Category: Blog

San Diego’s Data Bites: April 2022

By Jesse Nasland,

Presented by Meyers Nave, this edition of San Diego’s Data Bites covers March 2022, with data on employment and more insights about the region’s economy at this moment in time. Check out EDC’s Research Bureau for even more data and stats about San Diego.

KEY TAKEAWAYS

  1. San Diego employers added 8,000 nonfarm payroll positions between February and March, lowering the unemployment rate to 3.4 percent from a revised 4.0 percent from one month ago.
  1. Compared to March 2021, total nonfarm employment increased by 103,600, or 7.4 percent. 49,900 additional jobs in Leisure and Hospitality led year-ago employment gains, with Professional and Business services adding 20,600 positions.
  1. Employment in San Diego lags pre-pandemic levels by only 14,000 jobs, with Leisure and Hospitality accounting for 9,000 missing payroll positions. However, industries in San Diego’s innovation economy are well ahead of where they were before COVID-19.

Unemployment rate drops below four percent in March 2022

The March employment report showed that San Diego establishments added 8,000 nonfarm payroll positions compared to February, with 5,000 of these jobs in Leisure and Hospitality. State and Local Government was the next-closest industry experiencing employment gains, with 2,000 additional jobs. These additions to San Diego’s economy drove the unemployment rate lower by 0.6 percentage points, from a revised 4.0 percent in February to 3.4 percent in March.

Health Care and Social Assistance lost the most jobs between February and March, dropping 1,300 payroll positions. Although Ambulatory Health Care Services accounted for 1,100 of the lost jobs, the industry employed more people in March 2022 compared to pre-pandemic levels in February 2020. These lost jobs could be the result of lower transmission and infection rates of COVID, requiring fewer employees to manage workloads.

Leisure and Hospitality continues to lead year-ago employment gains

Overall, San Diego employers added 103,600 nonfarm payroll positions from March 2021 to March 2022. Leisure and Hospitality accounted for 49,900 of these jobs, which is not surprising considering that companies in this industry cluster were the hardest hit by the pandemic. The fact that businesses engaged in Accommodation and Food Services are adding more jobs with each new jobs report is a sign that San Diego is recovering well from the troughs of the pandemic.
Furthermore, not a single one of the industry clusters that the EDD tracks (e.g. Leisure and Hospitality and Professional and Business Services) showed year-ago jobs losses, providing further evidence of the steady recovery of San Diego’s economy back to pre-pandemic levels. Professional and Business Services added 20,600 positions to San Diego’s economy, a 7.9 percent increase over last year’s levels. As part of San Diego’s innovation economy, industries such as Scientific Research and Development Services tend to be comprised of quality jobs, those that offer economic security by paying a wage that keeps up with the cost of living and providing employer-sponsored health benefits. Some sub-industries, however, did shed jobs compared to a year ago, such as Nursing and Residential Care Facilities (down 2,300 jobs) and Durable Goods manufacturing (down 2,000 jobs).

Employment in San Diego lags pre-pandemic levels by only 14,000 jobs

San Diego’s total nonfarm employment ended March 2022 at 1,501,100 jobs, which is 14,000 shy of pre-pandemic levels in February 2020. Although employment in Leisure and Hospitality is still 9,000 jobs lower than before COVID-19, this industry cluster has consistently led the pack in each monthly jobs report, meaning that pre-pandemic levels are just within reach. This is a strong indicator of the region’s economic recovery and health, as Accommodation and Food Services companies were the hardest hit by the pandemic.

Employment in other industry clusters, including those that drive San Diego’s innovation economy, has already surpassed pre-pandemic levels. Professional and Business Services has added almost 20,000 positions to the region’s economy from February 2020, with 7,300 of these jobs belonging to Scientific Research and Development Services. Jobs in these industries often have a high concentration of high paying quality jobs. The record year that San Diego experienced with respect to venture capital—especially in Tech and Life Sciences companies—should result in even more hiring by these companies throughout 2022.

However, the economic stimulus over the course of the pandemic has resulted in the highest inflation seen for quite some time, with the 12-month inflation rate reaching 8.5 percent in March. This led the Federal Reserve to hike interest rates by 25 basis points, with expectations of more to come. These expectations have translated into a decreased appetite for borrowing and investment, slowing the record pace at which San Diego is attracting venture capital dollars.

In fact, investment in Series A, seed, angel, and growth stages totaled just over $1 billion in Q1 2022, a far cry from the $2.7 billion in Q1 last year. Though the rate at which money is flowing into San Diego Tech and Life Sciences companies is slowing, the region will feel the ripple effects of the record-setting year in 2021 for some time to come. For example, the current demand for lab space in San Diego County is triple the amount of new deliveries that are expected in the next 12 months. As these Life Sciences companies move into new commercial space in the region, they will need to hire for newly created positions, many of which are high-paying quality jobs.

However, San Diego companies across all industries are engaged in a bitter competition for talent. Not only do high levels of inflation make San Diego a more expensive place to live, but a white-hot housing market has sent home prices through the roof, with the median home price reaching $950,000 in March, a 19 percent increase from one year ago. This high cost of living in San Diego is a tax that deters talent from staying in or relocating to the region. By addressing San Diego’s affordability crisis and building San Diego’s talent pipeline, employers can do their part to bolster the region’s resiliency and global competitiveness.

Interested in more? You may also like to read:

San Diego’s Good News of the Week – April 15, 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 15, 2022, here’s what we’re reading:

…and here are some events and opportunities to consider:

ICYMI: A progress report on San Diego’s 2030 Inclusive Growth goals

While San Diego’s innovation economy has made the region more prosperous, it perpetuates economic disparities in ways that threaten San Diego’s competitiveness and resilience. With new data and bold goals toward increasing the number of skilled talent, quality jobs, and thriving households, leaders in the private and public sectors, education, and philanthropy offered their shared commitments to economic inclusion.

Hear regional commitments and join the movement.

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.

A note on progress from our Senior Director

By Eduardo Velasquez, Senior Director, Research & Economic Development,

“The Obstacle Is the Way”

This is the title of a book I recently started reading about applying stoic philosophy to everyday, modern life. The core teaching is to turn adversity into advantage. Obstacles, both predictable and unforeseen, are not an impediment to growth or progress but rather the path to achieving our goals—it’s a matter of perspective.

EDC and a steering committee of the region’s largest employers determined that for our region to continue to grow and remain competitive, by 2030, San Diego will need:

  • 50,000 quality jobs in small businesses,
  • 20,000 skilled workers per year, and
  • 75,000 newly thriving households.

However, to do so, inclusion needs to be our focus. To achieve these goals, we must invest in and support the segments of our community that have been historically and systemically excluded from growth and prosperity—not simply because it’s the right thing to do,  but because it’s an economic imperative.

Small businesses employ 60 percent of San Diego’s workforce but struggle to compete for new customers and talent. On top of that, supply chain disruptions have impacted nearly every industry in our region. Connecting local small businesses to big, institutional buyers builds resiliency for both sides.

To keep pace with the demand for talent, we must double the production of skilled workers in our region. If San Diego’s Black and Hispanic youth were prepared for post-secondary education at the same rate as White youth, our talent shortage would become a talent surplus.

San Diego is now the most expensive major metro in the country. The rapidly rising cost of living is impacting employers’ ability to attract and retain talent. Investing in the infrastructure needed to support working families ensures that the region remains an attractive place for people to work and businesses to operate in.

That is the scale of our challenge. It is also the size of our opportunity.

Even the pandemic itself, a once-in-a-century global health crisis that has claimed the lives of nearly one million Americans, has paved a new way forward. It taught us that how and where we work can be different and better. It reaffirmed that small businesses are not just places of employment but also part of the fabric of our community. It reminded us that no matter how much technology we have at our fingertips, it is the human spirit that drives the life-changing and life-saving innovation in our region and world.

During last week’s Report to the Community, I shared that four years later progress toward these goals remains elusive. Yet, the more than 200 people in attendance reminded us that our collective commitment toward these goals will drive the region toward success.

San Diego’s future growth and competitiveness could be undermined by the inequities we currently face; or, the next wave of innovation and prosperity could be fueled by greater inclusion. It’s a matter of perspective. The obstacle is the way.

Take care, Eduardo

Eduardo Velasquez
Eduardo Velasquez

Sr. Director, Research & Economic Development

JOIN THE MOVEMENT

EXPLORE THE PROGRESS REPORT

READ EDC’S MONTHLY REPORT

Public, private leaders announce commitment to Inclusive Growth

By EDC Research Bureau,

County, City, academic, and private sector leaders announce commitment to inclusive economic growth

Today at its Report to the Community event, San Diego Regional EDC shared progress against the 2030 inclusive growth goals outlined pre-pandemic in 2018. With new data and bold objectives set around increasing the number of skilled talent, quality jobs, and thriving households critical to the region’s competitiveness, County and City of San Diego officials as well as leaders in the private sector, education, and philanthropy offered their shared commitments to economic inclusion.

“EDC’s recent analysis underscores the significant impact of the pandemic on San Diego’s under-resourced communities and small businesses,” said Julian Parra, Business Banking Region Executive at Bank of America and EDC Board Chair. “To drive meaningful economic change, a diverse set of stakeholders must step up or the issues facing our economy—talent shortages, skills gaps, and a soaring cost of living—will further challenge San Diego’s economic competitiveness.”

The innovation economy has made San Diego more prosperous than many of its peers—leading the region out of the COVID-spurred economic recession as it has in past downturns—but remains inaccessible to the fastest-growing segment of the region’s population. At no surprise, the goalposts EDC outlined four years ago are now farther from reach in the wake of the pandemic.

With nearly 200 members, EDC represents just a small fraction of the region’s employers. It is only with and through a broader group of stakeholders that more quality jobs, skilled talent, and thriving households in San Diego is possible. As such, EDC has enlisted the endorsement of key regional partners and employers that have committed to using the Inclusive Growth framework to inform their priorities, tactics, and resource allocation.

Hear some of those commitments:

 

“The County shares a deep commitment to the framework outlined by EDC. In order to help regionalize these Inclusive Growth goals, the County has created the Office of Economic Prosperity and Community Development that will prioritize significant investments in our communities as well as uplift our local businesses,” said Vice Chair Nora Vargas, San Diego County Board of Supervisors. “Our inclusive work is centered on achieving an equitable economic recovery that ensures prosperity for all San Diegans.”

“Employing more than 1,200 San Diegans, we understand the criticality of large employers fostering a robust talent pipeline who can afford to live and thrive here,” said Jennie Brooks, Senior Vice President at Booz Allen Hamilton and EDC Vice Chair. “We are committed to advancing these goals by mentoring the next generation of women leaders through partnerships with local organizations like Girl Scouts San Diego; creating opportunities through our Mil/Tech Workforce Initiative to help military veterans build on their experiences and upskill into quality tech careers; and providing the flexibility that employees need in today’s dynamic work-life environment.”

The pandemic’s impact to progress: Jobs, talent, households

In its new analysis, available at progress.inclusivesd.org, EDC quantifies the COVID-19 pandemic’s devastating impact on the regional economy and reports progress toward the 2030 goals. Takeaways include:

  1. QUALITY JOBS:
    While the region saw an overall increase in the number of quality jobs* since 2017, the disparity between quality jobs in small and large firms grew. The jobs losses of 2020 were principally concentrated in lower paying jobs at small businesses, especially those held by people of color. Meanwhile, larger firms added quality jobs in haste. In order to compete on talent, small businesses need new, reliable customers. San Diego’s large buyers can support quality job growth and ensure supply chain resilience by spending more with small, local businesses.
  1. SKILLED TALENT:
    Since 2016, all job growth has been in positions that require some form of degree or credential acquired through post-secondary education (PSE). Looking forward, it is projected that 84 percent of new jobs created between now and 2030 will also require PSE. Hispanics represent one-third of San Diego’s total population but only 15 percent of degree holders. Further, nearly half of middle school students are Hispanic but are statistically the least prepared for the jobs of the future. To address employers’ hiring challenges long-term, the region must invest in college readiness for more San Diego students.
  1. THRIVING HOUSEHOLDS:
    Rapidly rising home prices—up more than 30 percent in the last two years alone—coupled with jobs losses have resulted in almost 11,000 fewer thriving households** in 2020 than in 2017. Further, the region lost 3,200 licensed childcare facilities due to business closures amid the pandemic. Rising costs and access to childcare, transportation, and broadband—disproportionately felt by people of color—will leave businesses unable to retain or recruit talent from outside of the region.

While the innovation cluster has more than rebounded from the pandemic, the talent challenges employers face will only worsen and threaten their growth across San Diego. A concerted commitment to Inclusive Growth must be made; the region’s competitiveness depends on it.

The initiative is sponsored by Bank of America, HomeFed Corporation, San Diego Gas & Electric, Southwest Airlines, The San Diego Foundation, University of San Diego School of Business, City of San Diego, and County of San Diego.

Read the full report at progress.inclusiveSD.org.

join the movement

*Quality job = $44K wages + healthcare benefits.

**Thriving household = total income covers cost of living for renter- or owner-occupied households, at $79.6K and $122K respectively.

San Diego’s Good News of the Week – April 8, 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 8, 2022, here’s what we’re reading:

…and here are some events and opportunities to consider:

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.

Monthly Report – April 2022

By Kaylee Hudson,

A note on progress from OUR Senior Director

In 2018, EDC and a steering committee of the region’s largest employers determined that for our region to continue to grow and remain competitive, by 2030, San Diego will need:

  • 50,000 quality jobs in small businesses,
  • 20,000 skilled workers per year, and
  • 75,000 newly thriving households.

However, to do so, inclusion needs to be our focus. To achieve these goals, we must invest in and support the segments of our community that have been historically and systemically excluded from growth and prosperity—not simply because it’s the right thing to do, but because it’s an economic imperative.

Read EDUARDO’s full update

By the numbers

  • 40 regional leaders convened for EDC retreat
  • 4% unemployment rate in San Diego County
  • 16.5K San Diego payroll positions added in Jan, Feb
  • 20% increase in pre-pandemic employment in Scientific R&D

Featured stories

New and renewing investors

  • Breakthrough Properties
  • Bridgewest Group
  • CBRE
  • Cisterra Development
  • City of San Marcos
  • Colliers International
  • Cushman & Wakefield
  • Jacobs Center for Neighborhood Innovation
  • JPMorgan Chase & Co.
  • Kaiser Permanente
  • LBA Realty
  • MAAC
  • Marsh Mclennan
  • National CORE
  • Rady Children’s Hospital San Diego
  • ResCare
  • San Diego International Airport
  • Scripps
  • Soral Turbines

See our current Monthly Report

San Diego’s Good News of the Week – April 1, 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 1, 2022, here’s what we’re reading:

…and here are some events and opportunities to consider:

Investor Spotlight: Bristol Myers Squibb

We sat down with Neil Bence, EDC investor Bristol Myers Squibb’s vice president of oncology discovery and San Diego site head, to discuss its mission to discover, develop, and deliver innovative medicines that help patients prevail over serious diseases.

Read More

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.

Investor Spotlight: Bristol Myers Squibb

By Candela Delucchi,

As a nonprofit, San Diego Regional EDC is supported by investment from nearly 200 private organizations, companies, and public agencies. With their support, EDC provides direct services to help companies grow and thrive in San Diego, and leads initiatives to enhance the region’s recovery and resilience.

We sat down with Neil Bence, vice president of oncology discovery and San Diego site head at Bristol Myers Squibb, to discuss the company’s mission to combat serious diseases with life-changing medicines. Check out its Investor Spotlight below!

Tell us about Bristol Myers Squibb and its mission.

Bristol Myers Squibb (BMS) is a global biopharmaceutical company whose mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases.

Protein degradation is a core strength for BMS R&D, and we are building on our legacy and scientific expertise to discover and develop therapeutic approaches in blood cancers, solid tumors, and other important therapeutic areas. Protein degradation is the process by which proteins are destroyed in a cell; with targeted protein degradation, our researchers are harnessing the cell’s own machinery to degrade several whole new classes of proteins that were previously considered “undruggable.”

Why San Diego?

San Diego is an important hub for innovation and we are committed to our presence and leadership in the vibrant life sciences ecosystem. Our location in San Diego allows our scientists to leverage state-of-the-art technologies to profile diseases and activate biopharma and academic partnerships earlier in discovery and development.

Recently, BMS announced the execution of a long-term lease for the development of a new R&D facility—an iconic 427,000 square foot world-class building at Alexandria Point. Bringing our four sites together into a single building will accelerate collaboration across all research groups and drive BMS’ commitment to bringing critical medicines to patients living with serious illnesses.

We wanted to pursue a San Diego site footprint that encourages collaboration and cultural integration, enables organic growth, and promotes agility to pursue new scientific opportunities. Our extensive San Diego R&D campus houses several distinct industry capabilities, including our Oncogenesis Thematic Research Center, Discovery Biotherapeutics, Medicinal Chemistry, and Nonclinical Research and Development teams.

In San Diego, BMS scientists are focused on the exploration of novel biology and target concepts such as protein degradation and complex biologics. This research is to better understand the complexities of cancer, autoimmune, and neurodegenerative diseases in order to advance the next generation of therapies to help treat these diseases which currently have high unmet needs.

How is BMS improving access to quality care of medically under-resourced patients in San Diego?

BMS is united by a critical mission: Transforming patients’ lives through science. As an inclusive, patient-centered, global biopharmaceutical company, we are committed to doing our part to help advance health equity and deliver innovative medicines that improve the health outcomes of medically underserved and increasingly diverse patient populations. We have been on a health equity journey for many years—continuously building on and expanding our tools to meaningfully tackle health inequities in the U.S. and worldwide.

In August 2020, we announced our $150 million investment over five years to address health disparities, increase clinical trial diversity, expand supplier diversity, increase workforce representation, and enhance employee giving in support of social justice organizations. We remain deeply committed to doing our part to help transform patients’ lives around the world.

BMS recently announced nearly $8 million in new health equity grants to 24 U.S. nonprofits focused on improving access to quality care for medically underserved communities, including the American Lung Association and Dia De La Mujer Latina which have a presence in San Diego, that work with community health workers and patient navigators to increase access among medically underserved patients and communities. The grants are intended to bolster community outreach and engagement, increase care coordination services and to ensure an ethnically diverse, culturally competent community health worker and patient navigator workforce. Grant recipients span across BMS’ therapeutic areas of focus—oncology, cardiology, immunology, and hematology—as well as health equity programs that serve a range of medically underserved patient populations, including Black and African American, Latino and Hispanic, AAPI, LGBTQIA+, and rural communities.

Tell us about BMS’ collaboration and partnership with San Diego Regional EDC.

Bristol Myers Squibb shares San Diego Regional EDC’s mission to invest in local life sciences organizations for the economic prosperity of the region. BMS appreciates the support and partnership of EDC to keep the organization and talent apprised of key economic developments in the region that allow BMS to remain an employer of choice. The team at EDC is collaborative and responsive to our evolving needs.

Looking ahead, what is on the horizon for BMS?

We’re looking forward to bringing together our four current San Diego sites into a single, newly constructed facility. Our vision is to continue to be a major research hub with incredible opportunities for scientific discovery throughout and following this transition.

Overall, it is an exciting time to be at BMS. In the year ahead, we are excited about the growth opportunities in our in-line brands and new product portfolio as well as our powerful innovation engine driving a broad early-stage pipeline. With more than 50 assets in our early-stage pipeline and the opportunity for more than 20 proof of concept decisions over the next three years, BMS is advancing one of the most exciting pipelines in the industry, amplified by our strong external partnerships.

Learn more: bms.com

Twitter: @bmsnews

Read more about EDC’s investors in our investor spotlight blog series. Or, join Bristol Myers Squibb by becoming a member of EDC.

Interested in publishing an investor spotlight? Contact our team:

Contact SDREDC
To learn more, please contact us.

San Diego’s Data Bites: March 2022

By Jesse Nasland,

Presented by Meyers Nave, this edition of San Diego’s Data Bites covers January and February 2022, as well as an additional update on annual benchmark revisions, with data on employment and more insights about the region’s economy at this moment in time. Check out EDC’s Research Bureau for even more data and stats about San Diego.

KEY TAKEAWAYS

  1. San Diego’s unemployment rate dropped by 0.7 percentage points–from a revised 4.7 percent in January to 4 percent in February–with nonfarm employment increasing by 16,500 payroll positions.
  1. Employers in the region added more than 104,000 payroll positions since February 2021–with Service Providing industries accounting for 102,600 of the added jobs–lowering the unemployment rate by 3.7 percentage points.
  1. Annual benchmark revisions to employment data show that the region’s economy was recovering more rapidly than initially believed. Specifically, revisions to nonfarm employment for December 2021 improved the jobs count by more than 40,000 workers.

Service Providing industries lead month-ago and year-ago changes

February’s jobs report painted a positive picture for the San Diego regional economy. With respect to changes from January to February, nonfarm employment increased by 16,500, driving the unemployment rate lower to 4 percent from a revised 4.7 percent in January. Service Providing industries led the pack in employment gains, as Professional and Business Services added 6,100 jobs, Educational and Health Services added 4,800 jobs, and Leisure and Hospitality added 4,200 jobs. Trade, Transportation, and Utilities dropped 2,700 jobs, however, with employers in Retail Trade shedding 2,300 payroll positions. Manufacturing industries also had a down month, with losses of 1,000 jobs in Durable Goods production.

Service Providing industries were also the leaders in year-ago employment gains from February 2021, adding more than 104,000 jobs to the region. The slow and steady employment gains over the last year have resulted in the unemployment rate dropping by almost four percentage points from a revised 7.9 percent in February 2021 to 4 percent in February 2022. Within the Service Providing sector, Leisure and Hospitality added 52,700 positions, which is a good sign of recovery as these companies were the hardest hit during the pandemic. Employers in Professional and Business services also added 21,100 payroll positions, 9,300 of which were in Professional, Scientific, and Technical Services. These gains were not felt across all industries, however, as Durable Goods manufacturing lost 1,900 jobs from February 2021.

February employment inches closer to pre-pandemic levels

Looking at changes from February 2020 to February 2022 shows that the region is getting ever closer to pre-pandemic levels, a good sign for the recovery of San Diego’s economy. Total nonfarm employment is only about 25,000 (1.64 percent) lower than before the pandemic. Over half of these missing jobs are in Leisure and Hospitality, as the industry shows 14,000 fewer jobs in February 2022 than the same month in 2020, a gap of around 7 percent. Durable goods manufacturing is also exhibiting signs of a slower recovery with 6,200 fewer payroll positions than before the pandemic, or about 7 percent lower.

Despite some industries still playing catch-up, many have surpassed pre-pandemic employment levels. Professional and Business Services employers have added 19,300 payroll positions since February 2020, an increase of 7.4 percent. Notably, Administrative and Support and Waste Services have added 11,000 jobs (up 12.4 percent) while Professional, Scientific, and Technical Services have increased employment by 8,900 (up 6.05 percent). Speaking to San Diego’s position as a leader in Innovation and Life Sciences, companies in Scientific Research and Development Services have added 7,300 jobs since the start of the pandemic, an increase of more than 20 percent. With a hiring frenzy in innovation-related industries in full force, it is imperative for our region’s competitiveness that we continue to bolster the supply of the skilled labor that San Diego companies demand.

This means building a strong local talent pipeline of home-grown talent. It also means addressing the region’s affordability crisis so that it remains attractive to both businesses and workers. More at inclusiveSD.org.

Annual revisions show employment was greater during 2021 than first believed

Every March, the California Employment Development Division works with the Bureau of Labor Statistics to revise employment data, a process called benchmarking. Depending on the year and the difficulties in gathering accurate employment data, these revisions might be significant. For reasons that should be unsurprising by now, 2021 was one such year.

What is striking about these revisions is the increasing underestimation of employment throughout 2021. Although January’s revised employment count was only about 500 greater than original estimates, the number had grown to 40,600 by December 2021. Put another way, original estimates were about 3 percent lower than the revised numbers. While this may seem like a trivial distinction, it does indicate that San Diego’s economic recovery was even stronger than originally believed. In fact, the industries that were most impacted by the pandemic reported some of largest upward revisions.

Leisure and Hospitality had 14,600 more jobs in December 2021 with the revised numbers (an upward revision of 8.7 percent), being driven by 8,500 jobs in Accommodation and Food Services (an upward revision of 5.8 percent). Revisions increased the employment count in Professional and Business Services by 12,100 (an upward revision of 4.5 percent), largely attributable to changes in Administrative and Support Services (an upward revision of 7,400, or 8.7 percent). All industries did not show an increase due to the annual revisions, however. Employment in Construction was lowered by 2,900 jobs (a downward revision of 3.4 percent) while the jobs count in Retail Trade was decreased by 2,100 jobs (a downward revision of 1.4 percent).

Interested in more? You may also like to read:

San Diego’s Good News of the Week – March 25, 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 March 25, 2022, here’s what we’re reading:

…and here are some events and opportunities to consider:

EDC’s Report to the Community

On April 8, EDC will unveil data on the region’s collective progress towards the 2030 Inclusive Growth goals and hear commitments from government, academia, and community leaders to increasing the number of quality jobs, skilled talent, and thriving households. Join us for breakfast and networking at the Jackie Robinson YMCA.

Get Your Ticket

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.