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Inside EDC

November 20, 2015

Phil Blair

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“San Diego’s economy is continuing to grow, despite the forthcoming headlines about the seasonal rise in the unemployment rate. Most importantly, the unemployment rate is a full percentage point lower than it was a year ago, our labor force numbers are showing signs of confidence, and the region has added more than 40,000 jobs since last October.”
Phil Blair, Executive Officer
Manpower San Diego


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

Highlights

The California Employment Development Department (EDD) released statewide county employment data today for the October 2015 period. This month’s data shows that after another a weak U.S. jobs report released earlier this month, San Diego showed some strong signs of growth, despite a rising unemployment rate.

The unemployment rate rose to 5.0 percent in October, up 0.4 points from September. The rate is still 1.0 points lower than the previous year, but now exceeds the U.S. rate of 4.8 percent. The California average rate also rose to 5.7, and San Diego remained lower than the state average.

San Diego’s rate rose both due to a small seasonal spike in persons who identified as unemployed, as well as a rise in the labor force. Employment also grew steadily over that period, but was offset by those who joined the labor force not finding jobs immediately. Oftentimes, new job seekers take several months to find employment. If larger numbers are truly joining the labor force due to confidence in the labor market, this could potentially explain the rise in unemployment in spite of solid job growth. This was compounded by the tourism industry experiencing a larger than normal seasonal decline, though large October declines are typical for the industry.

Unemployment Rate

Despite this small seasonal up-tick in the unemployment rate, the non-seasonal figures remained positive. There are still 15,700 fewer unemployed than there were a year ago—a 16.7 percent decline. Meanwhile, the labor force is up by 16,600, which may indicate growing signs of confidence in the labor market.

The region’s economy failed to reach the 3.0 percent annual growth figure for the fourth time in 2015, but still remained very close at 2.9 percent. San Diego’s total nonfarm employment grew by 40,200 jobs from October 2014 to October 2015. San Diego’s growth rate was again much higher than the 1.9 percent national rate. The San Diego region is still expected to average 3.1 percent annual growth in 2015, compared to only 2.3 percent in 2014.

Total Nonfarm Employment

Year-over-year private sector growth continued to drive the economy, as private employment drove 91.3 percent of all employment growth. The total private sector grew by 3.2 percent, out-pacing the private U.S. growth rate of 2.2 percent.

Professional, Scientific, and Technical (PST) services, which is strongly associated with the region’s innovation economy, grew by 7.0 percent and was one of the highest growth industries in the region. PST services accounted for more than one quarter of all private annual job growth in San Diego. The national PST sector grew by only 3.6 percent. Scientific research and development services, a subsector of PST that represents many cleantech and life science companies, showed solid growth at 4.6 percent.

Growth in goods-producing industries continued to be a bright spot in October, accounting for 13.6 percent of all private job growth. From October 2014 to October 2015, the manufacturing industry added 1,600 jobs. The ship and boat building industry continued to grow at an outstanding rate of 11.9 percent. Meanwhile, the construction industry added 3,500 jobs and grew by 5.3 percent. While the growth in these sectors is a bit slower than recent months, they are still overall exceeding the regional and national averages, and remain key drivers in the region’s economy.

YoY

Other key drivers for growth included the region’s healthcare sector, which added 8,900 jobs and accounted for 24.3 percent of the region’s private job growth. While tourism experienced a major seasonal hit, losing 4,300 jobs from last month, the industry added 5,200 jobs overall since last October. The annual growth number is slower than recent months, but the industry still contributed to more than 14 percent of the region’s annual job growth.

While the October jobs numbers for San Diego may not be as stellar as we’ve seen in recent months, the growth figures are still very positive. The region is far outpacing the state and national averages in terms of employment growth. More importantly, when we look at the region’s key economic drivers, the growth figures are outstanding. High wage industries like PST services, healthcare, and construction are driving employment growth as we enter the final quarter of 2015.

Contributions

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.

 

November 3, 2015

Recently, EDC released its September Manpower Monthly Employment Report. Since then, the U.S. Bureau of Labor Statistics has released September employment data on all U.S. metros, which allows us to analyze some key indicators across geographies. Click on images to enlarge in a new window/tab.

HIGHLIGHTS

  • At 4.6 percent, San Diego’s unemployment rate ranked 9th among the 25 most populous U.S. metros.
  • From September 2014 to September 2015, San Diego's unemployment rate fell by -1.5 percentage points, which ranked 4th.
  • San Diego's total employment grew by 3.5 percent from September 2014 to September 2015, which ranked 2nd.
  • San Diego's employment in professional, scientific and technical services (PST) grew by 7.4 percentwhich ranked 2nd.
  • Manufacturing in San Diego grew by 2.6 percent from the previous year, the 4th highest growth rate.

[Unmployment Chart]

The Bureau of Labor Statistics (BLS) recently released employment data for the September 2015 period for all U.S. metro areas. At 4.6 percent, San Diego County’s unemployment rate fell by 1.5 points from this time last year. This was the 4th largest drop in the nation, among the 25 most populous U.S. metros, and the three metros with larger drops have the three highest unemployment rates. That fall put San Diego's rank at 9th among major U.S. metros and it remained below the U.S. overall rate of 4.9 percent.  

[Employment Chart]

When looking at employment growth, San Diego outpaced most of the nation. From September 2014 to September 2015, the region's employment grew by 3.5 percent, which ranked 2nd among the 25 most populous U.S. metros. The U.S. average growth rate was at only 1.9 percent. Growth has slowed substantially across the U.S. in the past few months, but San Diego has consistently outpaced the national employment growth this year and has been among the top competitive metros in the nation.

[PST Chart]

San Diego's innovation economy is largely driving the region's growth. The region is outpacing all other major metros in professional, scientific and technical services (PST) growth except San Francisco. PST is a sector of the economy very heavily associated with the region's innovation clusters. Much of the companies and employment in clusters like biotechnology, biomedical products, cleantech and information technology fall within the PST sector. Employment in the region's PST sector grew by 7.4 percent since last September, the 2nd most out of any metro shown here. This figure was double the U.S. average and far ahead of other top tech markets like Seattle, Boston, and New York, which is a positive sign for the state and region's key traded clusters.

[MFG Chart]

San Diego's manufacturing sector also led most of the nation. Manufacturing is another key industry for growth in the region, not only because manufacturing jobs are accessible and pay well, but also because certain manufacturing subsectors are critical to the region's innovation clusters. From September 2014 to September 2015, manufacturing employment grew by 2.6 percent. San Diego's manufacturing employment growth was more than triple the U.S. rate of 0.7 percent. The region recorded the 4th highest growth rate among major U.S. metros. Only Detroit, Riverside, and Portland showed stronger growth than San Diego.

So while many key peer metros and the nation as a whole show signs of slower growth, San Diego's economy continues to buck that trend. More importantly, critical sectors like PST and manufacturing are not only showing signs of growth, they're outpacing nearly all of the region's key peers.

EDC will be releasing the Manpower Employment Report with October 2015 data for San Diego on Friday, November 20thThank you to Manpower-SD for their ongoing support of EDC's employment trends research.

October 16, 2015

Phil Blair

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“The September employment report was even better than expected, as the regional economy looks to be picking up speed toward the end of 2015. We saw a disappointing national jobs report released earlier this month, but it was just the opposite in San Diego, with outstanding job growth driven by our construction, manufacturing, and technology sectors.”
Phil Blair, Executive Officer
Manpower San Diego


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

Highlights

The California Employment Development Department (EDD) released statewide county employment data today for the September 2015 period. This month’s data shows that after another weak U.S. jobs report released earlier this month, San Diego showed more strong signs of growth led by important traded sectors and sectors with high-wages.

The unemployment rate fell to 4.6 percent in September, which is the lowest it has been since June 2007. The rate is 1.5 points lower than the previous year and 0.5 points lower than the previous month. The California and U.S. average rates also fell to 5.5 and 4.9 percent, respectively, but San Diego remained lower than the state and national averages.

San Diego’s rate fell both due to a large drop in persons who identified as unemployed, as well as a small seasonal drop in the labor forcesimilar to the trend from July to August, but more dramatic. More importantly though, the labor force is up by 22,300 people from September 2014 and unemployment is down 21,900 people over that same period—all amid solid and increasing employment growth.

Unemployment Rate

Just like last month, we should note that non-seasonally adjusted employment data for the summer-to-fall months is almost always filled with wild swings in the labor force, and in turn, the unemployment rate will experience big swings. This is largely due to thousands of high school and college students entering the labor force in May and June, then leaving again in August and September as they return to school. Similarly, education workers who do not work in the summer are not counted in the labor force during those months, and we see a 4,000-5,000 job spike in government employment once they return in September. Therefore, summer swings from month-to-month should be taken with a grain of salt, while the focus should instead be on how the labor force and unemployment rate are performing differently from the year prior. In this case, we again saw strong annual figures, indicating a healthy unemployment rate.

On that note, the region’s economy continued to steadily grow well-above three percent, despite another disappointing national report. San Diego’s total nonfarm employment grew by 3.5 percent year-over-year, adding 46,900 jobs from September 2014 to September 2015. San Diego’s growth rate was again much higher than the 2.1 percent national rate. The San Diego region is still expected to average 3.1 percent annual growth in 2015, compared to only 2.3 percent in 2014.

Total Nonfarm Employment

Year-over-year private sector growth continues to be outstanding, as private employment drove 91.5 percent of all employment growth. The total private sector grew by 3.8 percent, out-pacing the private U.S. growth rate of 2.4 percent. More than three-quarters of all year-over-year private job growth in San Diego came from four key sectors: construction, tourism, healthcare, and professional, scientific and technical services (PST).

PST services, which is strongly associated with the region's innovation economy, grew by 7.4 percent and was one of the highest growth industries in the region.

Growth in goods-producing industries picked back up in September, accounting for 17.5 percent of all private job growth. From September 2014 to September 2015, the manufacturing industry added 2,500 jobs and grew by 2.6 percent, which is higher than recent months. The ship and boat building industry continued to grow at an outstanding rate. Meanwhile, the construction industry added 5,000 jobs and grew by 7.7 percent. This is usually a period when goods-producers experience seasonal August to September declines, but in this month's report, we actually saw seasonal growth in goods-producing industriesa good sign for the economy.

YoY

Other key drivers for growth included the region’s healthcare sector, which added 7,800 jobs and accounted for approximately 18.2 percent of the region’s private job growth. After signs of slowing last month, tourism industry growth picked back up, adding 10,100 jobs and accounting for 23.5 percent of the region’s growth. Tourism growth was driven largely by bars and restaurants, which added 8,200 jobs since last September.

Given another sluggish national jobs report, the September employment report again defied national trends and showed very strong signs of a healthy economy. Employment growth picked up and the unemployment rate is the lowest it has been in more than seven years. Moreover, 21,900 fewer San Diegans are unemployed than they were in September of 2014 and 22,300 more have entered the labor force. Important goods-producing sectors like manufacturing and construction are growing at high and steady rates, which is a great sign for the region's economy. As we enter the final quarter of 2015, the region appears to be in great shape to close the year.

Contributions

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.

 

September 18, 2015

Phil Blair

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“San Diego continues to rise above the uncertainties facing many regions around the country. Earlier this month, we saw a weak national jobs report, but San Diego is bucking the trend and exceeding growth expectations.
Phil Blair, Executive Officer
Manpower San Diego


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

Highlights

The California Employment Development Department (EDD) released statewide county employment data today for the August 2015 period. This month’s data shows that despite a weak August U.S. jobs report released earlier this month, San Diego continued to show signs of a strong economy driven by its key sectors.

The unemployment rate fell back to 5.1 percent in August. The rate is 1.5 points lower than the previous year and 0.3 points lower than the previous month. The California and U.S. average rates also fell to 6.1 and 5.2 percent, respectively, but San Diego remained lower than the state and national averages.

San Diego’s rate fell both due to a drop in persons who identified as unemployed, as well as a small seasonal drop in the labor force. More importantly though, the labor force is up by 25,900 people from August 2014 and unemployment is down 21,500 people over that same period—all amid solid and steady employment growth.

Unemployment Rate

We should note that non-seasonally adjusted employment data for the summer months is almost always filled with wild swings in the labor force and in turn the unemployment rate. This is largely due to thousands high school and college students entering the labor force in May and June, then leaving again in August and September as they return to school. Therefore, summer swings from month-to-month should be taken with a grain of salt, while the focus should instead be on how the labor force is performing differently from the year prior.

On that note, the region’s economy continued to steadily grow above three percent, which we have not seen sustained since 2012. San Diego’s total nonfarm employment grew by 3.1 percent year-over-year, adding 42,400 jobs from August 2014 to August 2015. We have seen three percent growth or greater every month in 2015, other than April where we saw 2.9 percent growth. San Diego’s growth rate was again much higher than the 2.1 percent national rate. The San Diego region is now expected to average 3.1 percent annual growth in 2015, compared to only 2.3 percent in 2014.

Total Nonfarm Employment

Year-over-year private sector growth has also been outstanding and private employment drove 91.5 percent of all employment growth. The total private sector grew by 3.4 percent, out-pacing the private U.S. growth rate of 2.3 percent. Roughly two-thirds of all year-over-year private job growth in San Diego came from four key sectors: construction, tourism, healthcare, and professional, scientific and technical services (PST).

Growth in goods-producing industries slowed, but still showed growth, accounting for 13.1 percent of all private job growth. From August 2014 to August 2015, the manufacturing industry added 1,900 jobs and grew by 2.0 percent, a bit slower than recent months. The ship and boat building industry continued to grow at an outstanding rate. Meanwhile, the construction industry added 3,300 jobs and grew by 5.0 percent.

YoY

Other key drivers for growth included the region’s healthcare sector, which added 6,900 jobs and accounted for approximately 17.8 percent of the region’s private job growth. The tourism industry had a slower month than usual, but still added 5,600 jobs and accounted for 14.4 percent of the region’s growth. Employment services or staffing in the region grew by 4.0 percent and has been steadily growing all year, a good sign for job growth. All of these industries grew faster than the overall private economy.

Given a sluggish national jobs report and uncertainty around global events and interest rates, the August employment report showed good signs for San Diego’s economy. Employment growth remained above three percent and the unemployment rate is creeping back toward five percent or lower. Moreover, 21,500 less San Diegans are unemployed than they were in August of 2014 and 25,900 more have entered the labor force. Important sectors like PST services and construction drove most of the region’s employment growth. San Diego’s economy has shown resiliency during times of national uncertainty, due largely to its concentration in innovative sectors. We expect that trend to continue through the rest of 2015.

Contributions

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.

 

August 26, 2015

This is part of an ongoing series on the recipients of the MetroConnect Prize, a grant awarded to 15 companies looking to expand into new foreign markets and made possible by JPMorgan Chase. Subscribe here to receive new posts every Wednesday on this topic.


“Are Qualcomm layoffs a disaster for San Diego….” asks Jeff Belk, founder and chairman of Velocity Growth, in a recent Xconomy article. “I don’t think so. Even though this will be very hard for those laid off and their families, it could end up being a watershed moment on a community level.”

Qualcomm’s layoffs – although numbers are unknown for the San Diego region – potentially mean that thousands of “…highly skilled employees across a broad range of disciplines are going to re-enter the job market.” These employees can fill positions at tech companies in San Diego looking for engineering and programming talent. These employees can reapply their skills and work in the life sciences and biotechnology industries assisting in genomic sequencing. These employees can start their own companies and create new technologies that shape the way we interact with our surroundings.

Although he was not laid off, in the case of Erik Bjontegard, former corporate R&D executive at Qualcomm, he did just that – launch his own company, Total Communicator Solutions.

Total Communicator Solutions (TCS) develops innovative, fully integrated mobile marketing communication platforms and customized applications to help clients connect with users, customers and future users in meaningful and measurable ways on mobile devices. Utilizing state-of-the-art beacon technology, TCS’ marketing platform, SparkCompass, enables the delivery of customized and relevant content for real-time consumer engagement.

“San Diego is an important base for us as we are still recognized as a telecom hi-tech innovation center,” said Bjontegard. “If we leverage this, focus on the differences between Silicon Valley’s software focus, and leverage Qualcomm's recognized global leadership in MOBILE - we may be able to put a flag in the sand and capture a leadership role in mobility.”

The success of the hi-tech industry’s small- and medium-sized companies is critical to the region’s future, and increasing their global reach is crucial to that success. Through the MetroConnect Prize, made possible by JPMorgan Chase, companies such as Total Communicator Solutions received $10,000 grants to assist with their next step in going global.

Total Communicator Solutions (TCS) currently operates in Spain, Mexico, the United Kingdom, and New Zealand. By using the MetroConnect funds, TCS hopes to expand its technology across Europe and Asia. It recently completed a proof of concept installation at a EuroCup qualifying match in Oslo, Norway. Due to the successful display, the Norwegian National Soccer Federation is showcasing the reports and videos with many international soccer federations. TCS hopes to have partners in Manchester, London, and Barcelona.

“We are targeting Europe first because their advanced use of mobile smart devices and smart city initiatives,” said Bjontegard. “Barcelona is the world leading Smart City, London has its Tech City, Manchester has MediaCity and in Norway the whole country is going mobile by digitizing their national broadcast network and abolishing all POTs (Plain Old Telephone) lines next year.”


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August 21, 2015

Phil Blair

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“Every indicator points San Diego in a positive direction, especially employment growth figures, which are really picking up speed. Every year, thousands of education workers temporarily respond as unemployed once schools go on summer break, but these people do not actually leave the labor force. We should not be concerned about the four tenths uptick in unemployment.
Phil Blair, Executive Officer
Manpower San Diego


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

Highlights

The California Employment Development Department (EDD) released statewide county employment data today for the July 2015 period. This month’s data shows that while unemployment climbed slightly in June, the labor force grew and the economy continued growth at a steady rate.

The unemployment rate climbed above 5 percent to 5.4 percent in July. The rate is 1.5 points lower than the previous year and 0.4 points higher than the previous month. The California average rate also climbed to 6.5 percent, while the U.S. average rate climbed slightly to 5.6 percent, meaning San Diego remained much lower than the state and national averages.

The unemployment rate almost always climbs substantially from June to July due to seasonal effects related to education employment. Every year, thousands of education workers temporarily report to EDD as unemployed once schools go on summer break, but these people do not actually leave the labor force. From June to July 2015, public and private education employment fell by 14,500. This drives up the unemployment rate despite an otherwise healthy economy. Looking at the year-over-year change demonstrates this another way. From July 2014 to July 2015, total unemployment filings fell by 20.0 percent and the rate fell by 1.5 points, all while 26,600 people were added to the labor force.

Unemployment Rate

The region’s economy picked up dramatically. San Diego's total nonfarm employment grew by 3.6 percent year-over-year, adding 48,200 jobs from July 2014 to July 2015. This is the highest year-over-year percent change since March 2012 to March 2013. San Diego's growth rate was much higher than the 2.1 percent national rate. The San Diego region is now expected to average 3.2 percent annual growth in 2015, compared to only 2.3 percent in 2014.

Despite the overall seasonal decline in employment, the private sector economy actually added more than 10,000 jobs from June to July, mostly in the tourism and innovation economy. Year-over-year, the total private sector grew by 3.9 percent, outpacing the private U.S. growth rate of 2.4 percent. Roughly three-fourths of all year-over-year private job growth in San Diego came from five key sectors: construction, manufacturing, tourism, health care, and professional, scientific and technical services (PST).

Total Nonfarm Employment

Goods-producing industries continued to show strong growth, alone accounting for 17.1 percent of all private job growth. From July 2014 to July 2015, the manufacturing industry added 2,500 jobs and grew by 2.6 percent growth. The ship and boat building industry continued to grow at an outstanding rate. Meanwhile, the construction industry added 5,000 jobs and grew by 7.8 percent.

The professional, scientific and technical services (PST) sector grew by 7.4 percent year-to-year, and accounted for 21.9 percent of all annual private job growth—the most of any sector in the region. This sector represents many of our innovation employers. Scientific research and development services, a subsector of PST that represents many cleantech and life science companies, grew at an impressive 5.2 percent rate.

YoY

Other key drivers for growth included the region’s health care sector, which added 6,200 jobs and accounted for approximately 14.2 percent of the region’s private job growth. The tourism industry added 8,500 jobs and accounted for 19.4 percent of the region's growth. Employment services or staffing in the region grew by 1,600 jobs and has been steadily increasing all year. All of these industries grew faster than the overall private economy.

It is most important to emphasize that the seasonal climb in the unemployment rate is not indicative of problems in the economy. In fact, the economy appears to continue to pick up speed, particularly in a few key sectors. The unemployment rate is expected to fall the rest of 2015, likely dipping back below 5.0 percent by September. Compared to this time last year, the labor force is way up, unemployment is way down and employment is growing at a faster pace than it has for years, which are all great signs for San Diego.

Contributions

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.

 

August 19, 2015

This is part of an ongoing series on the recipients of the MetroConnect Prize, a grant awarded to 15 companies looking to expand into new foreign markets and made possible by JPMorgan Chase. Subscribe here to receive new posts every Wednesday on this topic.


“The future of water is going to be turbulent for all of us — not far away, but right where we live; not in some distant decade, but next month or next spring. A sense of water insecurity is coming to many places that have never had a water worry.” – Charles Fishman, “How California is Winning the Drought”, New York Times

Water. The world’s most precious resource. It is the fuel of manufacturing and the embodiment of craft beer. It is the heartbeat of international trade and the platform for mass entertainment.

Lately, this resource has been incredibly scarce across the globe, especially in California. However, the innovation coming out of government and business has begun to address this dire need; for instance, Israel overcame its lack of water by building desalination plants. Six years later, Israel is no longer “drying up”. In 2014, Saudi Arabia began construction on the world’s largest desalination plant. Not only is San Diego building the largest desalination plant in the Western Hemisphere in Carlsbad, it is also the world leader in the technology that is enabling these countries to build such important devices that bring potable sea water to the masses.

“San Diego County was the ‘birthplace’ of the commercialization of spiral wound reverse osmosis membrane technology,” said Dr. Gil Dhawan, founder and CEO at Applied Membranes. “Our company, started here and this area is a very desirable place to be – having local access to talented individuals and knowledgeable customers, we can design and manufacture the best available water treatment solutions.”

Reverse osmosis membranes separate the impurities in water to create filtered water, which people can drink or companies can use to manufacture craft beer.

Dr. Dhawan worked extensively with Dr. Sourirajan, the inventor of the first commercial reverse osmosis membranes. After working with one of the industry’s founding fathers, Dr. Dhawan started his own company. Headquartered in Vista, Applied Membranes is a manufacturer and distributor of water filtration systems and components that revolve around this technology.

With more than 175 employees in the region and more than 30 years of experience, Applied Membranes is one of the most global companies in San Diego. It currently does business in North Africa, Europe, the Middle East and many other regions around the world.

San Diego’s maritime industry is one of the largest in the U.S. The success of the industry’s small- and medium-sized companies is critical to the region’s future, and increasing their global reach is crucial to that success. Through the MetroConnect Prize, made possible by JPMorgan Chase, companies such as Applied Membranes received $10,000 grants to assist with their next step in going global.

“We are using the money for targeted travel to Japan and China to set up meetings with prospective customers/distributors and to attend trade shows,” said Dr. Dhawan. “We believe that both countries represent growth markets for our products.”

 


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August 12, 2015

This is part of an ongoing series on the recipients of the MetroConnect Prize, a grant awarded to 15 companies looking to expand into new foreign markets. Subscribe here to receive new posts every Wednesday on this topic.


 

“See it. Do it. Prove it.”
 
According to a ManpowerGroup survey, one in three U.S. employers experience difficulty in filling positions. Portfolium is changing the way companies can connect and find qualified and talented individuals.
 
Portfolium gives students and other job seekers the opportunity to showcase the projects and creations on which they've worked to future employers. Instead of a static page where someone lists their work experience and education, Portfolium introduces a new and innovative way to present one’s capabilities and skills. 
 
"Portfolium is bridging the workforce skills gap by empowering and connecting students from 2,000+ universities with opportunities to discover, develop and prove their skills to employers,” said Adam Markowitz, founder & CEO at Portfolium. 
 
SMEs represent the vast majority of businesses in the region and are responsible for much of the innovation and job creation activity that propels our economy. The success of these firms is critical to the region’s future, and increasing their global reach is crucial to that success. Through the MetroConnect Prize, made possible by JPMorgan Chase, companies such as Portfolium received $10,000 grants to assist with their next step in going global. 
 
"We're incredibly thankful for the MetroConnect Prize, which has already helped broaden our reach and empower thousands of students across the globe,” said Markowitz. “By partnering with global universities and institutions, we're able to reach an even broader and more culturally diverse population making the jump from college to career.”
 
Portfolium currently exports its services to Spain, Mexico and Argentina. With the funds from MetroConnect, Portfolium aims to expand into the United Kingdom, Japan, China and other countries throughout North America, South America, and Asia. 
 
Global engagement is essential if San Diego wants to catalyze its economy and workforce. The benefits of companies going global and engaging foreign markets are well-documented. According to the Brookings Institution, companies that are global pay their employees higher wages, are less likely to go out of business, and spur more efficient development of technology and R&D.


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August 3, 2015

Recently, EDC released its June Manpower Monthly Employment Report. Since then, the U.S. Bureau of Labor Statistics has released June employment data on all U.S. metros, which allows us to analyze some key indicators across geographies. Click on images to enlarge in a new window/tab.

HIGHLIGHTS

  • At 5.0 percent, San Diego’s unemployment rate ranked 10th among the 25 most populous U.S. metros.
  • From June 2014 to June 2015, San Diego's unemployment rate fell by -1.4 percentage points, which ranked 3rd.
  • San Diego's total employment grew by 2.8 percent from June 2014 to June 2015, which ranked 10th.
  • San Diego's employment in professional, scientific and technical services (PST) grew by 6.1 percentwhich ranked 3rd.
  • Manufacturing in San Diego grew by 2.8 percent from the previous year, the 6th highest growth rate.

[Unmployment Chart]

The Bureau of Labor Statistics (BLS) recently released employment data for the June 2015 period for all U.S. metro areas. At 5.0 percent, San Diego County’s unemployment rate fell by 1.4 points from this time last year. This was the 3rd largest drop in the nation, among the 25 most populous U.S. metros. That fall put San Diego's rank at 10th among major U.S. metros and it remained below the U.S. overall rate of 5.5 percent.  

[Employment Chart]

When looking at employment growth, San Diego remained well above the national average. From June 2014 to June 2015, the region's employment grew by 2.8 percent, which ranked 10th among the 25 most populous U.S. metros. The U.S. average growth rate was at only 2.1 percent. Growth has slowed substantially across the U.S. in the past few months, but has since picked up the pace. San Diego has consistently outpaced the national employment growth this year and has been among the top 10 competitive metros in the nation.

[PST Chart]

San Diego's innovation economy is largely driving the region's growth. The region is outpacing nearly all other major metros in professional, scientific and technical services (PST) growth. PST is a sector of the economy very heavily associated with the region's innovation clusters. Much of the companies and employment in clusters like biotechnology, biomedical products, cleantech and information technology fall within the PST sector. Employment in the region's PST sector grew by 6.1 percent since last June, the 3rd most out of any metro studied here. This figure was nearly double the U.S. average and only behind California peers San Francisco and Riverside, which is a positive sign for the state and region's key traded clusters.

[MFG Chart]

San Diego's manufacturing sector growth picked up substantially in June. Manufacturing is another key industry for growth in the region, not only because manufacturing jobs are accessible and pay well, but also because certain manufacturing subsectors are critical to the region's innovation clusters. From June 2014 to June 2015, manufacturing employment grew by 2.8 percent. San Diego's manufacturing employment growth was more than double the U.S. rate of 1.3 percent. The region recorded the 6th highest growth rate among major U.S. metros. This marks the first month on record that manufacturing employment grew at or even near the pace of the overall regional economy. San Francisco and Riverside also experienced outstanding growth in their manufacturing sectors, which is a good sign for the state's manufacturing economy.

San Diego's economy continues to track well above the U.S. average and many of its peers. Unemployment is lower than average and the region experienced one of the largest annual drops in the nation. Meanwhile, San Diego's PST industry continues to be among the fastest growing in the nation. It will be interesting to see if the region can continue to experience such stellar manufacturing growth as the industry continues to rebound. 

EDC will be releasing the Manpower Employment Report with July 2015 data for San Diego on Friday, August 21stThank you to Manpower-SD for their ongoing support of EDC's employment trends research.

July 31, 2015

San Diego Regional EDC, (EDC), Equinox Center, the Center on Policy Initiatives (CPI),and Posiba - with funding from The San Diego Foundation - launched INSIGHT San Diego yesterday. As the collaborative  planned the future of our region, they recognized the need to take record of how and where progress is measured.

This collective is an informative web platform designed to educate policy makers and the community on issues relevant to our regional quality of life- social equity, economic resilience, and environmental sustainability. 

“As we envisioned the future of our region, many recognized our need to also take inventory of where we are and measure our progress,” said Mark Cafferty, president and CEO of San Diego EDC. “We hope this collaboration with real time, unbiased feedback will inspire all to see that our varied perspectives can enrich the understanding of our region. These are truly exciting times for San Diego.”

Notably, an aspect of this vision is to make data more available for use by local municipalities, planning councils and service organizations as they consider the future of their respective communities, along with the needs and desires of their populations.

"INSIGHT San Diego emerged from local partnerships with the mutual interest of building a sustainable region. Equinox Center relies on these partnerships with leading organizations to increase its impact and continue building a healthy environment, strong economy and vibrant communities,” stated Stephen Heverly, managing director, Equinox Center.

This is the first installment in this collaborative effort to use data research and analytics. INSIGHT San Diego is designed to measure progress on advancing the priorities identified by 30,000 San Diego residents in Our Greater San Diego Vision, supported by The San Diego Foundation, for improving quality of life throughout the region. More recently, a University of Southern California study, Linking Innovation With Inclusion, identified our region’s growing diversity as an untapped source of strength for our innovation economy. 

According to Clare Crawford, executive director at CPI, “Equity is integral to having a healthy environment and a strong and sustainable economy in San Diego. This project is a great first step in having our researchers come together and look at the issues affecting our region. Through cross sector collaborations like these we hope to move San Diego forward."

Additionally, the project will analyze the region’s innovation, competition, and local talent attraction in order to continue the momentum of national attention San Diego has recently received from entities including Forbes and Inc., who boast San Diego’s rapidly advancing startup culture. San Diego was also just featured by National Geographic as part of its "World's Smart Cities" series, as one of 18 cities featured from around the world, showcasing San Diego’s quality of life, technology sector, and local modernizers.

You can view pictures from the launch here: goo.gl/UcK4qQ

EDC's participation in the project was made possible by the Morgan Family Foundation

Please check out INSIGHT San Diego at insightsandiego.info and let us know what you think. Join the conversation at #INSIGHTsd