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January 13, 2015

Citizens Business Bank Logo

In early 2014, Citizens Business Bank – a financial services company based in the Inland Empire – made the decision to open up shop in San Diego. Bringing its focus on community-centric banking to the region, they set out to tap into San Diego’s strong manufacturing and real estate firms. In less than a year of operations in the San Diego market, they have already had much success. 
 
A newcomer to EDC’s investor list, we sat down with Paul Rodeno, Senior Vice President, Regional Manager of Citizens Business Bank in San Diego, to learn about this bank’s regional growth plan.

 

1) Tell us about Citizens Business Bank
Citizens Business Bank is a financial services company with a bank at its core. Our roots in community banking lend us a unique capability to provide large bank products and solutions with the hands-on touch and personal attention of a local community bank. We provide business banking solutions across government and nonprofit organizations, as well as industrial, title & escrow, dairy & livestock, medical, property management, and real estate industries, among many others.  For over 40 years, Citizens Business Bank has thoughtfully emphasized and represented what is great and essential about community banking: a focused approach on the customer, and the many ways the bank can help them achieve more for their business, their employees, and the customers and communities they serve. 
 
2) What are some advantages to being located/doing business in San Diego? 
Why Citizens Business Bank Chose SanDiegoThe San Diego market is made up of many successful small to medium-sized businesses, our target customer base. There are a great number of these successful businesses that are looking for a valued financial partner to help them thrive, which is why we knew San Diego was a good market for our recent expansion.
 
We aim to work with the best privately-held and/or family-owned businesses throughout California, and will maintain our focus across industrial, manufacturing, medical, property management, title & escrow, nonprofit, and agriculture businesses. All of these industries are well-represented across the region’s dynamic economy.
 
3) San Diego is full of dynamic companies, firms and service providers influencing global trends and innovation. Pick another San Diego company that is at the top of its game. 
It’s impossible to pick one company, so here are a few: Qualcomm, with a great local and international presence, is an iconic brand. Add other innovators, such as ViaSat, Stone Brewing Co., who is leading the craft brewing boom, and action sports firms such as Nixon, SKLZ, and prAna.  San Diego State University, my alma mater, has a tremendous entrepreneurship focus; and the University of San Diego, where I sit on the board of the School of Business, has great rankings, which contribute to the growth of ideas while educating future leaders. As a great local non-profit, California Southern Small Business Development Corporation is a community development lender providing over 600 loans totaling $56,000,000 in the past five years.
 
4) What do you anticipate for your company in five years? 
Citizens Business Bank will be the premier business and community bank in the State of California with a focus on continued growth, enhanced lending initiatives, acquisitions, and our valued relationships with our customers.

January 2, 2015

Recently, EDC released its Manpower Monthly Employment Report. Since then, the U.S. Bureau of Labor Statistics has released November 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 5.8 percent, San Diego’s unemployment rate ranked 16th among the 25 most populous U.S. metros.
  • From November 2013 to November 2014, San Diego's unemployment rate fell by -1.2 percentage points, which ranked 8th.
  • San Diego's total employment grew by more than 3.2 percent from November 2013 to November 2014, which ranked 6th.
  • San Diego's employment in professional, scientific and technical services (PST) grew by 6.7 percent, the 4th highest growth rate.
  • Manufacturing in San Diego grew more than 3.7 percent from the previous year, the 3rd highest growth rate.

[Employment Chart]

The Bureau of Labor Statistics (BLS) recently released employment data for the November 2014 period for all U.S. metro areas. When looking at employment growth, San Diego was one of the best in the nation. From November 2013 to November 2014, the region's employment grew by more than 3.2 percent, which ranked 6th among the 25 most populous U.S. metros. The U.S. average growth rate remained at only 2 percent. San Diego has consistently outpaced U.S. employment growth this year.

[Unemployment Chart]

At 5.8 percent, San Diego County’s unemployment rate remained the same as it was in October, but fell by 1.2 points from this time last year. San Diego's rate ranked 16th among major U.S. metros and remained above the U.S. overall rate of 5.5 percent. However, San Diego's rate fell faster than most metros. San Diego's percentage point change from November 2013 to November 2014 ranked 8th among major U.S. metros. While the unemployment rate in San Diego was higher than some of the region's key peer metros, it still fared better than other California metros like Los Angeles and Riverside, and fell roughly in the middle of the 25 most populous U.S. metros.

[PST Chart]

San Diego's overall growth is very positive, and we continued to see even more explosive growth in one of the region's most important sectors. Professional, scientific and technical services (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. While we saw high growth in in the October report (5.0 percent), employment in the region's PST sector grew by 6.7 percent since last November. San Diego ranked 4th among the 25 most populous U.S. metros in this measure, and far outpaced U.S. average growth, which is a positive sign for the region's key traded clusters.

[MFG Chart]

We continued to see even more  impressive growth in San Diego's manufacturing sector. 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 November 2013 to November 2014, manufacturing employment grew by 3.7 percent. San Diego's manufacturing employment grew at more than twice the rate of the U.S. (1.5 percent), and recorded the 3rd highest growth rate among major U.S. metros. 

Last month, we speculated that November would be a good month for San Diego given that the BLS had already reported such strong national figures. We covered how good the local numbers were in detail in our most recent Manpower Monthly Employment Report, but it is important to understand San Diego's growth relative to its peers. San Diego continues to fare better than most in employment growth, particularly in key innovation sectors. In two weeks, we will know San Diego's December figures and wrap up 2014. Barring a very unexpected poor report, San Diego will likely finish the year much better than even the most optimistic expectations, and likely better than the majority of peer metros.

Thank you to Manpower-SD for their ongoing support of EDC's employment trends research.

December 19, 2014

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“I can’t overstate how impressive San Diego’s jobs numbers are this month. We’re far exceeding even optimistic expectations, and continue to lead the way. It’s been an exciting year for growth.”
Phil Blair, President and CEO
Manpower San Diego


[Highlights]

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.

The California Employment Development Department (EDD) released statewide county employment data today for the November 2014 period, and much like the national report released two weeks ago, San Diego County experienced another month of outstanding job growth.

San Diego County employers added another 13,100 jobs in November, which makes it 60,800 jobs added so far in 2014. When looking at year-over-year growth, the region added 43,000 jobs, which is the most in 20 months. The annual job growth rate was 3.2 percent growth, which eclipsed the U.S. total employment growth rate of 2.0 percent over the same period.

[Total Chart]

San Diego County’s unemployment rate remained flat at 5.8 percent and fell by 1.2 points from this time last year. The unemployment rate in the region was 1.3 points below California’s 7.0 percent rate and tracked just above the U.S. average of 5.5 percent, which also remained flat. While the unemployment rate didn’t decline, it did remain flat amid 4,000 new labor force participants, indicating that job seekers are finding employment.

Job growth continued to be fueled by our private sector. San Diego County private businesses added 10,600 jobs in November and 40,500 since one year prior. Over the past year, private businesses have accounted for more than 94 percent of job growth in the region and grew by about 3.7 percent. This includes our goods producing industries which grew by more than 4.3 percent over that period—well above the national average.

[Unemployment Chart]

While goods producers have outpaced service providers in annual averages, service providers offset seasonal losses from goods producers in November. Most of this can be attributed to retail stores addressing holiday shopping needs while construction projects experience a seasonal slow down. Retail jobs alone accounted for more than 60 percent of private job growth last month, while construction and manufacturing businesses shed 1,700 jobs.

Despite the seasonal downturn, construction and manufacturing drove more than 16 percent of the region’s annual private job growth from November 2013 to November 2014. These industries added 6,800 jobs over the same period and outpaced total job growth. In particular, the ship and boat building sector grew by 13.6 percent over that period, which is a good sign for the region’s blue economy.

[MFGChart]

Other innovation sectors continued to show annual job growth. The professional, scientific and technical services (PST) sector grew by more than 6.7 percent and represents many of our innovation employers. National PST employment only grew by 3.2 percent over that period. More specifically, scientific research and development services, which represents many cleantech and life science companies, grew by 4.5 percent since last November.

The region’s other important growth sectors continued to grow above the regional average. The health care sector grew by 4.9 percent and is one of the region’s largest employers, representing 157,500 jobs. Another large and impactful industry, tourism, experienced 3.9 percent growth over that period. Finally, staffing services continued to grow rapidly—a good indicator of company growth.

[Growth Chart]

It remains clear that 2014 has been an outstanding year for job growth in the region. San Diego’s key traded industries led the way and the region is far ahead of the pace many anticipated at the outset of the year. The region continues to outperform the U.S. both in total employment and in key sectors, and job seekers continue to return to the economy and find jobs. It will be exciting to see how the region closes out the year when December figures are released next month.

See press release here.

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.

December 10, 2014

Recently, EDC released its Manpower Monthly Employment Report. Since then, the U.S. Bureau of Labor Statistics has released October 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 5.8 percent, San Diego’s unemployment rate ranked 17th among the 25 most populous U.S. metros.
  • From October 2013 to October 2014, San Diego's unemployment rate fell by -1.6 percentage points, which ranked 8th.
  • San Diego's employment grew by more than 2.6 percent from October 2013 to October 2014, which ranked 8th.
  • San Diego's employment in professional, scientific and technical services (PST) grew by 5.0 percent, the 5th highest growth rate.
  • Manufacturing in San Diego grew more than 3.6 percent from the previous year, the 4th highest growth rate.

[Unemployment Chart]

The Bureau of Labor Statistics (BLS) recently released employment data for the October 2014 period for all U.S. metro areas. At 5.8 percent, San Diego County’s unemployment rate fell by 1.6 points from this time last year. San Diego's rate ranked 17th among major U.S. metros and remained above the U.S. overall rate of 5.5 percent. However, San Diego's rate fell faster than most metros. San Diego's percentage point change from October 2013 to October 2014 ranked 8th among major U.S. metros. While the unemployment rate in San Diego was higher than some of the region's key peer metros, it still fared better than other California metros like Los Angeles and Riverside, and fell roughly in the middle of the 25 most populous U.S. metros.

[Employment Chart]

When looking at employment growth, San Diego was one of the highest growing metros. From October 2013 to October 2014, the region's employment grew by more than 2.6 percent, which ranked 8th among the 25 most populous U.S. metros. The U.S. average growth rate was only 2 percent.

[PST Chart]

While San Diego's overall growth is very positive, we continued to see more explosive growth in one of the region's most important sectors. Professional, scientific and technical services (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. While we saw higher growth in in September (7.2 percent), employment in the region's PST sector grew by 5.0 percent since last October, still much higher than the U.S. average of 3.1 percent. San Diego ranked 5th among the 25 most populous U.S. metros in this measure, which is a positive sign for the region's key traded clusters.

[MFG Chart]

We saw even more  impressive growth in San Diego's manufacturing sector. 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 October 2013 to October 2014, manufacturing employment grew by 3.6 percent, which was faster than the region's overall growth rate. San Diego's manufacturing employment grew at twice the rate of the U.S., and recorded the 4th highest growth rate among major U.S. metros. 

While we already knew San Diego's October figures were positive, as we wrote in our most recent Manpower Monthly Employment Report, it remains important to understand San Diego's growth relative to its peers. San Diego continues to fare better than most in employment growth. Unemployment numbers are improving, but still lagging behind the U.S. and other key peer metros, which is something to remain cautious about. At this point, we know that November was very strong month nationally, in which the U.S. added 321,000 jobs, the most in almost three years. We also saw positive growth in temp jobs in November, according to Staffing Industry Analysts. It will be exciting to see how these figures are reflected by San Diego businesses and job seekers, which we will detail in November's Manpower Monthly Employment Report next Friday, December 19th, when the California Employment Development Department Releases the data.

Thank you to Manpower-SD for their ongoing support of EDC's employment trends research.

November 21, 2014

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“We continue to find ourselves in a much better position than the year before, as our labor force and employment base continue to grow. Job seekers are not only finding opportunities, but in industries that pay well.”
Phil Blair, President and CEO
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 2014 period. At 5.8 percent, San Diego County’s unemployment rate dropped 0.1 points from September to October, and fell by 1.6 points from this time last year. The unemployment rate in the region remained 1.2 points below California’s 7.0 percent rate and tracked just above the U.S. average of 5.5 percent.

While a 0.1 point decrease may not seem particularly outstanding, the unemployment rate continued its descent while the labor force added 14,900 job-seekers this month. Unemployment claims remained flat, meaning there was one job for every one person who re-entered the labor force. This is a great sign moving forward, since it shows that workers are encouraged and finding jobs.

[Unemployment Chart]

When looking at employment changes, we see a mix of private and public sector growth, the latter due mostly to the return of public school employees. From September to October, the region’s total employment grew by 12,500 jobs, with the private sector accounting for 5,700 jobs.

Monthly private sector gains were partially offset by the continued seasonal decline of accommodation, recreation and food service workers that support our visitor and convention economy. These changes happen every year, as the summer travel season winds down. Much of this employment is made up for with seasonal gains in the retail trade sector, as businesses begin serving back-to-school and holiday shoppers.

[Tourism Chart]

Perhaps more importantly, San Diego’s total and private employment growth continued to outpace the U.S. average. Since October 2013, San Diego’s employment grew by 2.6 percent compared to 2.0 percent nationally. Likewise, the region’s private sector grew by 3.0 percent compared to 2.3 percent nationally.

Most of the private growth from September to October came from a handful of industries. Health care, education, retail trade and administrative services alone added more jobs than the net private sector, meaning the 7,300 jobs added in those industries were offset by losses elsewhere in the private sector, mostly in tourism-related industries.

[Growth Chart]

San Diego’s construction and manufacturing industries had a slow month, but that is typical for this period. These industries are still producing high year-over-year employment gains. Construction and manufacturing added a combined 8,000 jobs since October 2013, and both are growing well above the private sector average.

Innovation sectors continued to show annual job growth. Ship and boat building grew by more than 11 percent and is a critical component of our maritime cluster. The professional, scientific and technical services sector grew by 5.0 percent and represents many of our innovation employers. More specifically, scientific research and development services, which represents many cleantech and life science companies, grew by 4.2 percent since last October.

[MFGChart]

The numbers from October’s report are promising. We don’t entirely know the deeper causes behind the labor force and unemployment numbers, so optimism should be tempered in that regard. However, San Diego continues to experience above average annual job growth driven by its core industries like health care, advanced manufacturing and science-related services, which is clearly something to remain optimistic about.

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, 2014

Earlier this month, EDC released its 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 5.9 percent, San Diego’s unemployment rate ranked 16th among the 25 most populous U.S. metros.
  • From September 2013 to September 2014, San Diego's unemployment rate fell by -1.4 percentage points, which ranked 8th among the 25 most populous U.S. metros.
  • Since the end of the recession (June 2009), San Diego's unemployment rate has fallen by 4.1 percentage points, which is greater than the U.S. average.
  • San Diego's employment grew by more than 2.5 percent from September 2013 to September 2014, which ranked 9th among the 25 most populous U.S. metros.
  • From September 2013 to September 2014, San Diego's employment in professional, scientific and technical services (PST) grew by 7.2 percent, the 2nd fastest growth among major U.S. metros.
  • Manufacturing in San Diego grew more than 2.6 percent from the previous year, which is faster than both the overall employment growth and the U.S. manufacturing average.

[Unemployment Chart]

The Bureau of Labor Statistics (BLS) recently released employment data for the September 2014 period for all U.S. metro areas. At 5.9 percent, San Diego County’s unemployment rate fell by 1.4 points from this time last year. San Diego's rate ranked 16th among major U.S. metros and was slightly above the U.S. overall rate of 5.7 percent. However, San Diego's rate fell faster than most. San Diego's percentage point change from September 2013 to September 2014 ranked 8th among major U.S. metros. While the unemployment rate in San Diego was higher than some of the region's key peer metros, it still fared better than other California metros like Los Angeles and Riverside, and fell roughly in the middle of the 25 most populous U.S. metros.

[Employment Chart]

When looking at employment growth, San Diego fared better than most. From September 2013 to September 2014, the region's employment grew by more than 2.5 percent, which ranked 9th among the 25 most populous U.S. metros. The U.S. average growth rate was less than 2 percent, and only two U.S. metros, Houston and Dallas, grew by more than 3 percent.

[PST Chart]

While San Diego's overall growth is very positive, we saw more explosive growth in one of the region's most important sectors. Professional, scientific and technical services (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. From September 2013 to September 2014, employment in the region's PST sector grew by 7.2 percent, more than double the U.S. average of 3.2 percent. San Diego ranked second among the 25 most populous U.S. metros in this measure, which is a positive sign for the region's key traded clusters.

[MFG Chart]

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 2013 to September 2014, manufacturing employment grew by 2.6 percent, which was faster than the region's overall growth rate. San Diego's manufacturing employment grew at twice the rate of the U.S., and recorded the 9th highest growth rate among major U.S. metros. 

As we discussed in the Manpower Monthly Employment Report earlier this month, San Diego's economy is experiencing strong positive employment growth. That point is even more apparent now that we can observe that growth in the context of San Diego's peers. While the unemployment rate isn't as comparatively low as we would like to have seen, Summer-to-Fall seasonal effects are often felt more strongly in San Diego, given the region's large tourism industry. We've generally seen the unemployment rate track at or below the U.S. average, and don't expect that to change much in the near future.

Thank you to Manpower-SD for their ongoing support of EDC's employment trends research.

October 24, 2014

Across the globe, cities are forging a new kind of battle. They are competing for talent.

Metros understand that it’s talent, more than any other factor, that will drive business location decisions. If they want to grow their economy, they need to grow their talent pool first.

A new study from the City Observatory, “The Young and the Restless and the Nation’s Cities,” takes an in-depth look at the migration patterns of the young, educated millennial population (age 25-34) in cities since 2000. Young workers – especially those with bachelor’s degrees – are the most mobile subset of the American workforce. They are not just looking for any job; they are looking for a job in a city where they can envision building a life and a career.

The report reads, “We’ve witnessed an inversion of the classic recipe for economic development: it used to be that people moved to where the businesses were. Now, increasingly, it is businesses that look to expand in locations where there is an abundance of talent, especially young, well-educated workers.”

So the brings us to our next question – exactly where does San Diego stack up when it comes to its ability to attract talent? Here’s what the report tells us:

  • Between 2000 - 2010, there was a 91 percent increase in the number of 25-34 year olds that reside in close-in neighborhoods in San Diego. Close-in neighborhoods are defined as those within three miles of the center of the central business district of each metropolitan area.
  • San Diego saw disproportionately larger increases in well-educated young adults than the overall population. There was a 43 percent increase from 2002-2012 in terms of the number of 25-34 year olds that hold four-year degrees. To put it in comparison, the overall U.S. average grew by slightly more than 25 percent.
  • Cities and entrepreneurship go together. Venture capital investment appears to be increasingly flowing to startup firms located in urban settings. The urban share of venture capital in San Diego is above 80 percent.

The numbers speak for themselves: San Diego is doing well when it comes to attracting educated talent between the ages of 25-34. But we must not take this for granted. If the region wants to continue to be known for innovation, we must ensure we are attracting the right people to the region.

With the help of many partners, EDC currently has a multi-faceted global identity program underway to ensure that we continue to lead the pack in talent attraction and retention. This represents a shift in our previous marketing efforts, which were aimed at c-level decision makers.  We will be sharing more about the program in the coming weeks. For recent analysis from EDC, please see our July and October Quarterly Snapshots, which looked deeper into San Diego's comparative advantages and challenges in the talent race. 

We know that San Diego is a magnet for talent, investment and capital – our job now is making sure that message gets to the rest of the world.

Some media outlets including The New York Times have taken a closer look at the report.

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October 17, 2014

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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

  • Monthly data for September is highly susceptible to seasonal changes, so month-to-month employment changes should be viewed in that context.
  • At 5.9 percent, San Diego’s unemployment rate fell in September by 0.3 percentage points from August. In addition, unemployment was down 1.4 points from September 2013.
  • San Diego’s unemployment rate was lower than the California average, and slightly above the U.S. average.
  • The region lost 2,800 seasonal jobs from August to September, but added 33,300 jobs since last year.
  • Seasonal effects limited monthly employment growth in most private industries, but manufacturing, education services and professional and business services added jobs in September.
  • Staffing services grew by 4.7 percent since last year and nearly two percent this month, indicating demand for hiring services.
  • San Diego’s traded economies (Innovation, Defense and Tourism) continued to drive annual employment growth.

[Unemployment Chart]

The California Employment Development Department (EDD) released statewide county employment data today for the September 2014 period. At 5.9 percent, San Diego County’s unemployment rate dropped 0.3 points from August to September, and fell by 1.4 points from this time last year. The unemployment rate in the region remained a full point below California’s 6.9 percent rate and tracked just above the U.S. average of 5.7 percent. While the region experienced a decline of more than 11,000 in its labor force, much of this can be pinned on seasonal effects, as temporary summer workers fall out of the labor force. Since September of last year, the labor force gained 11,100 people, 33,900 more people have identified as employed, and 22,200 less people have identified as unemployed, indicating positive momentum in the labor market.

[Employment Chart]

When looking at employment changes, September seasonal effects played a role here as well. From August to September, the region’s total employment fell by 2,800 jobs, with the private sector falling by 7,400 jobs. Private sector losses were partially offset by 4,500 public sector education workers returning to their jobs. While these numbers appear threatening, it can be almost entirely pinned on seasonal losses in common summer growth industries like construction and tourism. When looking at year-over-year growth, we see that San Diego added 33,300 jobs, 32,400 of which are from the private sector. San Diego continued to out-pace national growth as well. Employment from September 2013 to 2014 grew by approximately 2.5 percent overall and three percent in the private sector, while the U.S. grew by about a half point slower.

[PST Chart]

San Diego’s traded economies continued to drive much of the region’s employment growth. Professional, scientific and technical services (PST), heavily associated with innovation, was one of the few industries to add jobs in the down season. The industry added 600 jobs since August 2014. More importantly, PST added 8,900 jobs since September 2013, a growth rate of 7.2 percent, which is nearly three times the economy-wide 2.5 percent growth rate. PST includes subsectors like scientific research and development services, which is a key driver of our life sciences. This subsector grew by 4.6 percent over the year.

San Diego’s tourism industry continued its normal seasonal decline, losing 5,700 jobs from August to September. However, the industry added 3,700 jobs since September 2013, indicating that the industry is still performing well.

San Diego’s goods producers continued their steady employment growth, despite experiencing a seasonal drop like most industries in the region. Goods producers accounted for more than 27 percent of the annual job growth. The construction industry, despite losing 1,400 jobs last month, added 6,300 jobs from September 2013 to 2014, a 10.2 percent increase. Manufacturing was one of the few industries to grow this month, adding 600 jobs from August to September. This industry has added 2,500 jobs since September 2013,

Other substantial annual growth industries include ship and boat building, which grew by more than 11 percent and is a critical component of our maritime cluster. San Diego’s movers of goods have also been growing rapidly, as transportation and warehousing employment grew 7.5 percent over the year.

[Growth Chart]

While the apparent seasonal effects in this month’s report may grab the headlines, San Diego is performing well so far in 2014. San Diego’s key driving industries have had an outstanding year, at least in terms of job growth, and the region has continued to add middle-to-high paying jobs in industries like manufacturing, construction and PST services. San Diego continued to out-pace the U.S. in job growth, while seeing a healthy decline in the unemployment rate. With one quarter remaining, San Diego’s labor market has exceeded many expectations.

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.

October 7, 2014

Meet Gafcon, one of the companies shaping Southern California’s skyline. Consistently ranked among Engineering News Record’s 100 Top Project Management Firms, Gafcon is the company behind some of the region’s most iconic locations, including the Del Mar Fairgrounds.Gafcon Logo

Founded in 1987 by Pam and Yehudi Gaffen, the company now has more than 100 employees at its offices in San Diego and Los Angeles. They seek to use their construction expertise to build vibrant communities.

We recently sat down with CEO Yehudi “Gaf” Gaffen to hear firsthand why the company thrives in San Diego.

Tell us about Gafcon

Never losing sight of an owner’s objectives and perspective, Gafcon anticipates a challenge, delivering with certainty while making the complex simple. We take command of multilayered projects by applying decades of specialized experience. Gafcon is confident in our project management teams and our deliberate approach, and are committed to the communities in which we live and work.

Our mission—27 years in the making—is to safeguard success. Gafcon project management teams consistently focus on an owner’s best interests. Our technology and management tools maximize the value in every investment. And every goal is achieved by adhering to The Gafcon Way: A process that ensures transparency, facilitates confident decision-making, and constantly strives for perfection. Our people, our technology and our processes are unique within the industry. Combined, they are a driving force that delivers certainty.

Our most important measure of success: Longstanding client relationships built on trust, personal attention and mutual respect.

What are some advantages to doing business in San Diego?

I migrated to San Diego from South Africa in search of a better place to raise a family.Why Gafcon Chose San Diego   I had received a call from a business associate asking if I was interested in working in San Diego.  I didn’t even know where San Diego was.  Once here, I quickly realized that one of the great things about San Diego is that it’s small enough to build relationships, yet large enough for opportunity.  27 years later, it is those relationships and opportunities that have helped our business grow and thrive.  I also found that San Diego businesses are also very supportive of the community at large. Being a valued “Corporate Citizen” is foundational for sustainable success and for Gafcon this has resulted in long term repeat relationships that have been mutually rewarding. 

San Diego is full of dynamic companies, firms and service providers influencing global trends and innovation. Pick another San Diego company that is at the top of its game.

Gafcon is a partner with AECOM on projects in San Diego and Los Angeles. AECOM is a true global leader. Over the years, they have been entrusted with the management and control of hundreds of major capital programs across all continents and market sectors, including transportation/infrastructure, environmental, facilities, mining and minerals, and energy. Engineering News Record ranked AECOM as #1 in the Top 500 Design Firms in education.  We have enjoyed our partnerships with them.

What do you anticipate for your company in five years?
In the next five years, Gafcon is looking towards geographic expansions into northern California and Texas. We are also looking to diversify into new markets, including infrastructure (water and transportation) and private mixed-use projects.

We reinforce our brand which is focused on delivering complex projects that power vibrant communities.  The underpinnings of this mission are: creating value for our clients, seeking new knowledge, delivering with the highest  quality, looking beyond the obvious for solutions, becoming our clients partners  and last but not least working hard and playing hard.

In San Diego, we will continue our focus on the education sector, and look forward to expanding on projects that improve the city’s infrastructure as well as deepening our involvement and contributions to the social, business and philanthropic fabric of our community.

 

September 30, 2014

Ask any company why they chose San Diego, and chances are, they will mention these two things: the strong talent pool and the community collaboration. Whereas many innovative technology companies take care of the first item, it's places like the YMCA of San Diego County that help foster a collaborative community. By incubating strong communities, they help ensure that San Diego is a place where people - and companies - thrive.

We sat down with the Y's President & CEO Baron Herdelin-Doherty to learn about how the YMCA of San Diego County - the second largest Y in the U.S. - helps support the region's dynamic economy.

Tell us about the YMCA
Our Y is driven to help families thrive as we serve more kids and families than ever before. We provide child care resources, financial assistance and active, healthy fitness programming for all ages that reflect our core values of Caring, Honesty, Respect and Responsibility. The YMCA of San Diego County is here for families at each and every stage of their journey. We focus our work in three key areas, because nurturing the potential of kids, helping people live healthier and supporting our neighbors are fundamental to strengthening communities. This year, we have secured new sites and are expanding existing sites to be able support even more families in the years to come. Since 2010, we have secured an incredible $43M in capital campaign contributions alone and we are especially thrilled to be very close to completion on the Copley-Price Family YMCA by the end of 2014. The Y is so much more than a gym. We touch the lives of nearly one out of every eight people in our community. For 132 years, we’ve been proud to help our neighbors learn, grow and thrive. 
YMCA on San Diego's talent pool

What are some advantages to doing business in San Diego?
The communities of San Diego County are so incredibly diverse and we are thrilled to be able to serve all. Throughout San Diego County, countless people know the YMCA. But there’s so much more to our Y than one might think. From exercise to education, from volleyball to volunteerism, from preschool to preventive health, the Y doesn’t just strengthen our bodies. It strengthens our community. We are the second largest Y in the US in part because of our location. San Diego attracts the best and brightest minds. We are able to keep great leaders because of all the attributes of the region.

San Diego is full of dynamic companies, firms and service providers influencing global trends and innovation. Pick another San Diego company that is at the top of its game.
I immediately think of San Diego Gas & Electric (SDG&E). Not only are they committed to energy efficiency but environmental stewardship is an essential part of its culture and day-to-day business. They are vested in the quality-of-life of our region, and they give back and volunteer to improve our communities. For nearly fifteen years, San Diego Gas & Electric has been the exclusive sponsor of the YMCA’s Character Development program, a year-round focus on teaching and demonstrating the core values of Caring, Honesty, Respect and Responsibility in all Y programs.

What do you anticipate for your company in five years?
Research shows that families who spend more time together are stronger and happier. Over the next five years, the Y will focus on strengthening families in even bigger and better ways. The Y is committed to providing the memberships, programs, activities, facilities, and resources to help more families in San Diego County thrive.

 With 20 membership facilities, three overnight camps and multiple locations focused on childcare and youth and family services, we see opportunity to improve our services. We aim to expand to  over 400,000 existing members and program participants, progressively engaging new families among the 3.2 million residents of San Diego County in youth development, healthy living, and social responsibility.  By 2020, we want to have more Y family branch locations within 5 miles of every resident in the region. Additionally, we want every Sunday night to be YMCA Family Night. We will provide tools to help families track how much time they spend together and help them make plans to spend more time together. We hope you’ll engage more deeply with the Y as we officially launch our “Family Strengthening” vision in 2015.

 

The Y- more than you know: