) prospects of new companies moving here or current companies expanding,
4) partnerships between industry and universities which lead to research and development, and
5) a variety of industries/businesses that are recession proof.
6) Any others?
Does San Diego have ANY of the above?
When Inc. and other magazines rate cities for their strong economies, they are looking at job growth and tax revenue, regardless of source. An economy built on construction, lending, and MEW-related business like retail and restaurants, certainly meets their criteria, but a savvy investor would look behind the numbers and realize it is a “weak economy”. I surely wouldn’t invest there.
I was seriously checking into that Yuma land deal, but despite the claims of a strong economy, Yuma is one more example of a city that is weak: dependent on construction and MEW for its fuel. So all the realtors and financial planners who try to sell me their wares, I say, “I’m not stupid enough to fall for it. Look for another sucker.”
