Monthly Report – July 2021

A note from Mark Cafferty

Over the last several months, our work at EDC has had to move and change in some significant ways to respond to the economic conditions around us. And while this is always a part of our work and planning, it is safe to say that 2020—and the early stages of 2021—challenged us greatly and taught us a lot about our work and our economy, as it did all of you.

Investors and community partners often ask me what a day or a week at EDC looks like—some are just curious what the actual work feels like on a day-to-day basis; others are interested in knowing what we are seeing and experiencing through the businesses we work with to better understand if their needs and priorities may signal bigger or broader economic trends, challenges, or opportunities for the region.

As always, we do all that we do with an eye on building a stronger, more inclusive economy, producing more skilled workers, creating more quality jobs within our small businesses, and establishing more thriving households and a better quality of life for businesses and residents in all corners of the San Diego region.

Read more from Mark.

By the Numbers

  • 6.4% San Diego County unemployment rate
  • 194 businesses assisted year-to-date
  • 8.9K jobs impacted year-to-date
  • $3.5B economic impact of region’s cybersecurity cluster

Featured Stories

Investor Recognition

  • CBRE
  • Charter Communications
  • City of Carlsbad
  • City of Escondido
  • Evans Hotels
  • Hines
  • HomeStreet Bank
  • Katz & Associates
  • Lowe Enterprises
  • Lytx
  • Newport National Corporation
  • Options for All
  • Padres Pedal the Cause
  • PCL Construction
  • Procopio
  • Qualcomm
  • San Diego Housing Commission
  • San Diego Padres Baseball Club
  • Steinberg Hart
  • Willis Allen Real Estate

See our August Monthly Report here.

San Diego’s Economic Snapshot: Q2 2021

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 Q2 2021 economic data:

Key Findings from Q2 2021:

  1. VENTURE CAPITAL: Investment into Technology companies more than quadrupled. More than $2.4 billion in venture capital went to San Diego Tech companies during Q2, a 433 percent increase from the previous quarter and the first time that Tech received more VC funding than Life Sciences since Q1 2019. Life Sciences funding fell from record levels, but still pulled in more than $1.9 billion during the quarter, more than doubling the amount received in the same quarter last year.
    *Correction: Dollar values for Venture Capital in the preceding paragraph include other sources of funding, such as IPOs, mergers, and Acquisitions.
  2. COMMERCIAL REAL ESTATE: Demand for office space jumps as State lifts lockdowns. Net absorption of office real estate was positive during the quarter, up more than 330,000 square feet, for the first time since Q4 2019 as San Diego businesses began transitioning back to the office. Additionally, Tech companies such as Apple and AppFolio are expanding their San Diego footprint, helping push office vacancy rates down and rent growth back up.
  3. EMPLOYMENT: Job growth returns amid continued battle for talent. San Diego’s Q2 employment reversed the past year’s downward trend as the vaccine rollout led to loosened restrictions on businesses and increased consumer confidence. Year-over-year total nonfarm employment increased by 17,700 in Q2, with Leisure and Hospitality leading the way. However, total employment remains about 100,000 jobs lower than pre-pandemic levels and some key industries, such as Healthcare, are in dire need of more workers.

Check out our most recent Economic Snapshot below

Go to snapshot

Export Finance: 3 things your business should know

In June 2021, World Trade Center San Diego (WTC) hosted a series of export finance workshops in partnership with California International Trade Center (CITC).

We joined experts from the United States Small Business Administration (SBA) and Banner Bank to discuss exporting resources, such as the Export Express Loan Program and Export Working Capital Program. We also joined experts from Export-Import Bank of the United States (EXIM Bank), GBC International Bank, and Provident Traders Inc., to discuss open account payment structures, adding value to capital equipment, and EXIM export loan guarantees.

Here are three things we learned at our export finance workshops:

1. Export financing is a key tool in international expansion.

Export financing and export credit insurance can be important tools in your arsenal. With it, you can find more attractive payment terms and mitigate risk. For instance, export credit insurance can allow your business to offer competitive credit terms to foreign buyers for up to 180 to 360 days. Plus, it can protect you against non-payments by foreign buyers due to commercial and political risks.

2. Certain programs might be better tailored to your business needs.

You might have heard about SBA’s Export Working Capital or Export Express Program. But what’s the difference? And which is better for your business?

Export Working Capital provides vital resources for exporters to fulfill new orders, such as loan advances up to $5 million. You can use these funds to purchase finished products, raw materials, and supplies, or cover labor and overhead costs.

Export Express Program allows small businesses to borrow up to $500,000 from a local partnering bank. It is the simplest export loan program offered by the SBA, and offers flexibility and ease of use for borrowers and lenders.

3. A range of partners are here to help you. 

SBA is an independent agency of the federal government dedicated to providing aid, counseling, and assistance to small businesses in order to preserve free competitive enterprise and strengthen the overall economy. Companies receiving SBA services must meet the SBA small business definition.

EXIM Bank is the official export credit agency of the United States. When private-sector lenders are unable or unwilling to provide financing, EXIM fills the gap by equipping small businesses with financing tools needed to compete in the global economy.

Finally, you can find a wide variety of lenders willing to assist. Lenders can be traditional banks or Community Development Financial Institutions (CDFI), such as Lendistry or CDC Small Business Finance.

Interested in learning more about export financing through a lender’s perspective? To learn more about export financing and the application process, tune in to these on-demand webinars:

On Demand – SBA Export Finance Tools for Global Expansion

On Demand EXIM Bank – Products to Increase and Finance Your Export Sales

ABOUT WORLD TRADE CENTER SAN DIEGO

World Trade Center San Diego operates as an affiliate of the San Diego Regional Economic Development Corporation. WTC San Diego works to further San Diego’s global competitiveness by building an export pipeline, attracting and retaining foreign investment, and increasing San Diego’s global profile abroad.

Do you want to know more about the work of World Trade Center San Diego? Click here to receive our monthly Global Brief Newsletter, delivered straight to your inbox.

San Diego’s Good News of the Week – June 25, 2021

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 June 25, 2021, here’s what we’re reading:

…and here are the events we’re attending:

We’re Hiring!

  • Economic Development Coordinator
    EDC is hiring an Economic Development Coordinator to support its economic development priorities, with a focus on workforce development and Advancing San Diego. This person will provide program and project, marketing and communications, and general administrative support.
  • Economic Development Manager—Life Sciences
    EDC is hiring an Economic Development Manager (Life Sciences) to lead a strategic economic development framework to enable business attraction, retention, and expansion in San Diego’s competitive life sciences industry. This person will provide company support and industry engagement, as well as have a minimum of five years experience in business, real estate, planning, life sciences facilities, or related field.

Apply Now, or help us spread the word!


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.

Meet the companies: Advancing San Diego, Manufacturing interns

Through our Advancing San Diego initiative, EDC provides San Diego-based businesses with paid interns in high-demand fields. 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. Through the COVID-19 pandemic, these challenges were especially salient.

With the help of our staffing partner Manpower, between 2020 and 2021, EDC has provided 53 San Diego companies and non-profits with interns in the fields of software, engineering, and business.

Now, we’re excited to announce 14 more companies who have been selected to host Manufacturing interns in engineering technician and machinist roles this Summer. Interns are sourced from programs designated as Preferred Providers of Manufacturing Talent, with internships running from July to November 2021.

Please join us in welcoming our next cohort of Advancing San Diego intern hosts:

  1. American Lithium Energy is a company developing and manufacturing high performance, next generation lithium ion (Li-ion) batteries.
  2. Artience Lighting is an architectural lighting design and manufacturing company that brings beauty to spaces through tunable white technology as well as UVC disinfection technology.
  3. Bitchin’ Sauce is a family-owned and operated company that manufactures an almond-based dip.
  4. Diakont  Advanced Technologies is a leader in providing specialized services and solutions for the energy industry, primarily in the oil and natural gas, and nuclear industries.
  5. Discflo Corporation Inc. is a global pump manufacturer that sells industrial pumps into the “hard to pump market.”
  6. Drewfab is a family-owned machine shop that services several industries including the power generation, marine, automotive, and racing. The company does engineering, machining, fabrication, and 3D printing.
  7. Fuse Integration is a veteran-owned business that has earned recognition as an emerging leader in airborne, maritime, and ground networking. The company was founded with the noble cause of bringing the benefits of commercial human-centered design processes to first responder and military systems engineering.
  8. Left Coast Engineering offers full-service, electronic product design resources and specializes in custom electronic product design and rapid prototyping in the R&D space.
  9. Microtek is a bioengineering company that specializes in design, development, and fabrication of miniaturized devices, which are often medical in nature.
  10. Smartville Inc. is a rapid-growing renewable energy company that specializes in electric vehicle battery repurposing and lifecycle management.
  11. SurfDurt manufactures a natural, reef-safe sunscreen.
  12. Survival Systems International is a company in the safety lifeboat industry and holds 30 years of experience as a supplier of ballistic foam, fuel cell foam, and aerospace assemblies to the aviation community.
  13. The Broken Token designs and manufactures storage and organization solutions, component upgrades and accessories for the tabletop board gaming industry.
  14. Watershed Idea Foundry, Inc. is an additive manufacturing company specializing in the 3D printing of titanium medical devices

Hosting interns is an investment in the next generation of talent in San Diego. Through the Advancing San Diego internship program, local students gain valuable work experience while supporting our local small businesses. Students are paid $22 an hour and receive access to $500 in flexible funds to support their success in the workplace.

Introducing the Advancing San Diego Host Company Map

All small companies that have hosted interns through Advancing San Diego can be found on this interactive map!

Adaptive Launch Solutions

Aeromutable Corporation

ALD Technical Solutions LLC

American Lithium Energy

AndAlways

Artience Lighting

BeanStock Ventures

Benchmark Labs

Bitchin’ Sauce, LLC

BLKBOX Music

Boys & Girls Club of San Marcos

Chicano Federation of San Diego County

Clear Blue Sea

Deckard Technologies

Diakont Advanced Technologies

Discflo Corporation Inc.

DREWFAB

Ectron Corporation

Educational Vision Technologies

Eton Bioscience, Inc

EUCO – Electric Unicycle Collective

Family Proud, Inc.

Fenix Space, Inc.

Fuse Integration

GigaIO Networks

Impact Resources, Inc

Intellecy Inc.

KIGT Inc.

Lazy Surfer

Learn Academy

Left Coast Engineering

MedCrypt

MemComputing, Inc.

Memjet US Services, Inc.

Meri Consulting Services

Microtek

Misadventure & Co.

Nanome

ObjectSecurity LLC

Omni2Max, Inc.

Paragrine Systems

Perspectium Corp.

Programination

Qualer

Rady Children’s Institute for Genomic Medicine

Reveal Biosciences

reVessel

San Diego Loyal Soccer Club

SeodaPop

Smartville Inc.

SurfDurt

Survival Systems International

Tag-N-Trac

The Broken Token

The Commons XR

Tourmaline Wireless, LLC

Trabus Technologies

Traits AI, Inc.

Voltera

Watershed Idea Foundry, Inc.

Welfie

WithHealth, Inc.

ZUM Radio, Inc

  • Adaptive Launch Solutions
  • Aeromutable Corporation
  • ALD Technical Solutions LLC
  • American Lithium Energy
  • AndAlways
  • Artience Lighting
  • BeanStock Ventures
  • Benchmark Labs
  • Bitchin’ Sauce, LLC
  • BLKBOX Music
  • Boys & Girls Club of San Marcos
  • Chicano Federation of San Diego County
  • Clear Blue Sea
  • Deckard Technologies
  • Diakont Advanced Technologies
  • Discflo Corporation Inc.
  • DREWFAB
  • Ectron Corporation
  • Educational Vision Technologies
  • Eton Bioscience, Inc
  • EUCO – Electric Unicycle Collective
  • Family Proud, Inc.
  • Fenix Space, Inc.
  • Fuse Integration
  • GigaIO Networks
  • Impact Resources, Inc
  • Intellecy Inc.
  • KIGT Inc.
  • Lazy Surfer
  • Learn Academy
  • Left Coast Engineering
  • MedCrypt
  • MemComputing, Inc.
  • Memjet US Services, Inc.
  • Meri Consulting Services
  • Microtek
  • Misadventure & Co.
  • Nanome
  • ObjectSecurity LLC
  • Omni2Max, Inc.
  • Paragrine Systems
  • Perspectium Corp.
  • Programination
  • Qualer
  • Rady Children’s Institute for Genomic Medicine
  • Reveal Biosciences
  • reVessel
  • San Diego Loyal Soccer Club
  • SeodaPop
  • Smartville Inc.
  • SurfDurt
  • Survival Systems International
  • Tag-N-Trac
  • The Broken Token
  • The Commons XR
  • Tourmaline Wireless, LLC
  • Trabus Technologies
  • Traits AI, Inc.
  • Voltera
  • Watershed Idea Foundry, Inc.
  • Welfie
  • WithHealth, Inc.
  • ZUM Radio, Inc

For our next round of internships, we will be recruiting small healthcare companies interested in hosting students from medical assistant programs. Applications to host interns in these fields will open in Fall 2021.

If your company is interested in hosting students in the next round, sign up here receive program announcements.

 

Study release: AI and San Diego’s Cyber Cluster

EDC study quantifies the impact of AI in region’s Cybersecurity cluster

Today, alongside Cyber Center of Excellence (CCOE) and Booz Allen Hamilton, EDC released the second study in a series on the proliferation of Artificial Intelligence (AI) and Machine Learning (ML) within San Diego County’s key economic clusters. “Securing the Future: AI and San Diego’s Cyber Cluster” quantifies the economic impact of the region’s Cybersecurity cluster and explores the proliferation of AI and ML technologies being used to thwart cybercrimes, among other critical needs by the private-sector and government.

While the term “Cyber” has become household nomenclature only in the past decade or so, the industry dates back 50 years. As cyberattacks and ransomware threats on local mega-brands fill our headlines, and our digital and non-digital worlds further integrate, the importance of and need for Cybersecurity cannot be overstated.

Underwritten by Booz Allen Hamilton, the web-based study—cyber.sandiegoAI.org—includes a timeline on the history of Cybersecurity, a roster of recent Defense-Cyber contracts and subsequent job growth, details on the $3.5 billion economic impact of the Cyber cluster, and a set of recommendations for driving the use of AI and ML across the region.

“This series serves to spotlight the importance of AI-ML application within the region’s key industries—which contrary to popular belief—is helping drive productivity, job growth, innovation, and security here and around the globe. While there is work to be done in getting more San Diegans plugged into Cyber and related jobs, the industry has proven to be an engine of growth, even despite disruptions brought on by COVID-19,” said Nate Kelley, Senior Research Manager, San Diego Regional EDC.

Key findings

  • The region’s Cyber companies are significantly more engaged with AI and ML technologies than firms in other industries. Cyber firms are developing AI at a rate 2.5 to three times the regional average. Moreover, half of all Cyber companies implemented AI at least three years ago compared with 43 percent across all industries.
  • AI has generated unparalleled productivity gains. Productivity in the Cyber cluster has grown 7.5 percent since 2018, nearly triple the average for all San Diego industries, thanks to the development and adoption of AI.
  • AI is producing jobs, not eliminating them. Some 61 percent of Cyber businesses plan to hire workers—including AI specialists—in the next year. Moreover, AI has helped the industry to sidestep chronic labor shortages by automating tedious, repeatable tasks and allowing current workers to do more with their time.
  • Talent shortages abound. Despite industry employment growing by 7.4 percent since 2018, 80 to 90 percent of local Cyber companies cited difficulty sourcing qualified workers. The region’s colleges and universities are expanding their course offerings to bridge these gaps, but more must be done to better draw students to these programs.
  • Home to the largest concentration of military assets in the world, San Diego—and its Cyber firms—are positioned for growth. Nearly three in five local Cyber firms work directly or indirectly for the federal government, including the Department of Defense, and 32 percent focus exclusively on fulfilling federal contracts. Defense contracts are typically big, multiyear investments that provide stability to San Diego’s Cyber industry.

“It should come as no surprise that San Diego is at the heart of transforming the defense industrial base leveraging today’s latest technology, while working to mitigate the risks inherent to increased connectivity and data-centric decision making,” said Jennie Brooks, Senior Vice President at Booz Allen Hamilton—underwriter of the EDC study series—and leader of the firm’s San Diego office, which employs over 1,200 professionals working on cybersecurity, analytics, engineering and IT modernization. “It’s clear that 5G, AI, ML, and cyber warfare will define our future battlefields, digital, and physical—and while we are encouraged by the report findings, we must all be ready to meet this new mission by fostering Cyber-ready tech talent, investing in up-skilling and reskilling programs, implementing rigorous cyber hygiene practices from the board level down, and coming together as a regional cluster to define how these new technologies will further—and safely—shape the San Diego region in the coming years.”

Cyber is an important and rapidly growing piece of the San Diego regional economy. Notably, every Cyber job generates another job in other industries in the region. The cluster accounts for 24,349 San Diego jobs across 874 firms, and has a total economic impact of $3.5 billion annually. This is about the equivalent of nine Super Bowls or 23 Comic-Cons.

“San Diego’s premier educational institutions, diverse industry base and robust federal assets seed not only the Cyber workforce but the innovation needed to protect our nation,” said Lisa Easterly, President & CEO, CCOE.

The study series is underwritten by Booz Allen Hamilton and produced by San Diego Regional EDC. The report was unveiled at a virtual, community event (video recording below) sponsored by CCOE and Thermo Fisher Scientific, with representatives from Booz Allen Hamilton, ESET, Analytics Ventures, Cal State San Marcos, and Naval Information Warfare Center Pacific, among others.

Read the full study at cyber.sandiegoAI.org

 

Securing the Future AI and San Diego’s Cyber Cluster Event Recording.mp4 from San Diego Regional EDC on Vimeo.

A note from Mark…

As I write this, it is hard for me to believe that we are over halfway through June and summer is just around the corner.

Despite the State of California “reopening” last week, I think I have accepted the fact that things will not truly be back to normal for a very long time; yet at the same time, we see signs all around us that the way of life we all knew before the pandemic is starting to resume. In the months ahead, Team EDC will begin returning to the office much more regularly. We are starting to attend more and more in-person meetings, although the outdoor variety remains the standard. We have even put a date on the calendar for our 2022 Annual Dinner—hopeful that the year ahead continues to bring us all closer to where we once were.

While numerous things have changed about our work at EDC, the goals that we set for 2030 remain unwavering. The need to develop more quality jobs within our small businesses, more skilled workers, and more thriving households across San Diego has only become more prominent. Now more than ever, these goals must be our guideposts in re-establishing San Diego’s economic resiliency, growth, and well-being.

Committed to getting this recovery right, we have recently teamed up with local tech startup GoSite to offer up to 100 small businesses with the digital tools needed to weather future economic shocks—at no cost to them.

We know the pandemic spurred the closure of nearly 40 percent of San Diego’s small businesses—which can largely be attributed to businesses’ inability to quickly pivot online, depriving them of access to customers and key markets. We also know those hardest hit by the pandemic have been communities of color who are being left further behind. The San Diego Business Hub is one step toward ensuring San Diego businesses most impacted* by COVID-19 have the tools necessary to recover, grow, and thrive.

We feel certain that if we can support 100 more small businesses in developing the online presence they need for resiliency and growth, it will support our broader effort of increasing the number of quality jobs and thriving households within the region. And everything we do in the months ahead must ensure we are continuously taking steps in this direction. Learn more about the program at SDbizhub.com, made possible by grants from The San Diego Foundation and Union Bank.

With respect and gratitude,
Mark Cafferty

Mark Cafferty
Mark Cafferty

President & CEO

*Priority applicants include women, minorities, veterans, and other economically under-resourced groups.

San Diego’s Good News of the Week – June 18, 2021

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 June 18, 2021, here’s what we’re reading:

…and here are the events we’re attending:

San Diego’s Data Bites: June 2021

Presented by Meyers Nave, this edition of San Diego’s Data Bites covers May 2021, with data on employment, housing, and more insights about the region’s economy. Key takeaways include a falling unemployment rate and mellowing housing prices.

Dig In

Survey: San Diego’s Changing Business Landscape

To identify evolving trends in local business needs and operations, ensuring their ability to grow and thrive in the region, EDC is surveying more than 200 companies in the region’s key industries on a rolling basis throughout 2021 to monitor and report shifts in their priorities and strategies. Insights will be shared bi-monthly in our Changing Business Landscape Series here.

Take the Survey


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.

San Diego’s Data Bites: June 2021

Presented by Meyers Nave, this edition of San Diego’s Data Bites covers May 2021, with data on employment, housing, 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 establishments added just 2,000 net new payroll positions in May. Gains in Leisure and Hospitality were largely offset by losses in Construction and Professional and Business Services.
  1. The unemployment rate fell to 6.4 percent from April’s 6.7 percent even as several thousand people joined or rejoined the labor force.
  1. The sharp rise in home values appears to be over, but housing affordability is still well below pre-pandemic levels.

Industry view

Job gains were inconsistent across industries. Out of the 16 supersectors tracked by the California Employment Development Department (EDD), six sectors showed job growth, three sectors showed no change, and seven sectors showed job losses. Leisure and Hospitality led these sectors with 3,900 jobs added in May—3,100 of which were in the Accommodation and Food Services subsector—tacking on to the 7,000 jobs added in April. These gains were followed by increases in Government positions (1,200 jobs), Healthcare and Social Assistance (1,000 jobs), and Transportation and Warehousing (800 jobs).

Job losses in several industries countered some of the growth in May’s employment. Professional and Business services backtracked in May with a decrease of 2,500 jobs—2,100 of which were in the Administrative and Support Services subsector. Construction also reversed some of the headway made in April with a loss of 1,200 jobs in May.

While May’s employment report may have underwhelmed, year-over-year (YoY) growth continues to show just how far San Diego’s regional economy has come since the pandemic eliminated more than 200,000 jobs in the region. Employment in Clothing and Clothing Accessories Stores has increased 136.7 percent since May of last year, followed by growth of 44.3 percent in Leisure and Hospitality. See below for month-over-month and year-over-year change by industry.

San Diego’s housing market comes back to earth, but remains largely unaffordable

Despite the unprecedented disruption to the regional labor market from COVID-19, house prices climbed at an accelerated rate. The average listing price for a home in San Diego climbed 38 percent from February 2020 to February 2021. Home values have fallen off those recent highs, but the fact remains that the average price of a home in May was still some 22 percent higher than it was in February 2020.

Fortunately, it looks like affordability (measured as the ratio of total income to average monthly mortgage payment) may be improving. After 13 months of deterioration, the aggregate affordability of a home in San Diego was up 14.3 percent in May from March 2021. Several factors are at play. First, wage income has increased as job gains have continued. Second, the rise in mortgage rates of 25 to 30 basis points has pushed home prices down to help lower average monthly mortgage payments by 12.1 percent. This is because lower mortgage rates are an important factor driving price gains for real estate in San Diego County. Mortgage rates account for 70 percent of house price changes locally, almost double the national average of 35 to 40 percent. This makes sense, considering that San Diego real estate isn’t cheap, and homebuyers have likely been trying to maximize the amount of house they can buy given their budget.

The progress on affordability is encouraging, but more work needs to be done. San Diego County’s housing market has been chronically undersupplied for more than a decade, putting upward pressure on prices. This has accelerated churn in the local population, where lower-income households are being priced out to other parts of the state or elsewhere across the U.S., but new residents are showing up with high-paying jobs in hand who can continue to drive real estate values higher. If it continues, this trend may only serve to exacerbate San Diego’s affordability problem and could limit homeownership to an even smaller proportion of the population. Ensuring San Diego remains affordable and attractive to business and people is critical to its economic recovery and future competitiveness.

You may also like to read:

Good News of the Week – June 11, 2021

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 June 11, 2021, here’s what we’re reading:

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

EDC’s Monthly Report: June 2021

With and through nearly 200 investors, EDC works to maximize San Diego’s prosperity. From connecting companies to tax credits to taking small businesses online, here’s what EDC did in May 2021.

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.