San Diego County's growth rate is expected to slow during 1988, but the county will remain one of the nation's fastest-growing metropolitan areas, according to a report issued by First Interstate Bank.
The county's population will grow at an annual rate of 2.2% through the year 2000, more than twice the growth rate projected for California and the nation as a whole, the report said. However, growth curbs will direct much of that growth to southern parts of the county.
First Interstate's report predicted that countywide housing construction will decline by 22% in 1988 to 33,700 single-family homes and apartment buildings. Rising land prices will "continue to put pressure on affordability, especially for the middle-income household, thus limiting demand," according to the report.
Inflation in San Diego County will increase to 4.5% in 1988, up from 4.2% during 1987, the report said. Per capita income, which grew at a 3.3% rate during 1987, will increase by 3.9%, a rate that is "slightly below the California average . . . (but) well above the U.S. average," according to the report.
Non-farm employment will slow to 3.3% in 1988, down from a 3.9% growth rate during 1987. Unemployment, which rose to 4.4% at the end of 1987 will rise "only slightly" during 1988, according to First Interstate.