Economy in crisis: SD housing market advances, but geographic differences remain

KEY TAKEAWAYS

  1. Despite ongoing economic pressure, San Diego home values and rents reached new peaks in October.
  1. Home prices and rents are highest along the coast, but price increases have been most pronounced in more rural, inland areas of the county.
  1. Areas in the county with the highest unemployment rate tend to have the lowest cost of living, however prices are increasing quickest in those areas.

San Diego home prices and rents continued to rise in October, despite the ongoing economic pressures presented by Covid-19 and efforts to contain the virus. According to Zillow, the median value of a middle-tier home advanced 1.6 percent from September to reach a new peak of $649,474*, up 7.3 percent from February and up 9.5 percent from a year ago. Meanwhile, average rents reached $2,363, also a fresh high, up 1.4 percent from February and 2.1 percent from a year earlier.

San Diego home prices and rents are both growing faster than other large California metro areas like San Francisco, Los Angeles, and Santa Barbara, as well as the U.S. average. Even so, San Diego’s record-breaking house prices and rents are not unique. Of the 914 metropolitan and micropolitan regions covered, Zillow reported new home price peaks in 645 (71 percent) of them, and rents are topping out in 88 percent of 107 regions tracked by the real estate company.

San Diego home values are high, and they’re rising at an accelerated pace.

 

Rent increases have slowed but continue to climb faster than the U.S. and other California metros.

Sub-regional look presents an interesting picture

Housing price appreciation has been most pronounced in largely rural areas. Jacumba home values have surged by more than 23 percent over the past year, while prices in Ranchita, Tecate, and Warner Springs are all up between 18 and 19 percent. Yet, the median price for a home in Downtown has inched higher by a much less impressive 2.7 percent year-over-year.

A similar trend plays out when looking at rental values within the county. Rents in Ramona have jetted 15.8 percent higher over the past year, while Escondido rents are up some 6.5 percent. Coincidentally, rents have fallen in more central locations like University City, Carmel Valley, and Downtown.

Generally speaking, housing price appreciation and rental increases are most pronounced in areas where prices and rents are relatively low. This could reflect a natural migration out and away from the City of San Diego as buyers are seeking out price deals in more affordable, inland areas. This is especially true as those who are able to work from home no longer have to weigh as heavily the idea of a longer commute when deciding where to buy.

Also worth noting, is that home values and rental prices coincide with economic outcomes in these areas. For example, in Solana Beach, the median home price is more than $1.5 million, and the unemployment rate is just 4.2 percent—well below the county rate of 7.7 percent. By contrast, the median home price is $480,349 in National City, where unemployment is stuck at 11.5 percent. Similarly, rents are topping out at nearly $3,300 per month in low-unemployment Solana Beach, while renters are paying just over $1,800 per month in El Cajon where the jobless rate hovers at 11.4 percent.

The map below clearly shows how home prices and rents are growing in areas where properties are cheaper. Those regions are also the pockets of the county where joblessness is rampant.

Select between home prices, rents, and unemployment below using the ‘Metric’ dropdown, and choose between Level and YoY % change in the ‘Transformation’ dropdown to explore more.

ARE POORER SAN DIEGANS BEING PRICED OUT?

The relationship between home values (an indicator of how much workers in an area can afford) and labor market outcomes during the Covid-19 downturn shines a harsh light on the economic disparities affecting San Diegans with different socioeconomic backgrounds. Workers in areas where home values and rents are lower are far and away more likely to be without a job as Covid-related restrictions force business closures throughout the county.

This relationship statistically significant, offering up yet another piece of hard evidence that the most recent recession has disproportionately hurt poorer people.

What’s worse is that the torrid pace of price growth for homes and rental properties in higher-unemployment regions may force the most vulnerable San Diegans out of those areas as prices become unaffordable. This would exacerbate an already-troubling trend that has pushed more people out of the region than into it over the past decade.

Now, more than ever, we need to analyze our options and develop policies that help to prevent San Diegans from being priced out of the region. Cultivating and retaining a strong local workforce isn’t just about maintaining San Diego’s identity, it’s also about creating a stronger, more resilient region in coming years that will be better able to withstand the inevitable next downturn. Go here to learn more about how EDC is working to ensure San Diego gets this recovery right.

*Due to availability of data and varying sources, these numbers differ slightly from others we’ve recently posted.

Nate Kelley
Nate Kelley

Senior Manager, Research

Advancing San Diego Intern Spotlight: Emma Plum, Traits AI

The Advancing San Diego (ASD) Internship Program launched this Spring in a remote-capacity amid the COVID-19 pandemic and aims to provide up to 100 San Diego-based companies with fully subsidized interns. This program targets companies with 100 employees or less, which comprise 98 percent of all businesses in San Diego, employ nearly two thirds of San Diegans, and account for 70 percent of job growth. A key issue for these companies has been a lack of time and resources to recruit the skilled talent necessary to continue their growth.

As students close out their Summer internship experiences, EDC has launched this blog series to highlight the innovative local companies that comprise the first cohort of the program, and the interns they hosted.

In this feature, we sat down with Traits AI, Inc. intern and Mesa College student Emma Plum. A part of the inaugural cohort of host companies, Traits AI is a San Diego-based software company that creates animated artificial intelligence (AI) avatars that you can talk to, like you talk to Siri or Alexa. The company develops Alexa Skills, Google Assistant Actions, and chatbots for clients to help them better serve their customers; but its particular area of focus is on AI avatars that put a face to the voice using an animated avatar that looks like and sounds like the person they represent to help them extend their reach.

People are busy, especially those in in-demand professions like law, healthcare, consulting, and more. In these fields, there’s often only one point-person, but thousands of people who want a little bit of their time. While we cannot duplicate or replace those professionals, Traits AI can extend their reach by automating some of the repetitive parts of what they do on a daily basis. This frees them up to spend more time on things that require their unique skill set and expertise.

Read on for more from Emma.

How has your experience in the ASD Internship Program been, and what projects have been the most meaningful?

I enjoyed my time in the internship at Traits AI. My supervisor Brandon was very understanding and flexible with work schedules. My primary projects were working on Facebook Messenger bots/marketing campaigns and email marketing/automation. These helped my understanding of design in marketing greatly, as well as improved my time management skills.

How has the COVID-19 pandemic affected your day-to-day, and what challenges have you faced as a student?

Online learning and the transfer to the online structure has been particularly challenging during this time. Online school is an entirely different beast. Scheduling seems more flexible but between keeping up with everything at home (work, school, clubs, social life), Zoom fatigue hits hard and you have to keep a strict schedule to keep up.

What advice would you give to high school students looking for a successful career in the local software industry?

Be assertive! You don’t know what you don’t know, so reach out to the people who do. Talk to a high school counselor or someone knowledgeable about job opportunities, interview skills, resume reviews, and industry knowledge. Networking can be a gamechanger; go out and email or connect on LinkedIn/social media with industry professionals as you look for advice or job openings. Chase after job opportunities, even the ones you think you won’t get because you never know where you’ll get your foot in the door. Even if you don’t get the job after the interview, that’s a great practice. And don’t be afraid to leave a job if the work environment is toxic.

Learn more about Advancing San Diego and our internship program.

Company contact info and additional information:

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Good News of the Week – November 20, 2020

Every week, ‘Good News of the Week’ features a curation of positive headlines from San Diego, delivered straight to your inbox. A blend of aggregated stories from San Diego’s most trusted news sources and original EDC-created content, GNOTW provides a comprehensive recap of the region’s best stories from the past week.

For the week of November 20, 2020, here’s what we’re reading:

…and here are the events we’re (virtually) attending:

San Diego’s Economic Pulse: November 2020

This edition of San Diego’s Economic Pulse covers October 2020 and reflects some effects of the coronavirus pandemic on the labor market. In October 2020:

  • San Diego’s jobs recovery accelerated from previous months, but remains uneven across industries.
  • San Diego employers brought back 21,500 workers, lowering the unemployment rate to 7.7 percent.
  • Job gains were widespread, and workers returned to the labor force in record numbers.

Read More


San Diego business resources:

Amidst everything happening in the world, we need a reminder that there’s plenty of ‘Good News’ to go around in San Diego. We have also compiled additional resources for businesses and individuals seeking additional guidance.

For businesses:

For individuals:

Be in the know – sign up below to receive future editions of GNOTW.

Want to submit your event or news update to our weekly newsletter? Contact us for more information.

Heather Dewis
Heather Dewis

Coordinator, Marketing

Good News of the Week – October 2, 2020

San Diego’s Economic Pulse: November 2020

Each month the California Employment Development Department (EDD) releases employment data for the prior month. This edition of San Diego’s Economic Pulse covers October 2020 and reflects some effects of the coronavirus pandemic on the labor market. Check out EDC’s Research Bureau for more data and stats about San Diego’s economy.

KEY TAKEAWAYS

  1. San Diego’s jobs recovery accelerated in October from previous months, but remains uneven across industries.
  1. San Diego employers brought back 21,500 workers, lowering the unemployment rate from 8.9 percent to 7.7 percent.
  1. Job gains were widespread, and workers returned to the labor force in record numbers.

San Diego’s job market recovered a healthy 21,500 jobs in October from the month prior. Job gains pushed the unemployment rate lower by 1.2 percentage points, from a revised 8.9 percent (initially reported as 9.0 percent) to 7.7 percent. This is in spite of a huge increase in the labor force, which welcomed back some 55,800 workers in October from September.

The topline numbers are encouraging, and last month’s jobs build shows that San Diego has recovered just more than half (52.4 percent) of the 223,700 payroll jobs lost between February and April as the COVID-19 outbreak forced state and county officials to shut down many sectors of the economy. That said, employment remains 7.0 percent lower than it was a year prior, and the jobless rate is still 4.5 percentage points higher than the 3.2 percent logged in February.

MOST INDUSTRIES CONTRIBUTE TO GAINS

Most industries reported job additions last month, with gains concentrated in business and professional services (+5,200 jobs) and construction (+4,100 jobs). Leisure and hospitality and retail, both of which were disproportionately hurt by COVID-related shutdowns, added back 3,200 and 2,100 jobs, respectively. Restaurants brought back 2,400 workers, making up the vast majority of gains in leisure and hospitality. Local government, which includes public school teachers and administrators, brought back 2,700 workers, while state agencies added 2,500 to payrolls last month.

Nonetheless, several sectors shed jobs, providing a partial offset to an otherwise upbeat employment report. Wholesalers let go of 1,200 workers, while federal government agencies, manufacturers, and other service providers laid off a combined 1,500 people.

The recovery across industries has been far from homogenous. Federal government agencies and builders have recovered all of their lost jobs, and then some. Other industries, like utilities and mining and logging, never lost jobs to begin with. Meanwhile, business and professional services are within striking distance of February’s pre-COVID employment peak. Still others, like wholesale trade and information, have only made a tiny dent in their respective jobs recoveries.

REGIONAL VIEW

Similar to industries, unemployment varies considerably across the county’s 25 cities. For instance, the jobless rate in Solana Beach stands at just 4.2 percent, whereas the rate is perched at a stubbornly high 14.3 percent in Bostonia. The rate for the City of San Diego was 7.4 percent last month, consistent with the 7.7 percent rate logged for the county.

BEHIND THE NUMBERS

At least several items stand out in the latest employment report.

October’s torrid labor force gains are both impressive and a relief. After an unsettling exodus of 45,100 workers in March and April, the civilian labor force hovered roughly 3 percent lower than its February peak in August and September.

Three percent may not sound like a lot on the surface, but it can have tangible impacts in a number of ways. First, a contracting labor force has the effect of lowering the unemployment rate. That’s because people are no longer counted as unemployed once they leave the labor force. This can have the secondary effect of making the jobs recovery seem stronger than it really is, which can distort business decisions. Second, research suggests that regional economies with smaller labor forces relative to the size of their populations tend to suffer more frequent and more severe downturns in the face of economic shocks. Finally, a shrinking labor force can raise labor costs—already the largest single expense item on most companies’ balance sheets—as firms are forced to compete for a smaller number of job applicants. So, last month’s bounce in the labor force, which easily more than undid the outflow of workers earlier in the pandemic, is a welcome sign, if sustained in coming months.

Another item bears interest, but is somewhat less sanguine. Activity has rebounded for San Diego’s hotels since the spring and summer, yet employment hasn’t followed suit. Both supply and demand for hotel rooms across the county have increased markedly from lows recorded in March and April, and average daily rates being charged for these rooms have climbed more than 50 percent during that time.

Still, accommodations employment is 38.5 percent lower than it was in February and 40.6 percent lower than it was in October 2019. It remains to be seen whether this reflects extra caution on the part of hotel owners, making sure that the risk of future shutdowns has dissipated before bringing workers back, or if it indicates a structural shift in the business model that has permanently reduced the need for employees.

WRAPPING IT UP

As mentioned, last month’s employment report is encouraging for a number of reasons. San Diego’s jobs recovery has thus far outpaced the rest of the state’s, including the broader Southern California region. However, San Diego’s recovery has lagged that of the nation.

Given the current dynamics, it would take San Diego slightly longer to recover all of the jobs lost from COVID than the U.S. as a whole. If the average pace of job growth from April through October were extended outward, the U.S. would recover all of its lost jobs by February 2021 versus April 2021 for San Diego. Of course, a number of factors could—and likely will—affect this relationship, including the emergence of an effective vaccine and an alarming number of new cases across a broader swath of the nation.

Regardless of the timing, San Diego’s job market continues to heal. Not only are the employment report details mostly encouraging, but efforts are underway to ensure that the recovery reaches a broader group of San Diegans. While the pain of the COVID downturn has been acute, there has arguably never been a better time to concentrate on rebuilding a stronger and more inclusive economy in the future.

For more COVID-19 recovery resources and information, please visit this page.

EDC is here to help. You can use the button below to request our assistance with finding information, applying to relief programs, and more.

Request EDC assistance

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EDC, City of SD release study on creative economy

First-of-its-kind study highlights impact on San Diego economy, including $11B generated and more than 100K employed

Of note, data collected is pre-COVID from 2019.

In order to better understand the impact on our communities, EDC and the City of San Diego have released the first comprehensive study analyzing the intersection between San Diego’s creative industries and the local economy.

Together with the City’s Commission for Arts and Culture and the Economic Development Department, EDC authored the 2020 Creative Economy Study to examine the economic impact creative industries and their workers have on the region.

“San Diego’s creative industries have an important ripple effect in the broader economy. Every job in the creative industry supports another 1.1 jobs,” said Christina Bibler, Director of the City’s Economic Development Department. “This means that creative industries are a powerful component in the region, with many industries employing creative workers.” 

The creative economy is defined as a sector made up of non-profit and for-profit businesses and individuals who produce cultural, artistic and design goods or services and intellectual property. In San Diego, the creative economy employs more than 107,000 people at nearly 7,400 creative firms and organizations and generates more than $11 billion annually.

“To grow San Diego’s creative economy, we first need to understand it. This report is the starting point to understanding the space and trends over time,” said Jonathon Glus, Executive Director of the Commission for Arts and Culture. “Investing in creative industries can help advance San Diego as a creative city and it’s the ideal platform for cross-sector collaboration and innovation.” 

The study measured the size of the creative economy and identified characteristics unique to San Diego that could provide future economic growth potential. The study spanned 71 industries and 77 unique occupations.

Study findings include:

  • 59% of the creative economy in San Diego is for-profit, 34% nonprofit and others (including government employers and independent contractors).
  • The majority of creative firms and organizations are small, with 19 or fewer employees.
  • 41% of creative industry employers hire a large number of contractors.
  • The median annual income for creative occupations is $75,000.

“With a 23% decline in jobs, the arts have been hit even harder by the pandemic than most sectors of our economy,” said Mark Cafferty, president and CEO, San Diego Regional EDC. “As San Diego recovers, it is imperative we continue to work with our arts and cultural leaders to create a more diverse and resilient arts industry to weather future economic downturns—for the sake of the vibrancy of our communities and our culture.” 

Completed in May 2020, the study utilizes 2019 information. The data was collected pre-COVID-19 and prior to the implementation of Assembly Bill 5 Worker status: Employee and Independent Contractors (AB 5).

As of August 2020, the economic impact of job loss in San Diego’s creative industries due to COVID-19 is estimated to be a decline of $2.1 billion. 

READ THE REPORT

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For more COVID-19 recovery resources and information, please visit our COVID-19 resource page.

Advancing San Diego Company Spotlight: Traits AI

The Advancing San Diego (ASD) Internship Program launched this Spring in a remote-capacity amid the COVID-19 pandemic and aims to provide up to 100 San Diego-based companies with fully subsidized interns. This program targets companies with 100 employees or less, which comprise 98 percent of all businesses in San Diego, employ nearly two thirds of San Diegans, and account for 70 percent of job growth. A key issue for these companies has been a lack of time and resources to recruit the skilled talent necessary to continue their growth.

As students close out their Summer internship experiences, EDC has launched this blog series to highlight the innovative local companies that comprise the first cohort of the program, and the interns they hosted.

In this feature, we sat down with Brandon Bosse, Founder and CEO at Traits AI, Inc. A part of the inaugural cohort of host companies, Traits AI is a San Diego-based software company that creates animated artificial intelligence (AI) avatars that you can talk to, like you talk to Siri or Alexa. The company develops Alexa Skills, Google Assistant Actions, and chatbots for clients to help them better serve their customers; but its particular area of focus is on AI avatars that put a face to the voice using an animated avatar that looks like and sounds like the person they represent to help them extend their reach.

People are busy, especially those in in-demand professions like law, healthcare, consulting, and more. In these fields, there’s often only one point-person, but thousands of people who want a little bit of their time. While we cannot duplicate or replace those professionals, Traits AI can extend their reach by automating some of the repetitive parts of what they do on a daily basis. This frees them up to spend more time on things that require their unique skill set and expertise.

Read on for more from Traits AI founder Brandon Bosse.

Why was your company founded, and what are your current points of focus?  

You know that annoying feeling you get when you ask Siri or Alexa a question and she completely gets it wrong and has no idea what you just said? Yeah, we get annoyed by that, too! That is the underlying problem we fell in love with and seek to solve: people need better, more instant access to information. Of course the nuances of language are incredibly challenging to understand even for us people and, so far, understanding complex language is also beyond what AI models can do. That’s why we turned to crowd-sourcing responses as a stepping stone approach until natural language models like GPT-3 are able to grasp the nuances of language.

Our main point of focus now is on establishing product-market-fit to help in raising a pre-seed funding round. Most investors aren’t aware of the budding field of synthetic media and recent advances in China, New Zealand, and Canada, and it is our job to help demonstrate how AI avatars can be a benefit to modern society.

Tell us about your experience building a startup in San Diego. 

San Diego is an amazing place to start a tech company because it attracts so many brilliant people and has a thriving startup scene.

For example, in 2017, I joined the fall cohort of The Founder Institute, which was instrumental in getting Traits AI up and off the ground. Through networking with fellow graduates, I learned about the Small Business Development Center and The Brink where I have received mentorship and support, including connection to the ASD Internship Program. For the past two years, I have volunteered at the registration desk of San Diego Startup Week and have met some really amazing people!

There are also fun community events and meetup groups that have been a great way to socialize and meet other people interested in entrepreneurship, AI, and tech. I’ve enjoyed attending Triton Entrepreneur Night where I got to see how great pitching is done! And I’ve met some really smart and amazing people at The Machine Learning Society and The San Diego Machine Learning Meetup Group.

Has your company pivoted as a result of COVID-19?  

Yes, in March 2020 we began working on a new AI avatar/chatbot named Vita to help people with advanced care planning, like filling out an advanced directive. Since patients with COVID-19 are typically in isolation, having an AI avatar help them navigate their healthcare choices makes sense so that healthcare staff aren’t exposed any longer than necessary. Vita is able to take as long as the patient needs to talk about and answer questions related to advanced care planning.

Tell us a little bit about your interns and the value they bring.

We have been lucky enough to work with four interns through the program and they have all brought their own unique talents to the team. Their education in programming, web development, social media, and creative writing have helped the company advance toward our goals. I have found them to be professional, responsible, and hardworking even during this time of remote work and I am grateful to have them on the team.

In your opinion, what is special about San Diego’s science and technology community, and the talent that drives it?

California has always been the land of dreamers—people who dare to DREAM BIG and make their dreams come true. It also attracts open-minded, outside-the-box thinkers who don’t always fit into mainstream society. I see many dreamers, open-minded, outside-the-box thinkers in San Diego and THAT is what makes it a great science and tech community.

I think Steve Jobs put it best when he said, “Here’s to the crazy ones, the misfits, the rebels, the troublemakers, the round pegs in the square holes…the ones who see things differently—they’re not fond of rules, and they have no respect for the status quo… You can quote them, disagree with them, glorify or vilify them, but the only thing you can’t do is ignore them because they change things… They push the human race forward, and while some may see them as the crazy ones, we see genius, because the people who are crazy enough to think that they can change the world, are the ones who do.”

Learn more about Advancing San Diego and our internship program.

Company contact info and additional information:

You might also like to read:

Good News of the Week – November 13, 2020

Every week, ‘Good News of the Week’ features a curation of positive headlines from San Diego, delivered straight to your inbox. A blend of aggregated stories from San Diego’s most trusted news sources and original EDC-created content, GNOTW provides a comprehensive recap of the region’s best stories from the past week.

For the week of November 13, 2020, here’s what we’re reading:

…and here are the events we’re (virtually) attending:

Resources and relief for regional manufacturers

Our region is home to a vibrant manufacturing cluster that spans across many industries, from defense to craft brewing. EDC has partnered with California Manufacturing Technology Consulting to help San Diego regional manufacturers identify and connect to key resources and relief. Click below to get in touch with EDC’s team.

Get Specialized Assistance


San Diego business resources:

Amidst everything happening in the world, we need a reminder that there’s plenty of ‘Good News’ to go around in San Diego. We have also compiled additional resources for businesses and individuals seeking additional guidance.

For businesses:

For individuals:

Be in the know – sign up below to receive future editions of GNOTW.

Want to submit your event or news update to our weekly newsletter? Contact us for more information.

Heather Dewis
Heather Dewis

Coordinator, Marketing

Good News of the Week – October 2, 2020

Good News of the Week – November 6, 2020

Every week, ‘Good News of the Week’ features a curation of positive headlines from San Diego, delivered straight to your inbox. A blend of aggregated stories from San Diego’s most trusted news sources and original EDC-created content, GNOTW provides a comprehensive recap of the region’s best stories from the past week.

For the week of November 6, 2020, here’s what we’re reading:

…and here are the events we’re (virtually) attending:

A look back at Advancing San Diego’s Career Exploration Day and Virtual Career Fair

With the support of title sponsor Qualcomm, EDC hosted Advancing San Diego’s Career Exploration Day and Virtual Career Fair – a free event that brought together San Diego employers and students for a full day of career exploration, professional development, company information sessions, peer learning, and networking. Throughout the day, 150 students from universities, high schools, and training programs across the region logged on to chat with employers in the virtual career fair and listen in on a webinar series on job search strategies.

Read More


San Diego business resources:

Amidst everything happening in the world, we need a reminder that there’s plenty of ‘Good News’ to go around in San Diego. We have also compiled additional resources for businesses and individuals seeking additional guidance.

For businesses:

For individuals:

Be in the know – sign up below to receive future editions of GNOTW.

Want to submit your event or news update to our weekly newsletter? Contact us for more information.

Heather Dewis
Heather Dewis

Coordinator, Marketing

Good News of the Week – October 2, 2020

Industry Profiles are back…and better

EDC’s Industry Profiles are back…and better than ever. Consistently our most visited pages on the former EDC site, we took some time to give them the refresh they deserved.

Not sure what we mean by ‘Industry Profiles’?

With breakthrough technology companies and research organizations, the largest military concentration in the world and a strong tourism industry, the San Diego region has one of the most dynamic economies in the country. Created by our Research Bureau, these profiles take a deep dive into the industries that make San Diego the innovation hub that it is, with data on employment, businesses, wages, and more.

Industries to explore:

Visit our Research Page to see the new profiles

A note from Mark: Our commitment to values, not partisanship

“With malice toward none; with charity for all; with firmness in the right, as God gives us to see the right, let us strive on to finish the work we are in; to bind up the nation’s wounds…to do all which may achieve and cherish a just, and lasting peace, among ourselves, and with all nations.”
–President Abraham Lincoln, Second Inaugural Address, 1865

It is clear that when President Lincoln wrote and shared these words, it was to bring together a terribly divided nation that had been through its most horrific chapter to date. And yet more than a century and a half later, it is also clear that not all of our wounds have healed.

The weeks leading up to this election have been marked with anger, frustration, fear, resentment, hatred, and a barrage of disinformation coming at all of us from all political levels. And unfortunately, the weeks that follow will likely bring more of the same. But behind it all, we are also seeing record voter registrations, a remarkable number of early votes being cast across the nation, and a new and different generation of voters seeking new and different strategies and solutions.

Regardless of election outcomes, individually and as a team at EDC, we will continue to do all we can to work with all leaders, at all levels of government. Time and again, we have seen that it is public and private-sector leadership working together that creates the best possible outcomes for our economy and our community.

As we move into the final months of 2020, our focus will remain on supporting our local businesses through economic recovery, and in creating the jobs that will lead to more thriving households in all corners of our region. We look forward to another year of working with and through all of our investors and partners to rebuild and strengthen San Diego’s economy and to ensure that our core values of integrity, accountability, collaboration, and inclusion are seen and felt in all that we do.

Wishing our region and our nation a great and peaceful election today. May we all strive to finish the work we are in—with malice toward none, charity for all, and a firmness in what we know to be right.

With respect, admiration, and hope,

–Mark Cafferty