A financial technology company has ranked San Diego County third in California and No. 78 nationwide on its latest list of the amount of investment received by counties.
It was the second year in row that SmartAsset issued a report on how counties’ economies stack up to one another.
Performance across four categories – the number of new businesses, economic growth, the residential real estate market and investment in municipal bonds – gave the county an investment index of 47.52, which landed it in the No. 3 spot on SmartAsset’s ranking of California counties.
Orange and Los Angeles counties ranked second and first, respectively.
The change in the number of businesses established in San Diego over a three-year period was 5.4 percent. That beat out Orange County, which clocked in at 5.2 percent, but lagged Los Angeles County, where SmartAsset measured 5.6 percent growth. Statewide, the change was 1.3 percent.
San Diego’s inflation-adjusted GDP, according to the study, rose by nearly $13.8 million. Just up I-5, Orange County’s GDP reportedly increased by a bit more, about $15.7 million, while Los Angeles County’s shot up by $44.6 million, according to the SmartAsset study.
Investment in the local residential real estate market was measured by the number of building permits pulled. That was a strength for San Diego, with 8.4 new permits per 1,000 homes, above the state average of 5.3. San Diego’s numbers beat out Los Angeles, where 6.7 permits were pulled per 1,000 homes, but fell short when compared to Orange County, where a furious rate of building put the number at 10.2 permits per 1,000 homes.
Lastly, the county reportedly received $5,660 per capita in municipal bonds over the last five years, more than twice the state average of $2,734. Los Angeles County reportedly received slightly less, $5,067 per capita, while Orange County got roughly $9,757 per person.
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