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. GNOTW is sponsored by Manpower San Diego.
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For the week of December 8, 2023, here’s what we’re reading:
General Atomics (GA) has long been an EDC investor and global leader in nuclear fusion energy and defense research and development. Driving the world’s clean energy future, GA operates the DIII-D National Fusion Facility in San Diego on behalf of the Department of Energy. In early 2023, GA hosted Mayor Todd Gloria at its Sorrento Valley campus as part of a series of tours of the region’s leading innovators.
In WTCSD’s 2023 Annual Report, see how we helped San Diego companies participate in a globally connected economy to create quality local jobs, and make the San Diego region more prosperous, competitive and resilient.
WTCSD’S CORE PILLARS
Exports: Supporting exporters creates quality jobs and builds resiliency in small businesses. WTCSD grows regional exports by facilitating sustainable connections to customers and markets for local firms.
Investment: Foreign investment strengthens competitive industry clusters and enables the expansion of local companies. WTCSD assists investing companies and supports international air service expansion.
Global Identity: A strong global reputation for innovation makes the region more competitive and connected. WTCSD communicates the impact of global trends on the regional economy and stewards relationships with the markets that matter most for growth.
EXPORTS
Priority: As the region’s Export Specialty Small Business Development Center (SBDC), WTCSD cultivates a pipeline of export-ready firms, and supports these companies in their efforts to grow in international markets.
WTCSD was honored with the President’s “E” Award for Export Service, the highest recognition a U.S. entity can receive for making a significant contribution to the expansion of U.S. exports.
WTCSD concluded its MetroConnect cohort, helping 15 San Diego companies in tech, life sciences, and consumer goods generate more than $3.1 million in new export sales—a 60 percent increase from the start of the program—and awarding Access Trax the $25,000 Grand Prize.
Priority: Maximize foreign investment opportunities for the region by building and institutionalizing linkages with strategic markets abroad, as well as better leveraging local companies, partners, and assets.
Following WTCSD’s 2022 Netherlands trade mission, Dutch applied research organization TNO revolutionizing urban development strategy established its first North American office in San Diego.
WTCSD refreshed its primary print collateral for foreign investment attraction. The new brochure tracks San Diego’s key industries, FDI data, notable exports, and a regional summary; and soon, top metrics will appear as a digital dashboard on WTCSD’s website. The brochure was printed in English and Korean ahead of WTCSD’s Korea trade mission, and included a Korea-San Diego economic comparison.
GLOBAL IDENTITY
Priority:Enhance the San Diego region’s reputation and visibility to underpin investment retention and attraction efforts, as well as global connectivity goals.
Mayor Todd Gloria, SANDAG and County Board of Supervisors Chairwoman Nora Vargas, and WTCSD led 2023’s trade mission to South Korea. The binational delegation of 30 civic, academic, and corporate leaders promoted San Diego’s key industries, established and strengthened public-private partnerships, and explored best practices in technology, life sciences, and clean energy innovation.
In honor of World Trade Month, WTCSD hosted its first World Trade Week San Diego. More than 200 international business professionals, consulates, and service providers from across Southern California attended the expo and MetroConnect VI Grand Prize PitchFest.
As a nonprofit, San Diego Regional EDC is supported by investment from nearly 150 private organizations, companies, and public agencies like General Atomics. With this support, EDC provides direct services to help companies grow and thrive in San Diego by leading initiatives to enhance the region’s growth and prosperity.
General Atomics has long been an EDC investor and global leader in energy and defense research and development. In early 2023, Mayor Todd Gloria visited the DIII-D National Fusion Facility at GA’s Torrey Pines campus as part of a series of tours of the region’s leading defense innovators.
Hear about General Atomics’ leadership in the world’s clean energy future and how the company is investing in San Diego.
Tell us about General Atomics and its mission.
Headquartered in San Diego, General Atomics (GA) specializes in diversified research and development for energy, defense, and aircraft. As the world’s largest private participant in fusion energy research, GA aims to provide sustainable, reliable carbon-free energy for future generations through commercialized fusion power plants. Cracking the code on fusion would mean no harmful emissions, no radioactive spent nuclear fuel waste, and no mining for fuel because fusion fuel is derived from seawater.
GA operates the DIII-D National Fusion Facility in San Diego on behalf of the Department of Energy (DOE) and has been the sole-source supplier of targets and target support services for the DOE National Nuclear Security Administration’s inertial confinement fusion program since 1991.
Why San Diego?
Founded in San Diego in 1955, GA has proudly called the region home for nearly 70 years. GA’s Torrey Pines campus was originally made possible by the City of San Diego, which arranged a public vote to approve the sale of what was then an empty cow pasture overlooking the Pacific Ocean. While the company now operates on five continents with more than 12,500 employees and more than 8.3 million square feet of engineering, laboratory, and manufacturing facilities worldwide, the majority of GA operations remain in San Diego County.
Over the years, GA has benefited enormously from San Diego’s quality of life, competitive innovation workforce, and partnerships with world-leading universities like UC San Diego and San Diego State University (SDSU). GA has hosted countless students for internships and postdoctoral fellowships, and generations of UC San Diego and SDSU researchers working alongside its scientists and engineers on a wide range of projects. Many of these students have gone on to become leading scientists in their field, some of whom now work full-time in San Diego at GA.
GA is also known for its support of San Diego’s small businesses, which make up 98 percent of the region’s firms. Now a cornerstone of San Diego’s innovation ecosystem, GA as a long-time federal contractor is committed to supporting San Diego’s small, women-, veteran-, and minority-owned businesses through its comprehensive DOE-recognized Small Business Program.
Please share more about GA’s collaboration and partnership with San Diego Regional EDC.
GA has been an EDC investor for more than 30 years. Vice Chairman Linden Blue has served as a director and in EDC leadership roles over the years. As GA facilities have expanded, EDC has provided permitting support as well as helping elected leaders understand the company’s economic impact on the region. In recent months, GA has worked the team to arrange behind-the-scenes tours for Mayor Todd Gloria and local business leaders sharing our exciting fission and fusion facilities with community partners.
Looking ahead, what is on the horizon for GA?
Among other initiatives, GA is drawing from its decades of experience in fusion to develop a new concept for a Fusion Pilot Plant that will deliver clean, safe, and economically viable fusion-powered electricity. The facility will utilize GA’s proprietary Fusion Synthesis Engine to enable engineers, physicists, and operators to optimize the plant for maximum efficiency, and has developed a concept for tritium, a fusion fuel, to make the fuel cycle self-sufficient. As part of this project, GA is joining with leading institutions around the world, including France-based ITER Organization, to pursue the most rapid, economically practical path to fusion energy.
The great thing about clean energy is that anyone with a passion for it can find their calling in the space. In addition to the scientists and engineers who create clean technology, San Diego’s GA team needs the same talented business, operations, and marketing professionals that any other company needs to operate successfully. For GA, a clean energy future means access to high quality jobs for all San Diegans.
Read more about EDC’s investors in our investor spotlight blog series and join GA and 150+ investors committed to supporting the region’s inclusive economic development by becoming a member of EDC.
Interested in publishing an investor spotlight? Contact our team:
Mayor Todd Gloria leads trade mission to South Korea
To strengthen business relationships and grow quality jobs in San Diego, Mayor Todd Gloria, SANDAG and County Board of Supervisors Chairwoman Nora Vargas, and WTCSD led a binational trade mission to South Korea. With the U.S. government incentivizing the reshoring of supply chains and our regions’ complementary strengths in the life sciences, semiconductor, clean energy, and biotechnology sectors, South Korea is a critical global market and natural partner for San Diego companies expanding globally. ➝ Learn Why Korea
Reflections on our trade mission by Dr. Nikia Clarke
WTCSD’s 30 trade mission delegates showcased major regional development projects for foreign investors, toured Qualcomm and Illumina’s Korea offices, and explored opportunities to better connect our regions through travel and government partnerships while in South Korea. Most importantly, WTCSD’s Executive Director Dr. Nikia Clarke writes, “our binational region—with San Diego’s innovation ecosystem, Imperial Valley’s clean energy leadership, and Tijuana’s advanced manufacturing prowess—demonstrated its ability to compete like never before.” ➝Read the Recap
WTCSD in 2023: National recognition, export growth, and global connections
WTCSD cultivates a pipeline of export-ready firms, maximizes foreign direct investment opportunities, and enhances San Diego’s global identity. From winning the President’s “E” Award for growing regional exports through Export SBDC and MetroConnect to leading a Mayoral trade mission to South Korea, see how we supported 32 company projects with and through our partners in 2023. ➝Read our Annual Report
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. GNOTW is sponsored by Manpower San Diego.
Get Good News of the Week in your inbox every Friday.→ Sign up
For the week of December 1, 2023, here’s what we’re reading:
Jan. 19—San Diego Workforce Partnership, USD’s Knauss School of Business, San Diego Regional PIC, County of San Diego Economic Roundtable 2024
Opening soon: California Competes Tax Credit
Is your business looking to grow over the next five years or considering leaving the state? You may be eligible for up to $164 million in tax credits from the Governor’s Office of Business and Economic Development. EDC’s expert team is available at no cost to San Diego companies seeking guidance on the Cal Competes applications open January 2-22.
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. Thank you to our sponsor Verizon Wireless
EDC explains San Diego’s Q3 2023 economic data:
Key findings from Q3 2023:
TALENT: Job growth continues as job postings slow down. In Q3, employment grew 1.9 percent compared to a year ago, in line with the state but behind San Diego’s most peer metros. The labor force has recovered from Q2 losses, adding nearly 13,000 participants this quarter and up 2.8 percent from last year. In contrast, the number of unique job postings advertised by regional employers totaled 106,521 in Q3, a 32 percent decrease compared to this quarter last year.
AFFORDABILITY: Median home price reached an all-time high. San Diego’s median home price ranks second among peer metros, behind only San Francisco. Home prices increased an additional eight percent during the last year, while home sales fell 25 percent. Year-over-year home sales have declined since August 2021. The lack of housing supply and the reduced number of transactions has resulted in record lack of affordability.
COMMERCIAL REAL ESTATE: Office space occupancy declines for fifth consecutive quarter. In other words, more office space has become unoccupied than leased for over a year. However, net absorption is currently trending in the right direction. In Q3, the office market experienced 37,868 square feet of negative absorption, compared to 159,262 square feet in Q2 and 874,036 in Q1. The only other time San Diego experienced this degree of negative net absorption was during the height of the COVID-19 pandemic.
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. GNOTW is sponsored by Manpower San Diego.
Get Good News of the Week in your inbox every Friday.→ Sign up
For the week of November 17, 2023, here’s what we’re reading:
Chamber, WTCSD to host International Business Affairs Forum
As we look ahead to 2024, the global trade landscape is evolving rapidly, influenced by factors such as technology, Join the San Diego Regional Chamber of Commerce and World Trade Center San Diego on November 30 for a conversation on the forces that will shape international trade in the year ahead, and how our region can be a leader the global marketplace.
It has been six years since World Trade Center San Diego—which EDC operates on behalf of the Port, the Airport, and the City of San Diego—ran its very first trade mission. Since then, we have taken annual targeted, cross-sector delegations to Canada, the UK, Japan, Germany, and the Netherlands as led by San Diego Mayors and Members of Congress.
This year’s destination: Korea—a complementary partner for an innovation incubator like San Diego.
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. GNOTW is sponsored by Manpower San Diego.
Get Good News of the Week in your inbox every Friday.→ Sign up
For the week of November 10, 2023, here’s what we’re reading:
Reaching Tomorrow’s Talent: Verified Programs Designation Day
Last call: Join EDC and Dr. David Miyashiro, award-winning education leader and Cajon Valley Union School District superintendent, to learn about local programs training computing and engineering talent. We’ll hear from talent acquisition and DEI leaders at ResMed, Qualcomm, Sony Electronics, and the U.S. Chamber of Commerce Foundation.
From San Diego to Korea: Collaborative partnerships to strengthen global competitiveness
It has been six years since World Trade Center San Diego—which EDC operates on behalf of the Port, the Airport, and the City of San Diego—ran its very first trade mission. Since then, we have taken annual targeted, cross-sector delegations to Canada, the UK, Japan, Germany, and the Netherlands. Led by Mayors and Members of Congress, flanked by Port, Airport, and University leadership, and accompanied by senior executives from our most innovative firms, these trade missions connect San Diego companies large and small to international markets, seek foreign investment that creates new jobs in our region, and tell the San Diego story: one of life-changing innovation and collaboration.
This year’s destination: Korea. And like every other year, San Diego showed up and impressed. Led by Mayor Todd Gloria—and joined this time by SANDAG and County Board of Supervisors Chairwoman Nora Vargas—this year’s trade delegation of more than 30 civic, academic, and corporate partners also included peer organizations like Biocom and the Tijuana and Imperial Valley EDCs, as well as companies like Qualcomm, Illumina, Dexcom, ASML, General Dynamics NASSCO, and more.
At a time when more than a trillion dollars of federal investments are aimed at modernizing American infrastructure, enabling a green energy transition, and building domestic capacity in strategic industries like semiconductors and biomanufacturing, Korea is a natural partner for the United States, as evidenced by the deepening collaboration between our two countries. Korea is second only to China in manufacturing intensity, and Korean firms produce almost 25 percent of all EV batteries and almost 60 percent of global memory chips used in phones and laptops.
There is also perhaps no more complementary partner for an innovation incubator like San Diego than a country that scales innovation more efficiently than anywhere else.
The trade mission opened with a Sunday visit to the residence of the Governor of Gyeonggi-do, Korea’s largest and most dynamic province. Governor Kim and his cabinet hosted us for a roundtable discussion focused on revitalizing the MOU between the state of California and Gyeonggi. We delivered a letter from Governor Newsom and invited a return delegation to visit California in 2024 to continue the conversation on economic cooperation.
This set the stage for a whirlwind four days packed from morning to night with more than 15 briefings, meetings, and events:
With the help of Dentons and the U.S. Embassy, we convened representatives from more than 30 of the largest Korean companies for an Invest San Diego Luncheon. We provided an economic overview of investment opportunities throughout the binational mega-region, followed by quick pitches on manufacturing, energy, innovation, and real estate projects from Tijuana, Imperial Valley, and San Diego.
We visited the rapidly growing Korean offices of Illumina and Qualcomm, and announced a new partnership between San Diego’s Dexcom and Korean tech giant Kakao.
We toured and met with leadership of Samsung Biologics, which in just a few years has grown into the world’s largest contract manufacturer of biologics and is considering the location of a large investment in the United States.
We celebrated partnerships between UCSD and SDSU—both developing new state of the art innovation districts—and Seoul National and Yonsei Universities, two of South Korea’s finest.
We spent a day in the City of Incheon—a city of millions that has been master planned and developed on land reclaimed from the ocean over the last two decades and is now the innovation hub of the greater Seoul area. Incheon is also home to the international airport, completed in just eight years, as well as the Port, completed in four.
Finally, we closed the trip with a VIP meeting with U.S. Ambassador to Korea Philip Goldberg to discuss the evolving political and economic environment in the region, followed by a reception at the Ambassador’s residence in the former legation district of Seoul. As is the tradition on these trade missions, this reception gave us an opportunity to reconnect with the hundreds of partners we met during the week, cement new friendships (and perhaps most importantly, make sure everyone knows which team to root for when the Padres play the Dodgers in the MLB opener in Seoul next March).
We returned home this week to a region in which the entire urban core is being reimagined—with massive mixed-use projects under construction from the border to the bay; to a country attempting to rebuild its infrastructure and establish new industries to take us into a cleaner, smarter future; and in a post-pandemic world where supply chains and geopolitical alliances are shifting rapidly.
One thing is clear: Our binational region has always been a remarkable place, but at this moment—with San Diego’s innovation ecosystem, Imperial Valley’s clean energy leadership, and Tijuana’s advanced manufacturing prowess—we can compete like never before. Add the right international partnerships like those we are building in Korea and elsewhere, and we have all the necessary pieces to anchor the supply chains of the future: collaboratively, efficiently, and sustainably.
Thank you to our sponsors Qualcomm, Dentons, and Townshend Venture Advisors, as well our partner the U.S. Embassy in South Korea for support on this trade mission.
Best,
Nikia Clarke
Senior Vice President; Executive Director, World Trade Center San Diego
