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The Big Picture San Diego Blog


March 2017

March 24, 2017

"February’s data shows unemployment rates dropping for the majority of jurisdictions in the region. Meanwhile, job posting intensity has steadily declined suggesting that employers are filling jobs more rapidly. Management, training and communications are among the most in-demand skills in current job postings. And while technical skills are still expected of job-seekers, the ability to work with and develop others is key." - Phil Blair, President & CEO, Manpower

Each month the California Employment Development Department (EDD) releases unemployment data for the prior month. Due to annual revisions, EDD did not release employment data in the month of February but released two reports in March. This edition of San Diego’s Economic Pulse covers February data and references the second of two reports from March.
 
Highlights include:
  • Compared to a year ago, total nonfarm employment is up 26,700, or 1.9 percent, with 19,800 of those jobs coming from the private sector.
  • San Diego’s unemployment rate remains lower than both the California rate of 5.2 percent and the national rate of 4.9 percent.
  • Fourteen of the region’s jurisdictions saw year-over-year growth in monthly new establishments, above the regional rate of 26 percent.
 
New Businesses by Jurisdiction, Feb 2017:

 
March 20, 2017
The Duane Roth Renaissance Award is named in memory of a beloved community leader who tirelessly championed San Diego's innovation ecosystem and reframed how we view our economic diversity. Presented at EDC's Annual Dinner each year, this award recognizes an organization whose work is creating outstanding inventions, innovations or breakthroughs that have changed and improved the world around us. 
 
EDC is deeply honored to announce the Salk Institute for Biological Studies as the 2017 Honoree of the Duane Roth Renaissance Award, presented by:

 
Founded in 1960 after Jonas Salk developed the first effective polio vaccine, Salk Institute is among the top five research institutions in the world. The San Diego institute is pushing boundaries of scientific discovery around cancer and immunology, aging, diabetes, brain science and plant biology. Salk has been issued 560 patents, while 38 new companies have spun out of its discoveries. Strengthened by its diversity, there are 46 countries represented by Salk faculty, staff and students.
 
Please join us at EDC's Annual Dinner to celebrate Salk and more, April 20.
March 17, 2017

Today, San Diego Mayor Faulconer announced The City of San Diego has been awarded a $1.6 million grant from the Department of Defense’s Office of Economic Adjustment to support the resiliency and growth of local defense contractors.

The City of San Diego and key partners, including San Diego Regional EDC, County of San Diego, San Diego Military Advisory Council, East County Economic Development Corporation and South County Economic Development Corporation – collectively named Propel San Diego – will deploy programs to support the region’s defense ecosystem. 

Leveraging the grant, the Propel San Diego team will concentrate on economic development strategies for companies expanding in or at risk of leaving the region. As part of this work, Propel San Diego will create a database of all defense firms in San Diego County and deploy an interactive tool to explain and model changes in defense spending activity.

Home to the largest concentration of military assets in the world, San Diego’s economy is inextricably linked to the national defense ecosystem. According to SDMAC, the total economic impact of the defense industry is nearly $45 billion.

Defense-related organizations are as diverse as San Diego’s key industries and include companies specializing in aerospace, maritime, unmanned vehicles, robotics, autonomous systems, cybersecurity, advanced manufacturing and more.

Leveraging DoD support, Propel San Diego programs aim to help San Diego retain highly-skilled talent and create increased stability for defense companies in an increasingly uncertain defense budget world. 

Propel San Diego sentiments:

  • “San Diego is proud of its military roots and our defense industry plays an integral role in our local economy,” Mayor Faulconer said“This grant will help support our local defense contractors so they can keep creating the kind of good-paying jobs San Diegans deserve.”
  • “From Qualcomm’s mobile technology to Cubic’s smart card systems and ViaSat’s broadband satellites, some of the world’s most game-changing technology is rooted in San Diego’s defense industry. Supporting the commercialization and visibility of the region’s defense-related firms, small and large, is critical to economic growth. The OEA grant and Propel San Diego collaborative enables us to do just that,” said Mark Cafferty, president and CEO of San Diego Regional EDC.
  • “The Propel San Diego initiative and OEA funding will enable a complete technology refresh of East County Economic Development Council‘s Connectory.com Network, an online resource that contains detailed capabilities profiles of industrial and technology companies across all industries,” said Joe Mackey, chair of the East County EDC board and CEO of XL Staffing and XL Security. “An upgraded Connectory that takes advantage of big data analytics will allow Propel San Diego to understand and track the wide, deep and diverse defense supply chain resident in the San Diego region, now and into the future.”
  • “SDMAC is honored and excited to be a recipient of the OEA grant. We look forward to playing a key role in facilitating the exchange of contractual information that will keep business in the San Diego region,” said Randy Bogle, executive director of San Diego Military Advisory Council.


For more information, visit OEA.gov.

March 3, 2017

Understanding our economy begins with strong data. Lucky for us, Feb/March means lots of it. 

A little about the research products released this week:

  • Quarterly Economic Snapshot: February
    Every quarter, San Diego Regional EDC analyzes key economic indicators that are important to understanding the region's standing relative to the 25 most populous metropolitan areas in the U.S. The Economic Snapshot covers data from October to December 2016 (Q4), the most recent quarter available, in regard to employment, real estate and venture capital.

    Release time: Data from the previous quarter is available at the end of the second month of the current quarter (e.g. data from Q4 2016 is released late Feb. 2017; data from Q12017 will be released late May 2017)

 

  • San Diego's Economic Pulse: March
    Monthly, the California Employment Development Department releases countywide employment and unemployment data. However, we know unemployment is only a small sliver of understanding our economy. EDC supplements this report by adding information on who's hiring, business establisments and job postings.

    Release time: The California Employment Development Department typically releases the previous months data on the third Friday of every month (e.g. Data from April 2017 will be release on May 19, 2017). However, the first few months of the year are on a revised schedule, as January is subjected to seasonal changes as some service sectors wind down from the holidays and other data is being adjusted from the previous year. Therefore, January's data was released on March 3, 2017.