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Big Picture San Diego Blog

July 15, 2014


The ‘World’s Smartest Company’ just made one of the world’s smartest decisions. Today, genomics pioneer Illumina announced its plans to expand in San Diego.  With the help of EDC, the City of San Diego has announced an agreement that will help keep the biotech company and hundreds of high-paying jobs in San Diego. The City will provide a tax rebate in exchange for the retention and creation of 300 well-paying jobs.

This is a perfect example of how San Diego can support middle class jobs while also encouraging economic growth,” said Mayor Faulconer. “This agreement keeps hundreds of high wage jobs in San Diego, ensures city residents benefit from over a million dollars in annual sales tax revenue, and strengthens our region’s leadership in biotechnology.”

The announcement was made today at press conference at Illumina’s headquarters with CEO Jay Flatley, City of San Diego Mayor Kevin Faulconer,  Council President Pro Tem Sherri Lightner and EDC President and CEO Mark Cafferty. The City Council will now vote to ratify the agreement during the week of July 21.

Founded in 1998 with 15 employees, Illumina now has 3,000  employees – 1,500 which are in San Diego –   with offices in virtually every continent. The innovator has also emerged as one of the most important companies in the global biotech field. Earlier this year, they became the first company to sequence the human genome for under $1,000 a person, making one of the most significant strides in personalized medicine in the past decade. That’s one of the reasons Illumina was recently named “World’s Smartest Company” by MIT Technology Review, ahead of Tesla Motors, Google and Samsung.

“We’re excited to continue to grow a state-of-the-art campus that will not only contribute to Illumina’s success, but also contribute to the growth of San Diego’s life sciences community, to the advancement of genetic research, and ultimately to help people around the globe realize the benefits of personalized medicine,” said Jay Flatley, Illumina’s CEO.

“The fact that the ‘World’s Smartest Company’ has decided to expand its footprint in San Diego speaks volumes to the quality of our biotech industry and innovation economy,” said Mark Cafferty, president and CEO of EDC. “Not only do we have a Mayor that values economic development and job creation, but we also have a cutting-edge company showing how much they value San Diego’s dynamic workforce, manufacturing expertise and research capabilities.”

After an initial meeting with Illumina,  Mark Cafferty called Mayor Faulconer to express his concerns about Illumina expanding outside the region. Within 24 hours, Mayor Faulconer had cleared his schedule to sit down with key Illumina stakeholders to discuss the innovator’s growth plans. 

Like most of San Diego’s successes, collaboration helped us get to this point. Cushman & Wakefield’s Steve Rosetta and Former EDC Board Chair Stath Karras were able to spot a need to engage with Illumina early on in this process.  BIOCOM, Go-BIZ and partners at the State of California were also involved in guiding Illumina’s decision. Another EDC Board Member David Hale, considered one of the godfathers of biotech in San Diego, had flagged Illumina as the “next big thing.” All bets are, David is right.

As San Diego works to tell its innovation story to the rest of the world, we can look to Illumina as a strong global company. They have chosen to stay in San Diego because of the collaboration between the City and other partners as well as the strong talent pool that exists here. They are in England. They are in Brazil. They are in the UK. They are in Japan. But at the end of the day, they are headquartered in San Diego. And that’s the story we need to continue to tell.

U-T has more.

June 25, 2014

Pharma Icon Medical Device Icon Genomics Icon Biofuels Icon Craftbeer icon

Timing is everything. With BIO 2014 in full swing, Jones Lang LaSalle (JLL) has released its list of the top U.S. life sciences clusters. No stranger to life sciences stardom, San Diego comes in third on the list. From algae biofuels to genomics, medical devices, and even beer, San Diego has seen a strong surge of cross-convergence throughout the biotech sector.

San Diego’s innovation economy is anchored by our strong biotech cluster. Not only are we home to what MIT researchers have dubbed ‘The World’s Smartest Company’ – Illumina – but the region’s leadership in stem cell research and the mapping of the human genome is second to none,” said Mark Cafferty, president and CEO of San Diego Regional EDC.

A combination of top-tier universities, a strong talent pool, and innovative companies have made San Diego a bio hub. Additionally, BIOCOM has worked to accelerate San Diego’s dynamic life sciences community.

This year’s rankings were based on life sciences employment concentration, employment growth, establishment concentration, venture capital funding and patents as well as NIH funding. If you are up on your rankings, you may realize that San Diego has dropped a spot since JLL 2013 rankings. In terms of job creation, San Diego is number one for life sciences employment concentration and number two for life sciences employment growth.

Adding employment growth and patent applications to the Global Life Sciences Cluster Report scorecard this year, two areas where the San Francisco Bay Area particularly excels, meant that San Diego dropped a spot from last year’s report,” said Brian Cooper, senior vice president at JLL. “However, as former president Bill Clinton declared on national television, San Diego has become the ‘human genome research capital in America,’ which bolsters our city’s strength in developing and supporting a collaborative cluster so attractive to emerging life science companies.”

One area where San Diego’s ranking has dropped is venture capital:  “Although we saw a dip in venture capital, this can be partially explained by the rise in local biotech companies going public. Last year was one of the strongest years for biotech IPOs in the past decade, which means in many cases companies did not need to raise late-stage money,” said Cafferty.

Eight San Diego companies went public in 2013 including Fate Therapeutics and Tandem Diabetes.          

June 20, 2014

This post is part of an ongoing monthly blog series dedicated to the California Employment Development Department (EDD) monthly employment release. Click images to enlarge in a new tab/window.

[Unemployment Chart]

The California Employment Development Department (EDD) released statewide county employment data today for the May 2014 period. San Diego's unemployment rate continued to decline from April to May, with the rate now down to 5.8 percent, the lowest it has been since May 2008. Unlike the major decline in April (read the full report here), the decline in May came without a drop in the region's labor force. From April to May, 3,000 joined San Diego's labor force, while the region experience a 3,800 person drop in civilian unemployment. Where last month's unemployment rate free fall was somewhat alarming, this month's decline appears to be a good sign for the economy. The region's unemployment rate is now below the national rate and remains well below the California rate.

The region added 5,100 jobs from April to May, 4,800 of which were in the private sector, which is another healthy sign for steady economic growth. Potentially more noteworthy, the region's economy added 29,300 jobs from May 2013 to May 2014, a 2.2 percent increase. The region's private sector grew by 2.5 percent from May 2013 to May 2014, a number roughly in the middle of expectations of the region's leading economists. As of May 2014, the region had 1,342,700 non-farm jobs, more than 82 percent of which were in the private sector.

[Construction Chart]

San Diego's goods producing industries continued their steady employment growth. Construction was up more than 1.5 percent from April to May, adding 1,000 jobs to the region. From May 2013 to May 2014, the construction industry has added 5,100 jobs, an 8.5 percent increase. Manufacturing growth has been a bit slower, but still steadily increasing, which is a great sign for the industry. From April to May, the manufacturing industry added 100 jobs. The industry added 1,700 jobs from May 2013 to May 2014.

As the region ramps up for summer tourism and convention season, the leisure and hospitality industry led most of the growth from April to May, adding 3,900 jobs to the economy, as expected. The industry was also up 3.7 percent from May 2013. Most of this month's growth came from the region's food services and drinking places. Health care and social assistance was the only other significant job creating industry from April to May, adding 1,000 jobs over the month period. 

[PST Chart]

The professional, scientific and technical services sector dropped by 700 jobs from April to May, but these monthly ebbs and flows are common in the industry, and we expect the industry to grow in the near future. From May 2013 to May 2014, the sector added 5,800 jobs, a 4.7 percent increase, which is among the highest growth sectors in San Diego over that period. Other significant growth sectors over the annual period include scientific research and development services sector and the region's retail and wholesale trade sectors. The former added 1,400 jobs while the latter combined to add 3,500 jobs.

While this month's job growth was led by only a few sectors, it's important to note that most key industries have grown steadily from the previous year. Additionally, the sectors that drove the employment growth this month are either from our traded economies, like tourism, or are leading indicators for strong economic growth, like construction and manufacturing. It is also positive to see the region's unemployment rate continue to fall while adding people to the labor force.

Note: Our Economic Indicators Dashboard will show how our unemployment rate compares to other US metros and the US total rate when that information is released in the coming weeks.

June 19, 2014

Today, the Brookings Institution released its first-ever metro-level analysis of foreign direct investment’s role in the San Diego metropolitan area’s economy as part of its Global Cities Initiative, a joint project of the Brookings Institution and JPMorgan Chase. The report analyzes the types of foreign-owned businesses located in the San Diego metropolitan area, outlines the region’s sources of foreign investment and shows that 48,370 jobs are supported by FDI locally.

The research finds that San Diego has seen a steady climb in its FDI ranking, which is based on the top 100 most populous metropolitan areas in the US. In 1991, San Diego ranked 31 on the list with 25,600 jobs in foreign-owned establishments (FOE). In 2011, the region ranked 24th with 48,730 jobs, signifying more than a 90 percent increase in the number of jobs in FOEs in a 20 year period. Other key finds specific to the San Diego region are bulleted out below:

  • Industries with the highest concentration of jobs in FOEs include precision instruments (unmanned systems, medical devices), grocery stores and semiconductors
  • The largest share of jobs by FOE were created from mergers and acquisitions (36 percent)
  • FOEs have become more goods-intensive. The most recent data shows that 2011 was the first time more jobs in FOEs were concentrated in goods as opposed to services
  • Tokyo (13 percent) followed by London (12.1 percent) are the top sources of FDI by city

Since April 2014, San Diego has been part of a Global Cities Initiative pilot program to create and implement metropolitan plans to secure and sustain FDI. The FDI in U.S. Metro Areas report will help the region’s Global Cities Initiative team – comprised of leadership from the City of San Diego, San Diego Regional EDC, BIOCOM and Qualcomm – design its plan to maximize the amount, quality and economic benefits of FDI in the region and integrate FDI into an overall smart economic global trade and investment strategy.  San Diego is one of two cities - and the only in California - that Brookings selected to publish and develop its FDI plan.

“San Diego is global city,” said Mark Cafferty, president and CEO of San Diego Regional EDC. “It’s no coincidence that our top two FDI-generating cities– Tokyo and London – are also the two direct international flights out of San Diego. This report gives the San Diego region a key resource to take full advantage of this important economic development tool.”

 

While the United States remains the world’s top destination for foreign investment, its position has been steadily eroding. Between 1999 and 2012, the U.S. share of global FDI inflows dropped from a high of 26 percent to just 12 percent. However, metropolitan areas are the country’s strongest magnets for global investment and so understanding the San Diego metro area’s FDI starting point will help the region fully leverage FDI to advance its economic development.

Brookings Panel in Seattle

According to the Brookings report, the benefits of FDI extend well beyond the millions of jobs supported. For example, U.S. affiliates of foreign companies pay well above average wages. These companies strengthen U.S. trade, producing more than one-fifth of all U.S. goods exports. Additionally, nineteen percent of all corporate R&D expenditures in the United States come from foreign-owned companies. Finally, 48 percent of total FDI flows in 2012 went to manufacturing industries, shoring up the nation’s eroding production base.

While metro areas have traditionally focused on attracting greenfield investment, this new data shows that most FDI enters regions through mergers and acquisitions. In the average year, mergers and acquisitions account for 87 percent of all FDI inflows into the United States. These investments have significant economic potential—for example, cash infusions can help local businesses expand, and new access to global distribution networks can boost exports.

“This new data allows U.S. metro areas, for the first time, better grasp FDI sources and trends, and its impact on local economies,” said Brad McDearman, Brookings fellow and director of metro trade and investment. “As part of the Global Cities Initiative, San Diego is now at the forefront of U.S. metro areas seeking to position themselves as more globally fluent and competitive regions by developing a metropolitan global trade and investment plan.”

Next week, leaders from San Diego will travel to Louisville, Ky. to take part in a Global Cities Initiative panel. 

June 19, 2014

BST Nano Carbon's Rancho Bernardo HQ

 

More than 1,000 jobs are coming to San Diego and Imperial Counties thanks to California Competes, a new discretionary economic incentive that are part of the Governor’s Office of Business and Economic Development’s efforts to encourage job creation and economic development throughout the state.

“The California Competes tax credit encourages businesses, large and small, to expand in California and create good paying jobs in a variety of industries,” said GO-Biz Director Kish Rajan.

San Diego and Imperial County companies also received more than 65 percent - $4.83 million  of the $7.37 million allocated for small businesses - under the program meaning that the region raked in more small business credits than any other area in the state combined.

other area in the state combined.

In total, one Imperial County and four San Diego companies were approved for the economic incentives, which are collectively valued at $7.43 million. According to documents filed by the respective companies, the incentives are expected to create 1,144 jobs. San Diego’s diverse industries, including military, maritime, biotech and advanced manufacturing, are well-represented in the credit recipients.

“The companies selected for California Competes are indicative of the diverse industries that make up San Diego’s economy,” said Mark Cafferty, president & CEO of San Diego Regional EDC. “We frequently hear that businesses choose San Diego because of its talented workforce and its dynamic innovation ecosystem. We believe that GO-BIZ’s California Competes program will give more companies a reason to grow and expand within our region.”

A chart below lists recipient details:

Company

Location

Jobs

Tax Credit

Petco

San Diego

263

$2,600,000

BST Nano Carbon

San Diego

632

$1,450,000

Sparsha

Oceanside

21

$250,000

American Marine Abatement Services

National City

6

$30,000

CE&P Imperial Valley

Brawley (IV)

222

$3,100,000

 

Total:

1,144

$7,430,000

In an effort to bolster economic development efforts throughout the San Diego/Imperial Regional, San Diego Regional EDC (EDC) outreached to companies and shepherded many through the application process. In 2013, EDC collaborated with GO-BIZ to host two free workshops to educate businesses about the process.

BST Nano Carbon, an advanced manufacturer based in Rancho Bernardo, was one company EDC helped with the application process. The innovator, who works with companies across industries ranging from sporting goods to medical devices and military, will use the funds to create 632 high-paying jobs in San Diego and Temecula.

 “BST Nano Carbon is proud to call San Diego home. Not only do our employees enjoy living here, but strategically, the San Diego area provides access to a skilled workforce and the diverse range of leading companies that represent the industries we serve,” said Randy M. Beck, CEO at BST Nano Carbon. “GO-BIZ has given us another reason we’re proud to be a California-based nano materials manufacturing company. With their assistance, we plan to bring more than 600 jobs to the San Diego area over the next five years.”

Statewide, 31 companies will be receiving the first allocation of California Competes tax credits totaling $30 million. The funds will increase to $150 million during the 2014/2015 fiscal year.

The California Competes tax credit is part of the Governor’s Economic Development Initiative (GEDI) which Governor Brown signed legislation to enact last year (AB 93 and SB 90). The initiative also includes a hiring credit for areas of high unemployment and poverty which went into effect on January 1st, 2014 and a sales and use tax exemption for the purchase of manufacturing, biotech and R&D equipment which is available to companies starting July 1st, 2014.

Companies interested in learning more about the credits are welcome to contact San Diego Regional EDC for assistance. EDC does not charge for these services. 

June 13, 2014

San Diego’s story is one of innovation and collaboration. Not only is San Diego home to the world’s smartest company and the premier telecommunications giant, but it is also at the forefront of diverse industries ranging from cybersecurity to genomics, sports and active lifestyle and cleantech. The region’s startup community is thriving and it is full of talented people solving some of the world’s toughest problems.

But don’t just take it from us. According to Bruce Katz of the Brooking’s Institution, San Diego embodies the metropolitan revolution. Katz, Mark Cafferty of San Diego Regional EDC and San Diego-based Genomics Pioneer J. Craig Venter are shown in a video below talking about how San Diego can be a model of growth for global regions.

 

 

As the world’s population pivots to cities, metropolitans have become with large-scale innovation, quality jobs and global economic opportunities. The top 100 U.S. metro areas occupy 12 percent of the nation’s landmass, yet they generate 68 percent of jobs, 75 percent of national GDP, and are home to 65 percent of the population. Part of San Diego’s success lies in its ability to work together to move the innovation ecosystem forward.

“We have to collaborate to compete,” said Mark Cafferty, president and CEO of San Diego Regional EDC. “We have companies - that many would perceive as competitors - working together to secure San Diego’s cyber infrastructure. We have public/private collaborations working to increase the region’s global footprint. We have everyone from entrepreneurs to Fortune 500 companies talking to one another about elevating the region on a global scale.”

The fact that San Diego is number one or two in biotechnology has created a huge industry here,” said Genomics Pioneer Craig Venter. “The universities provide a huge talent pool and so we found hiring new highly-trained people very easy.”

San Diego’s participation in the series is part of a deliberate approach to better tell the region’s dynamic story and cement its global identity.

As Bruce Katz says, “You don’t attract investment from around the world unless you’re really good at what you do….and that’s the San Diego story.”

We couldn't have said it better ourselves.

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May 29, 2014

On May 28, U.S. Secretary of Commerce Penny Pritzker announced the first 12 communities that have been selected to participate in the Investing in Manufacturing Communities Partnership (IMCP). Joining forces with many partners across the region, San Diego is included in the Southern California Designation, which was led by a team out of the University of Southern California Center for Economic Development.

The IMCP program is an initiative designed to revolutionize the way federal agencies leverage economic development funds by encouraging communities to develop comprehensive economic development strategies that will strengthen their competitive edge for attracting global manufacturing and supply chain investments.

“The 12 Manufacturing Communities announced today represent a diverse group of communities with the most comprehensive economic development plans to attract business investment that will increase their competitiveness,” said U.S. Secretary of Commerce Penny Pritzker. “IMCP is a critical part of our ‘Open for Business Agenda’ to strengthen the American manufacturing sector and attract more investment to the United States. Innovative programs like IMCP encourage American communities to work together to craft  strong, clear, strategic plans to attract manufacturing investment and jobs to transform themselves into globally competitive commercial hubs.”

So what exactly does this mean for San Diego and the Southern California region? As home to the world’s largest concentration of military personnel and with more than 80 percent of the state’s aerospace workers, the Advanced Manufacturing Partnership of Southern California Manufacturing Community (AMP SoCal) will concentrate on further transforming the aerospace and defense industry. Home to companies including Northrop Grumman, the Southern California region is positioned to be in the vanguard of  future avionics and aerospace industries.

Of course, you can’t become a leader in aerospace and defense without the workforce to get you there. Part of the strategy will involve a significant workforce training component that will partner with local colleges and universities to streamline certificate programs. The strategy also focuses on building a supplier network, research and innovation, infrastructure and site development. The strategy will also focus on creating an export acceleration workshop, which dovetails nicely into the Global San Diego Export plan, which was released in conjunction with the Brookings Institution this year.

On the local front, the partnership involves the City of San Diego, CONNECT, UC San Diego, Cleantech San Diego, San Diego East County Economic Development Council, San Diego Workforce Partnership and San Diego Regional EDC.

Following the success of last year’s MFG Day, on Oct. 3, many of the partners listed above will team up with local companies as they open their doors to the public to showcase an industry that supports nearly 90,000 local jobs. Stay tuned for more details.

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May 20, 2014
San Diego Digital Ambassadors Everybody recognizes San Diego’s enviable weather, but one of our greatest competitive strengths lies in the people who call this place home. San Diego is full of really smart people solving hard problems, making cool things and changing lives. This is the story we need to tell.
 
So, we've gone straight to the source. The videos below are part of our broader workforce talent attraction and retention efforts. They are not branded to EDC. We encourage you to share the videos on social media using the hashtag #GoSanDiego and stay tuned for information about a new talent attraction website, vimeo channel and our digital ambassadors program.

Tweet Worthy:

  • "We were in Vegas, but we saw a huge opportunity here...so we moved our company to DT SD"
  • Why SD? "We wanted to be around companies we could collaborate with & bounce ideas off of"

In search of opportunity and quality of life, Brandisty co-founders Alex Rolek and Michael Sacca decided to move their company from Las Vegas to San Diego. What they found in San Diego is an attainable quality of life and a growing startup community that fosters collaboration. 

Meet Michael Sacca, Brandisty from GoSanDiego on Vimeo

Check out Brandisty: brandisty.com

 

Tweet Worthy:

  • "I can only see that SD's tech community is going to get bigger and better"
While at UC San Diego, David Fischer became fascinated with home brewing after exposure to the growing San Diego craft beer movement.  Back then, he had an equally fascinating internship as a developer at Qualcomm. After successfully progressing at Qualcomm, he took a job at Amazon in Irvine and commuted via train. Fast forward a few years: David learned of a job opportunity here in San Diego combining two things he loves: programming and craft beer. This is David’s story at TapHunter, one of San Diego’s many growing startups.
 

Meet David Fischer, TapHunter from GoSanDiego on Vimeo.

Check out TapHunter and download the app: TapHunter.com

 

 

 

May 16, 2014

This post is part of an ongoing monthly blog series dedicated to the California Employment Development Department (EDD) monthly employment release.

2014_04_Unemployment

The California Employment Development Department (EDD) released statewide county employment data today for the April 2014 period. The big headline in this month’s report is that San Diego County's unemployment rate has dropped nearly a full percentage point, down to 6.0 percent from 6.9 percent in March 2014 and 7.2 percent in April 2013. While this number appears encouraging, it is also noteworthy that the labor force lost 25,000 workers. This is the single largest month-to-month drop in the labor force on record (since 2000), and the lowest the labor force has been since October 2011. Meanwhile, the economy added 2,900 nonfarm jobs from March to April, which makes this month's report particularly perplexing. 

There are several possible explanations for this drastic decline in the labor force. First and most commonly, many long-term unemployed have simply given up looking for work or found work outside of the San Diego region. This most likely explains the 16,000 unemployed who exited the labor force. There may also have been less people who decided to enter the labor force, possibly out of lack of confidence in employment opportunities or lack of relevant skills. However, we also saw 9,000 employed persons leave the labor force, presumably because of a combination of retirements, seasonal exits and moves to other regions. It is not uncommon to see the labor force seasonally decline from March to April, just not to this magnitude. 

2014_04_LF

It appears contradictory that despite this massive labor force decline, the economy actually added jobs. It is worth noting that from February to March, the economy added 12,400 jobs while the labor force lost 11,200 workers. This is likely due to a discrepancy in the surveying, since labor force numbers come from household surveys and job numbers come from surveys of businesses. It is also possible that those who were employed found second jobs. The result is likely a mix of all of these factors, which leaves us with an unusual report for April.

As noted, the economy added 2,900 jobs total from March to April 2014. The private sector outperformed by adding 3,400 jobs in the month, with government job decline accounting for the 500 less jobs. Service providing industries added most of the jobs, while we saw job losses from the goods producing industries like construction and manufacturing.

2014_04_Total

The job picture looks even more promising when compared to last year. From April 2013 to April 2014, the economy added 29,000 jobs, a 2.2 percent increase. The private sector added 26,600 jobs over the year and we saw positive growth in the manufacturing and construction industries, which added 1,100 and 4,300 jobs, respectively. The 4,300 construction jobs added constitutes a 7.2 percent increase over the year. We also saw growth in our important traded economies, with leisure and hospitality adding 4,300 jobs and professional, scientific and technical services adding 6,200 jobs.

We will likely need to wait until future job reports to determine if this unusual report is an anomaly or an indication of larger trends. Historically, we have seen the labor force continue to decline or remain relatively flat from April to May, but with the recent major change in labor force amidst job creation, we may see people coming back to the labor force in the coming months.

Our Economic Indicators Dashboard will show how this compares to other US metros and the US total rate when that information is released in the coming weeks.

April 22, 2014

This is the inaugural post of an ongoing monthly blog series dedicated to the California Employment Development Department (EDD) monthly employment release.

2014_03_Total

The California Employment Development Department (EDD)released statewide county employment data on Friday for the March 2014 period. The biggest news coming out of this month’s report is that San Diego County has finally exceeded its historical seasonally unadjusted employment peak set in December 2007. EDD reported that the region now has 1,335,200 non-farm jobs as of March 2014, exceeding the previous peak of 1,333,400 jobs. Economists expected employment to rebound above its pre-recession peak sometime in 2014, and it is encouraging to exceed that mark as early as March.

Private employment, which was reported at 1,100,300 jobs, has yet to exceed its peak of 1,110,100 set in August 2007. However, March 2014 private employment was the second highest ever recorded. The region added 30,100 private industry jobs from March 2013 to March 2014, with 10,600 of those jobs being added from February to March 2014.

2014_03_MFG_CONST

San Diego’s construction and manufacturing industries continue to pick up steam as the economy rebounds from the recession. The construction industry added 2,000 jobs from February to March 2014, and added 5,800 jobs from March 2013 to March 2014. While manufacturing growth was more modest, the industry added 500 jobs from February to March and added 1,200 jobs from the previous year.

Professional and business services added 6,500 jobs from March 2013 to March 2014, the most of any industry in the region. Professional and business services includes much of the innovation economy activity, along with critical service providers like legal services, architecture services and enterprise management. It is also the largest industry in San Diego, employing more than 228,000 as of March 2014. San Diego’s leisure and hospitality industry, otherwise known as tourism, added 6,100 jobs from March 2013 to March 2014, with 3,400 of those jobs added from February to March 2014. Both of these industries had already exceeded their pre-recession peaks in 2013.

2014_03_Unemployment

The county’s seasonally unadjusted unemployment rate dropped to 6.9 percent in March 2014, down from 7.0 percent in February 2014 and 7.8 percent in March 2013. California’s statewide unemployment rate was 8.4 percent in March 2014, well above San Diego’s posted rate. Our Economic Indicators Dashboard will show how this compares to other US metros and the US total rate when that information is released in the coming weeks.