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Inflation-adjusted taxable retail sales in the county dropped 2.4 percent in the second quarter of last year, according to figures compiled by the San Diego Institute for Policy Research. In the first quarter of 2007, they were down 0.9 percent. In 2003 and 2004, these quarterly figures were sometimes up more than 10 percent. In last year's second quarter, building materials sales were down 14.5 percent, and new cars were off 8.4 percent. Over the last three years, county taxable retail sales have dropped 2.9 percent; the number of businesses has dropped by 2,900 in the same period. This was happening while county population was rising 2.3 percent. "The slowdown of consumer spending in San Diego is clearly a result of the bursting housing bubble and global credit crunch," says Kelly Cunningham, economist for the institute. "Consumers who refinanced or took out equity loans on their homes to free up cash for spending are now mostly spent out and highly leveraged in debt."
Inflation-adjusted taxable retail sales in the county dropped 2.4 percent in the second quarter of last year, according to figures compiled by the San Diego Institute for Policy Research. In the first quarter of 2007, they were down 0.9 percent. In 2003 and 2004, these quarterly figures were sometimes up more than 10 percent. In last year's second quarter, building materials sales were down 14.5 percent, and new cars were off 8.4 percent. Over the last three years, county taxable retail sales have dropped 2.9 percent; the number of businesses has dropped by 2,900 in the same period. This was happening while county population was rising 2.3 percent. "The slowdown of consumer spending in San Diego is clearly a result of the bursting housing bubble and global credit crunch," says Kelly Cunningham, economist for the institute. "Consumers who refinanced or took out equity loans on their homes to free up cash for spending are now mostly spent out and highly leveraged in debt."