Category: Blog

San Diego’s Economic Snapshot: Q1 2022

By EDC Research Bureau,

Every quarter San Diego Regional EDC analyzes key economic indicators that are important to understanding the regional economy and the region’s standing relative to the 25 most populous metropolitan areas in the U.S.

EDC explains San Diego’s Q1 2022 economic data:

Key Findings from Q1 2022:

  1. VENTURE CAPITAL: Strong VC funding in Life Sciences continues despite uncertainty surrounding inflation. Although high inflation and rising interest rates have been a concern recently, investments in Life Sciences companies only fell by about $10 million to $632 million from Q4, while investments in Tech companies returned to average levels. Total investment into the region exceeded $1 billion in Q1, an increase of more than $250 million compared to the quarterly average for 2019.
  2. COMMERCIAL REAL ESTATE: Demand for lab space has a greater impact on CRE market than remote work arrangements. As businesses embrace hybrid and remote work, there is uncertainty surrounding the impact to the commercial real estate market. Data show that businesses are not completely abandoning the office, with many adopting hybrid work schedules that will only lead to a one to two percent reduction in office space requirements nationally. In San Diego, demand from the Life Sciences industry is even stronger, resulting in a seven percent increase in asking rates for lab space from Q4. According to CBRE, 6.5 million square feet of planned conversions and construction are expected to become available in the next three years.
  3. HOUSING: Home prices continue to soar despite fewer sales. The median home price in San Diego continues to climb, reaching $950,000 in March. This translates to an 18.8 percent increase in the median home price compared to March 2021. In fact, the year-ago increase in home prices has hovered consistently around 15 percent since August 2021, almost double the rate of inflation we have seen over the past 12 months. While rising mortgage rates have the potential to temper the housing market, the median home price continues to rise at a faster rate than the national average.

Check out our most recent Economic Snapshot below

Go to snapshot

Red Door Interactive unveils new HQ in Sherman Heights

By San Diego Regional EDC and Red Door Interactive,

EDC, local leaders cut the ribbon on Red Door’s innovative office space

Today, EDC member Red Door Interactive, a national, award-winning marketing agency, unveiled its new San Diego headquarters alongside EDC and staff from Councilmember Vivian Moreno’s office at a ribbon cutting ceremony. Reflective of Red Door’s company culture and vision for the future of the modern workplace, the company’s three-building campus features panoramic views of Downtown San Diego, a variety of collaboration hubs, seven outdoor patio spaces, an urban garden, and state-of-the-art technology for interactive video conferencing throughout the campus, among other amenities for its 90-person staff to enjoy.

For Red Door, the project has been years in the making; the company originally purchased the land in Sherman Heights, a designated Opportunity Zone, for its new headquarters in 2020. Despite a variety of pandemic-fueled hurdles, construction for the project was crafted entirely by local vendors including AVRP, Swinerton, Cultura, and many more.

“We’re excited to bring our diverse team of talented, creative minds to this neighborhood,” Reid Carr, CEO and co-founder of Red Door Interactive, said. “This is not only a place of work for us, but a home for the work we do as a collective. We built this campus with an eye toward the future of work, along with the ability to reflect some of the best San Diego has to offer—outdoor spaces, accessibility, and the spirit of its unique neighborhoods.”

With 20 years in offices in Downtown San Diego, including an award-winning, ground floor space in the DiamondView Tower at Petco Park, this new headquarters marks a bold move to a nearby neighborhood. It also represents Red Door’s commitment to physically coming together as a team, while also continuing to openly support hybrid and remote work—a philosophy the company embraced long before the pandemic.

Red Door hopes its new campus is a step toward bringing more awareness and investment to Sherman Heights. The neighborhood has long been regarded as a vibrant, historic place, rich in culture with fantastic views of downtown, Coronado, and the Bay—but it’s also centrally located around some of San Diego’s greatest assets. Sherman Heights provides easy access to Interstates 5 and 15, and state Routes 163 and 94. It’s also a few minutes from the San Diego International Airport and walkable to Balboa Park, and the unique neighborhoods of East Village, Golden Hill, and Barrio Logan.

EDC’s Mark Cafferty shares, “Reid and the team at Red Door Interactive have always been stewards of our region—investing in organizations like EDC and charting paths for other local companies in San Diego’s urban core. Twenty years ago, the company began a movement in East Village that proved to be monumental for the growth of Downtown. We know Red Door will bring that same vision, passion, and creativity to the historic and vibrant Sherman Heights community.”

San Diego’s Good News of the Week – May 13, 2022

By Candela Delucchi,

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.

Get Good News of the Week in your inbox every Friday. → Sign up

For the week of May 13, 2022, here’s what we’re reading:

…and here are some events we’re attending:

EDC Monthly Report: April 2022

With and through nearly 200 investors, EDC works to maximize San Diego’s prosperity. From connecting companies to tax credits to connecting taking small businesses online, here’s what EDC did in April 2022.

Apply Now

Additional resources:

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.

Contact SDREDC
To learn more, please contact us.

MetroConnect VI: Meet the Life Sciences companies

By Javier De Leon,

World Trade Center San Diego (WTCSD)’s MetroConnect awards companies with matching funds, connects them with relevant export-oriented partners and resources, and arranges specialized workshops to increase their knowledge and awareness of global export trends and regulations.

Since the program’s debut in 2015, the 80 small- and medium-sized MetroConnect companies have collectively added 269 new regional jobs, signed more than 543 new contracts, and set up 22 new overseas facilities. Notable alumni include Scientist.com, Dr. Bronner’s, Cypher Genomics (acquired by Human Longevity Inc.), Planck Aerosystems, White Labs, and more.

Now, WTCSD is pleased to welcome the newest group of MetroConnect companies representing the diversity of San Diego’s innovation economy. Below, meet the Life Sciences companies:

Meet the four Life Sciences companies going global with MetroConnect:

 Nano PharmaSolutions

  • Location: San Diego, CA
  • Description: Nano PharmaSolutions’ NanoTransformer™ technology turns insoluble drug molecules to nanoparticles so they can be more effectively absorbed.
  • Key bottlenecks: Building out international marketing plan, outreach to identify prospects

Sparsha Pharma USA

  • Location: Oceanside, CA
  • Description: Sparsha Pharma, a pharmaceutical manufacturing company, creates transdermal drug delivery system and orally dissolved film products.
  • Key bottlenecks: Understanding regulatory landscape in target markets. Identify partners and distributors

 iAssay

  • Location: San Diego, CA
  • Description: iAssay®’s Point-of-Care Test (POCT) diagnostics solution tests patients wherever they are. Multi-tech/format POCT cartridges commercialized by hundreds of companies are used with iAssay® designed adaptors. Its AWS Cloud validates devices before testing can start, captures raw data, and offers time/date stamped results available through internet portals.
  • Key bottlenecks: Building out international marketing plan, outreach to identify prospects

Solecta

  • Location: Oceanside, CA
  • Description: As manufacturers deal with variable raw material quality, rising costs for energy, and increased quality standards for their finished products, Solecta helps improve separations processes through membrane solutions like microfiltration, ultrafiltration, nanofiltration, and reverse osmosis filtration products.
  • Key bottlenecks: Effective outreach to potential clients, targeted market research, local language barriers, understanding of local regulatory requirements

 

 

What’s next?

The 15 MetroConnect VI companies will gain access to a suite of resources to support expansion into international markets, including executive workshops, flight discounts, language translation, and up to $30,000 in grant funding.

“Programs like MetroConnect help ensure the world knows just what San Diego is made of—innovative, high-impact products and services across a wide range of industries,” said San Diego City Councilmember Raul Campillo. “I’m proud to support and welcome WTCSD’s new cohort, and look forward to seeing the companies’ impact on a global scale.”

Interested in growing your business internationally?

World Trade Center San Diego works directly with companies – free of charge – to help them expand internationally and grow in San Diego. Whether your small company is interested in learning about exporting and international growth, or your SME is ready to export and grow internationally, WTCSD is here to help.

Ready to get involved? Click here to receive our quarterly Global Brief Newsletter, delivered straight to your inbox.

 

San Diego’s Good News of the Week – May 6, 2022

By Candela Delucchi,

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.

Get Good News of the Week in your inbox every Friday. → Sign up

For the week of May 6, 2022, here’s what we’re reading:

…and here are some events we’re attending:

San Diego Biz Hub: Free digital services for small businesses

GoSite and EDC are still accepting applications for the San Diego Business Hub, which offers small, service-based businesses the full suite of GoSite products at no cost. Services include payment and invoicing, bookings, review management, customer communications, and template websites.

Apply Now

Additional resources:

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.

Contact SDREDC
To learn more, please contact us.

WTCSD’s Q2 Global Brief: Ukraine impacts, Tijuana talent, and more

By Caroline Murray,

Each month, World Trade Center San Diego delivers the latest global news and updates straight to your inbox. ➝ Get WTCSD’s Global Brief each quarter.

In Q2 2022, here’s what you need to know about San Diego’s global trade, investment, and engagement:

The crisis in Ukraine and its impact on San Diego businesses 

The conflict in Ukraine has major implications for Russia’s relationship with Western nations and the global economy—and has already led to significant changes in the regulation of trade. The WTCSD team sat down with San Diego trade attorney Bob Bowen and law firm Procopio to learn how San Diego companies—particularly in energy, defense, and dual-use technologies—can prepare for these changes.

➝ Read More

SIDUS Solutions strengthens brand in Europe, Asia with MetroConnect

San Diego’s SIDUS Solutions, which generated 15 percent of revenue from exports but faced canceled trade shows due to COVID-19, needed to find new ways to connect with its international customers and retain revenue. Leveraging MetroConnect’s expert workshops, translation tools, and $5,000 grant, SIDUS strengthened its digital presence to expand brand awareness and build relationships in target overseas markets.

➝ Read More

How Tijuana can address San Diego’s battle for talent

When your San Diego business needs to find qualified digital talent in a competitive market, consider staying regional and look to Tijuana. Just 20 minutes south of San Diego and in the same time zone, firms like Thermo Fisher Scientific are already leveraging the benefits of a binational team, including visa flexibility, easy sample transport, and proximity for culture-building and quality assurance.

➝ Read More

San Diego News

Events

Grow your company in san diego↓

World Trade Center San Diego works directly with companies—free of charge—to help them expand internationally and grow in San Diego.

  • Export Specialty Center: For small companies interested in learning about exporting and international growth.
  • MetroConnect: For small and medium-sized companies ready to export and grow internationally.

Plus: Get WTCSD’s Global Brief, monthly global news and updates delivered straight to your inbox.

You might also like:

For COVID-19 recovery resources and information: Visit this page, or see how we can help your company free of charge.

Monthly Report – May 2022

By Kaylee Hudson,

See EDC’s month in review below, made possible with and through our investors.

By the numbers

  • 900 attendees expected at Annual Dinner
  • 7% increase in lab space asking rates in Q1 2022
  • 4 life sciences companies in MetroConnect VI
  • 18.8% year-ago increase in median home price

Featured stories

New and renewing investors

  • Bristol Meyers Squibb
  • CalPrivate Bank
  • Chevron
  • City of Escondido
  • Neighborhood House Association
  • Paul, Plevin, Sullivan & Connaughton LLP
  • San Diego Community Power
  • San Diego County Water Authority

See our current Monthly Report

San Diego’s Good News of the Week – April 29, 2022

By Candela Delucchi,

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.

Get Good News of the Week in your inbox every Friday. → Sign up

For the week of April 29, 2022, here’s what we’re reading:

…and here are some events we’re attending:

Case Study: Left Coast Engineering leverages Advancing San Diego to hire intern, strengthen talent pipeline

Like many companies during the pandemic, Left Coast Engineering faced challenges in accessing a diverse talent pool and building up its workforce. EDC’s talent initiative Advancing San Diego stepped in to help.

Read More

Additional resources:

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.

Contact SDREDC
To learn more, please contact us.

Now live: 2021 Downtown Demographics Study

By EDC Research Bureau,

The Downtown San Diego Partnership, together with the City of San Diego and San Diego Regional EDC released the findings from the 2021 Downtown Demographics Study. Among findings about Downtown’s residential population, workforce, and attractions, the study confirmed that Downtown is uniquely primed for a post-pandemic resurgence of residential and business growth due to several key factors.

“What we found most exciting about this research is that it confirmed through data what we’ve long heard from Downtown residents and stakeholders,” said Betsy Brennan, president & CEO for the Downtown San Diego Partnership. “Downtown is primed with a talented residential workforce that desires to live and work in our urban core. This, in combination with ongoing investment in world-class commercial and research spaces with access to the region’s enhanced transit system and a vibrant neighborhood lifestyle for residents, businesses and visitors alike, tells us that there is no better time to invest in Downtown.”

Authored by EDC, in coordination with UC San Diego Extension’s Center for Research and Evaluation, the update provides new data on the residential and workforce populations of San Diego’s urban core, identifies areas for growth, opportunities for investment and advocacy, as well as a benchmark for the impacts of COVID-19. It’s intent is to serve as a helpful tool for anyone hoping to understand Downtown’s unique makeup and continue to fuel decisions to advance the economic prosperity and cultural vitality of the city’s urban core for years to come.

KEY TAKEAWAYS

  • Downtown’s residents are young, urban professionals primarily working in innovation industries and earning higher-than-average wages. The vibrancy of urban living is what they like about living Downtown and they would even prefer to work there if given the choice, though the cost of living remains higher in Downtown than the County at large.
  • Downtown’s over concentration of the most in-demand talent, combined with an increasing supply of commercial real estate, present timely opportunities for high growth companies – particularly Life Science and Technology companies securing record-breaking investment – who are seeking top talent surrounded by the amenities they desire.
  • Downtown’s legacy industry clusters are more vulnerable to economic downturns, making diversification advantageous. Job losses during 2020 erased the gains of the previous four years.
  • Downtown is widely viewed as a hub for arts and culture, as well as a top destination for professional networking and gathering.

“While San Diego’s innovation economy continues to drive the region’s recovery from the COVID-19-spurred economic downturn, we must ensure the building blocks of this recovering economy—quality jobs, skilled talent and thriving households—are accessible to more people,” said Mark Cafferty, president and CEO of EDC. “The data confirms that the pillars to build a more resilient economy through continued investment into Downtown by new, growing and diversified industries are in place and ready. More than ever, smart economic development means inclusive economic development.”

The Downtown Partnership first commissioned a demographic study in 2016, then a new tool for the organization’s advocacy efforts and the Downtown community. Providing an in-depth look at San Diego’s urban core and capturing a moment in time of the market’s recovery following the pandemic, the 2021 study was funded by the City of San Diego’s Economic Development Department, DSDP Clean & Safe Commercial Enhancement Program, Stockdale Capital Partners, and Urban Strategies Group.

Read the report

San Diego’s Good News of the Week – April 22, 2022

By Candela Delucchi,

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.

Get Good News of the Week in your inbox every Friday. → Sign up

For the week of April 22, 2022, here’s what we’re reading:

…and here are some events and opportunities to consider:

San Diego’s Data Bites: April 2022

Presented by Meyers Nave, this edition of San Diego’s Data Bites covers March 2022, with data on employment, investment, and more insights about the region’s economy. Key takeaways include a drop in the region’s unemployment rate and Leisure and Hospitality employment gains.

Dig In.

Additional resources:

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.

Contact SDREDC
To learn more, please contact us.