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July 18, 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.

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HIGHLIGHTS

  • At 6.1 percent, San Diego’s June unemployment rate went up 0.3 percentage points from May, but down 1.7 points from June 2013.
  • San Diego’s unemployment rate was lower than the U.S. and California averages.
  • The region added 9,700 jobs from May to June, and 34,600 jobs from the previous year.
  • Construction industry employment in June was up more than 8.4 percent from the previous year.
  • The manufacturing industry added 2,400 jobs since the previous June.
  • Tourism and Innovation sectors continued to drive much of the monthly and annual employment growth.

[Unemployment Chart]

The California Employment Development Department (EDD) released statewide county employment data today for the June 2014 period. San Diego’s unemployment rate went up from May to June, but remained lower than California and U.S. averages. Historically, a rise in the unemployment rate is common in June, as many students and other seasonal workers begin looking for summer employment, thus driving up the labor force. The labor force increased by 3,200 from May to June. Meanwhile, total unemployment increased by 3,900, presumably comprised mostly of those entering the labor force. This trend is expected to continue throughout the summer, but is typical both historically and across the country.

[Employment Chart]

When looking at employment growth, we continue to see positive signs of steady growth. From May to June, the region added 9,700 jobs, more than 90 percent of which came from the private sector. When looking at growth since last June, the region’s economy added 34,600 jobs, a 2.6 percent increase. Meanwhile, the region’s private sector grew by more than three percent over that period. Over the same period, San Diego experienced a 1.7 percentage point drop in the unemployment rate and a 19 percent drop in people who identified as unemployed (after adjusting for lower labor force participation).

San Diego’s innovation sectors drove much of the region’s employment growth. Professional, scientific and technical services (PST) added 1,400 jobs since May 2014 and 6,800 jobs since June 2013, for an annual growth rate of 5.5 percent, well above the economy-wide average. PST accounted for more than 20 percent of the annual private employment growth—more than any other sector. The region’s maritime industry also experienced significant growth, with the ship and boat building sector growing 6.8 percent over the year.

[PST Chart]

San Diego’s tourism industry accounted for more than 34 percent of the region’s private employment growth from May to June, adding 3,000 jobs. In addition, the industry added 5,700 jobs since June 2013, with most of that growth coming from the food service industry. Health care and social services was another major contributor. The sector added 1,100 jobs since May and 5,700 jobs since last year.

San Diego’s goods producing industries continued their steady employment growth. Manufacturing employment has been rocky, but steadily grew year-over-year for more than five years. From June 2013 to June 2014, the industry added 2,400 jobs for about a 2.5 percent growth rate. Since June 2010, the industry has added more than 3,600 jobs. Meanwhile, the construction industry continues to soar. From June 2013 to June 2014, the industry added 5,200 jobs, about 8.5 percent growth. 

[MFG Chart]

While again 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 or are middle-to-high wage jobs in the region. For instance, employees in the PST industry make on average more than $100,000 per year. Manufacturing employees make more than $75,000 per year, more than 40 percent above the region’s average annual wage. High wage jobs help support other sectors in the economy by circulating more dollars throughout the economy. Therefore, consistent growth in these sectors is important for the economy as a whole.

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.

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 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. 

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 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.

April 10, 2014

Brookings Panel in Seattle

 

San Diego is one of only six cities selected to participate in a new pilot program to attract foreign direct investment (FDI) to the region as part of the Global Cities Initiative, a joint project of the renowned Brookings Institution and JPMorgan Chase.

San Diego joined Columbus, Minneapolis, Portland, San Antonio and Seattle in Seattle today to participate in the first working session, where leadership will collaborate with other regions to address the region’s foreign direct investment plan. San Diego’s team is made up of representatives from the City of San Diego, UC San Diego, JPMorgan Chase, Biocom, Qualcomm, GO-Biz and San Diego Regional EDC.

Foreign direct investment has long supported regional economies, not only by infusing capital, but also by investing in workers, strengthening global connections and sharing best business practices. As the world’s largest economy with a stable investment environment, the United States has been a top destination for foreign direct investment and San Diego is looking to ensure it pulls in a significant portion of this FDI.

In San Diego, many small and medium-sized enterprises have pushed their attention towards the issue of capital. As venture capitalists around the U.S. become more selective about companies they invest in, we must look for alternative solutions. FDI is one answer. Although FDI sounds like an elusive term, this means more capital flow to the region as well as more international attention paid to San Diego which has a strong economic payoff.   

Sean Barr, vice president of economic development at EDC, sat on panel today moderated by Amy Liu, senior fellow at the Brookings Metropolitan Policy Program, which discussed establishing a region’s global identity. According to Brookings, “the most globally fluent metro areas demonstrate a combination of an appealing identity, high standards and reputation, and global relevance in specific markets.”

San Diego has many strengths, and one of our admitted struggles is that it’s difficult to form a distinct global identity when we have so many industries of which to be proud. We are home to a thriving biotech sector where companies like Illumina - dubbed the “World’s Smartest Company” - are based. We have a strong defense sector that is second to none. From our telecom industry to our sports innovation and algae biofuels cluster, the region is an innovation hub. One thing that Sean stressed during the panel is that although San Diego loves its sun, we need to be comfortable shedding our strict tourism message and moving beyond “sun and Shamu.” Working with the Brookings Institute to increase San Diego’s share of FDI is one way to do this.

As part of the pilot, San Diego will develop a foreign direct investment market assessment and plan, along with an implementation plan and a policy memo. This work, added to the region’s existing export plan, forms the second core component of a global engagement strategy that will strengthen the region's global economic connections and competitiveness.

San Diego is the only city in California selected for this pilot program and is one of only two cities in the program for which Brookings will be developing and publishing the complete FDI plan.

Here’s what some people are saying about the announcement:

  • City of San Diego Mayor Kevin Faulconer said: “San Diego’s strong ties to international markets, high-growth industries and culture of innovation mean we have the necessary ingredients to attract foreign direct investment to the region. I am honored Brookings selected San Diego for this pilot program and I look forward to working with the core team  to show that San Diego is open for business.”
     
  • Councilman Mark Kersey, fifth district, City of San Diego said: “San Diego is becoming start-up central and small-medium enterprises will benefit from a regional strategy for attracting foreign direct investment. I’d like to see more companies born global, attracting international investment and competing in worldwide markets.”
     
  • William Bold, senior vice president of government affairs of Qualcomm said:  “The highly educated work force, technology clusters, and location of San Diego already make it a thriving hub of the globalized economy. The Global Cities Initiative will only strengthen San Diego’s attractiveness to foreign investors looking for a solid innovation and high-technology track record. We’re delighted to help with an effort to share with the rest of the world the trade, talent and financial potential to be found here.”
     
  • Brennon Crist, JPMorgan Chase market manager for Middle Market/Commercial Banking in San Diego said: “We’re delighted that  San Diego will be a part of this new pilot – it’s exactly the kind of innovative planning that will ensure our community’s long-term economic success. We have a history of helping businesses connect to global markets and the Global Cities Initiative’s foreign direct investment work brings another level of depth to our region’s efforts to further create jobs, attract capital and grow our economy.”
     
  • Brad McDearman, Brookings fellow and director of metro trade and investment said: “For this pilot, we selected metro areas that are committed to attracting and leveraging foreign direct investment as part of a comprehensive global trade and investment strategy. The six metro areas selected for this round will be strong role models for other regions and represent a growing group of leaders who understand the need to embrace the global market to remain competitive in the 21st century economy.”
     
  •  Joe Panetta, president and CEO of Biocom said: “The region’s global mindset is apparent when you look at the thriving life sciences industry. Companies have long looked to San Diego for its world-class talent pool and abundant research opportunities. San Diego’s new collaboration with Brookings not only means that the region has opportunities to create more jobs, but also that we will be looked at as a role model for other areas looking to embrace the global economy.”

 

 

April 8, 2014
 
San Diego is not Silicon Valley...and that's a good thing. Yes, the weather here is nicer, but that's not the only reason people come here. They come for access to resources, lower cost of living compared to other startup hubs, and of course, talent. Like many other tech founders, Stephan Goss, CEO of Zeeto Media and Jeff Brice, CEO of TrustEgg believe this so much, that they decided to locate their companies here. 
 
There is always room for improvement, but as San Diego's startup community continues to grow, so does the momentum we see to better the region. Take a look at the piece they wrote below for The Daily Transcript.
 
 

Why we chose San Diego over Silicon Valley (appeared in The Daily Transcript on April 7) by StephanGoss and Jeff Brice
It is conventional wisdom that if you want to launch a startup, Silicon Valley is the place to be. The funding, talent and resources are available in spades there. So people have flocked there hoping to become the next Facebook or Google, and some have succeeded.
 
We made a different choice. For us, San Diego was a smarter choice to launch our two businesses, Zeeto Media, an online media company, and TrustEgg, a simple venue to start online trust accounts for kids. The weather was certainly a seductive draw. It’s hard to ignore the climate and laid-back lifestyle of this Southern California city, but that is not why we are here. 
 
Read more in the Daily Transcript....

#GoSanDiego

 

February 10, 2014

Ten years from now, San Diego could be the home of the Summer Olympics.

As the world watched the opening ceremony for the SOCHI Olympic Games on Friday, San Diegans gathered aboard the Midway for a celebration of their own. Guests were treated to a preview of what the Olympics could mean for San Diego and our nation. This video highlights our region’s attributes and venues demonstrating our capacity to fully comply with USOC and IOC guidelines as a host city. 

"We're already such an amazing destination city.  We've hosted multiple bowl games. We've hosted a Super Bowl. We invented sports like the Triathlon and the Iron Man, and all these other things we actually already have venues that the public has already built," said Vincent Mudd. In addition to serving as EDC's incoming chair, Mudd also heads up the San Diego Exploratory Committee. Learn more...