Category: News

San Diego’s Good News of the Week – February 10, 2023

By Bree Burris,

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.

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For the week of February 10, 2023, here’s what we’re reading:

…and here are some events and opportunities:

Case Study: Eight San Diego companies win $35K via Export SBDC

Eight small businesses reached out to the Export SBDC at WTCSD for assistance in starting and growing their international sales. Using the Getting to Global grant preparation tool, Export SBDC advisor and international trade expert Simona Racek helped each company complete their export strategy and individual export promotion plan for their winning grant applications.

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San Diego’s Good News of the Week – February 3, 2023

By Bree Burris,

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 February 3, 2023, here’s what we’re reading:

…and here are some events and opportunities:

Go global with MetroConnect VII

Applications are now open for WTCSD’s export accelerator MetroConnect VII. The new cohort of 15 businesses will be placed into one of three specialized tracks reflecting San Diego’s economic strengths—life sciences, strategic technology, and consumer goods. Together over the course of the year, the cohort will receive resources and partnerships to increase international sales and support job growth here at home.

Apply Now

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San Diego’s Good News of the Week – January 27, 2023

By Bree Burris,

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 January 27, 2023, here’s what we’re reading:

 

…and here are some events and opportunities:

What the NDAA means for San Diego

The 2023 National Defense Authorization Act (NDAA) contains important provisions for the defense community nationwide, including a 4.6 percent pay raise for military and civilian workers and $32.6 billion for Navy shipbuilding. San Diego ship repair companies collectively employ more than 4,000 and stand to benefit greatly, as the region is homeport to 24 percent of all Navy vessels.

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What the National Defense Authorization Act means for San Diego

By Katie Chaires,

For the last 62 years, Congress has passed the National Defense Authorization Act (NDAA) which authorizes the United States military’s spending for the fiscal year ahead.

Released December 2022, the 2023 NDAA contains important provisions for the defense community nationwide including a 4.6 percent pay raise for military servicemembers and the Department of Defense (DOD) civilian workforce. It also provides greater opportunity for the DOD to increase affordable housing options, particularly in high-cost areas, by increasing the basic allowance for housing. The NDAA includes a cumulative $20 billion cushion to address the effects of inflation on military families, construction, operations, and procurement.

Specific to the San Diego region, this agreement delivers critical dollars for military construction and readiness including:

  • $94.8 million for military construction at Marine Corps Recruit Depot San Diego
  • $151.3 million for military construction at Naval Base San Diego
    • $9 million for military construction of the Floating Dry Dock Mooring Facility at Naval Base San Diego
    • $15.5 million for Pier 6 Replacement at Naval Base San Diego
  • $70 million for water and wastewater infrastructure in San Diego County

In addition, the FY23 NDAA also allocates $32.6 billion for Navy shipbuilding, including the procurement of 11 battle force ships. Local ship repair companies BAE Systems and General Dynamics NASSCO, which collectively employ more than 4,000, stand to benefit greatly, as San Diego is homeport to 24 percent of all Navy vessels.

Throughout the COVID-19 pandemic and challenging economic times, San Diego’s defense industry remained a pillar of our economy—accounting for a quarter of the region’s GRP. The San Diego Military Advisory Council’s (SDMAC) recent Military Economic Impact Report (MEIR) reports that in 2022, the defense sector supported approximately 360,200 jobs (23 percent of total jobs) in San Diego.

The military is woven into the fabric of San Diego’s economy, supporting thriving families and job growth for generations past and future.

learn more in our military Industry Profile

Looking into the crystal ball…

By Eduardo Velasquez,

A note from our Senior Director.

Before joining EDC in 2016, I spent more than seven years as an economist and forecaster. On my last day, my boss gifted me a crystal ball as a facetious reminder of how economic forecasting is often more art than science—perhaps mystic, even.

Nearly seven years later, that crystal ball sits on my desk and continues to serve as that reminder. Particularly at the start of every new year. As we look ahead to 2023, there are many economic headwinds to be concerned about—inflation, labor shortages, and record housing unaffordability.

One of the biggest stories at the moment is the massive layoffs in the technology industry. This news is incredibly painful for those who have lost their jobs and should not be minimized. However, much of the reduction in workforce reflects a reversal of the over-extension by these firms in 2022. More importantly, there is a silver lining for those workers affected in that nearly every industry is still hiring and struggling to fill currently open positions. The country currently has the lowest ratio of available workers to unfilled positions in 15 years.

When we look at the San Diego region more specifically, we find that many of the large layoff announcements come from companies with small and or niche presence in San Diego. Last week, official employment statistics were published that showed San Diego’s unemployment rate fell again in December to 2.9 percent. The region ended the year with 50,500 more jobs and saw the labor force grow 1.2 percent. San Diego’s labor market ended 2022 in one of its strongest positions on record.

Throughout 2022, San Diego companies posted more than 53,000 unique jobs openings. As we begin 2023, local employers are still hiring. In fact, during the first few weeks of the new year, local tech companies have already posted 1,213 unique positions with a median advertised salary of $92,000.

The news of tech layoffs and high cost of financing has not scared off investors from San Diego startups. Rather they are flocking toward quality companies with serious growth prospects—something our region is known for. During the fourth quarter of 2022, San Diego tech startups pulled in $671 million in venture capital funding, which continues to trend up relative to pre-pandemic levels.

So when I look at that crystal ball, I see…well I don’t see much. But when I look at the data and past the news headlines, I see a San Diego economy that is diverse and resilient. I see a region that is well positioned to usher the next era of semi-conductor production and clean technology innovation.

While the winds may shift, our north star remains the same. Nationwide talent shortages are a stark reminder that we must build our own skilled workforce. We must continue to support quality job growth in our small businesses by connecting them to new customers locally and around the globe. We must invest in the infrastructure needed to ensure businesses can grow and working families can afford to enjoy all that our beautiful region has to offer. Together, we can make our economic vision a reality.

Happy new year,

Eduardo Velasquez
Eduardo Velasquez

Sr. Director, Research & Economic Development

Read EDC’s Monthly Report

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San Diego’s Good News of the Week – January 20, 2023

By Bree Burris,

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 January 20, 2023, here’s what we’re reading:

…and here are some events and opportunities:

EDC is hiring; join our team!

EDC is hiring an Economic Development Manager (Life Sciences) with five years of experience in business, real estate, planning, or a related field to enable business attraction, retention, and expansion in San Diego’s life sciences industry.

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San Diego’s Good News of the Week – January 13, 2023

By Bree Burris,

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 January 13, 2023, here’s what we’re reading:

…and here are some events and opportunities:

Case Study: Access Trax turns $10K into export growth with MetroConnect

With increasing global interest in its portable accessibility products, San Diego woman-owned business Access Trax needed help finding economic incentives to expand into foreign markets. Learn how it leveraged the World Trade Center San Diego export accelerator MetroConnect and all of its accompanying resources to access international customers, enjoying its highest grossing year.

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Business information and resources page

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

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Contact SDREDC
To learn more, please contact us.

San Diego’s Good News of the Week – January 6, 2023

By Bree Burris,

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 January 6, 2023, here’s what we’re reading:

…and here are some events and opportunities:

EDC’s Top 10 in 2022

On the heels of the pandemic and a return to ‘normal’ that will never feel quite normal again, EDC’s Top 10 in 2022 includes a new board chair, team and board members, and increased commitments to the Inclusive Growth goals we set for 2030.

Read Our Year in Review

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San Diego’s Good News of the Year 2022

By San Diego Regional EDC,

As with every week, EDC’s ‘Good News’ sifts through the noise and provides a roundup of the positive headlines made by businesses, entrepreneurs, and others across the San Diego region. With 2022 nearly behind us, this edition serves to spotlight the biggest stories of a year marked by ‘normalcy’—a return to in-person gatherings, world travel, VC cooldown, and more.

Here’s San Diego’s Good News of the Year:

Investing in innovation

Venture capital and other investments into the region were strong, with sustained emphasis on Life Sciences and Technology innovation. Some 2022 standouts:

Going global, again

San Diego travel came back with a bang, with 18.4M travelers through San Diego International Airport (SAN) as of October, and greater connectivity to and investment from key international markets. Global news of the year:

Build back better, literally

While remote and hybrid work prove they’re here to stay, San Diego real estate expansion and investment marched on. Developments worth noting:

Local education systems score rightful kudos

The driving force behind our region’s talent pipeline, San Diego colleges and universities are globally renowned—scoring funding, top accolades, and record enrollment rates. The education wins of 2022:

#LFGSD

San Diego knocked it out of the park this year, earning top spots in live, work, play rankings and staking its rightful claim as a ‘sports town.’ A few of the many we’re proud of in 2022:

EDC’s own good news

Top 10 in 2022
San Diego’s good news is EDC’s good news. With and through our investors, our year in review includes a new board chair, increased commitments to Inclusive Growth, a fresh brand in a new home, and much more. See it all in EDC’s Top 10 in 2022.

EDC’s Top 10 in 2022

By San Diego Regional EDC,

The year has come and gone in a flash, but as always, we must take a moment to acknowledge all we accomplished with and through EDC’s 200 investors. On the heels of the pandemic and a return to ‘normal’ that will never feel quite normal again, EDC’s Top 10 in 2022 included a new board chair, team and board members, and increased commitments to the Inclusive Growth goals we set for 2030. See it all in our year in review below:

  1. Supported 165 companies across the region.
    With a suite of services from talent pipeline development to site selection, permitting, and export consulting, EDC’s core economic development work supported 9,906 jobs in 2022. Key wins include Element Biosciences’ expansion and creation of 280 local jobs, Rady Children’s Hospital hiring six former interns following involvement in the Advancing San Diego program, and support of ASML’s application for $14 million in Cal Competes incentives to generate more than 600 quality jobs, among others.
  1. Welcomed Jennie Brooks as board chair.
    A longtime board member and a senior leader at a major consulting and technology employer in San Diego, Jennie Brooks took the gavel in June for her two year term as Chair. She is flanked by four officers: Vice Chair, Rob Douglas, President & COO, ResMed; Vice Chair of Inclusive Growth, Lisette Islas, EVP & Chief Impact Officer, MAAC; Treasurer, Tom Seidler, SVP Community & Military Affairs, San Diego Padres; and Secretary, Barbara Wight, CFO, Taylor Guitars.
  1. Rallied commitments to Inclusive Growth.
    City, County, and private sector leaders pledged their public commitments to the region’s Inclusive Growth goals, increasing the number of skilled talent, quality jobs, and thriving households critical to San Diego’s competitiveness and resilience. As part of the forum, EDC shared the region’s progress against the 2030 goals in a new report.
  1. Led talent strategies to develop and attract talent.
    To build a diverse regional workforce and meet industry demand, EDC continued to lead its Advancing San Diego (ASD) and San Diego: Life. Changing. (SDLC) talent programs. Specifically, ASD recognized five training programs for their work in preparing San Diegans for entry-level lab technician roles and placed 45 interns at 23 companies where they worked nearly 7,150 hours. EDC also played a major role in the Southern Border’s successful proposal for $18 million from the state of CA over the next four years to develop and strengthen career pathways. Further, SDLC developed new tools to assist employers in telling San Diego’s innovation story, including a brand anthem on the region’s Life Sciences cluster, a company spotlight on Element Biosciences, and accompanying ad campaigns.
  1. Welcomed new cohort to MetroConnect VI.
    EDC’s international affiliate World Trade Center San Diego (WTCSD) welcomed a sixth cohort to its export accelerator program MetroConnect. Underwritten by JPMorgan Chase and Procopio, WTCSD awarded 15 local, small and mid-sized businesses with financial and consultative resources to help them go global. Cohort companies include Nano PharmaSolutions, Trabus Technologies, and more.
  1. Supported international exports for small businesses.
    Small businesses are the backbone of the regional economy, made stronger by their access to global markets. In support, WTCSD’s Export SBDC directly helped nearly 40 local and international firms with expansion in San Diego, in addition to supplying 452 hours of counseling and hosting 13 workshops.
  1. Led Mayoral trade mission to the Netherlands.
    Together with San Diego Mayor Todd Gloria and 30 business and civic leaders, WTCSD led its first trade mission since 2019. For three whirlwind days across the Netherlands, the delegation explored best practices in urban mobility, infrastructure development and circularity, engineering for City solutions, and more. Key programs were hosted at Qualcomm’s AI Research Lab, ASML’s Veldhoven headquarters, the Port of Rotterdam, Leiden Bio Science Park, and many more.

WTCSD ANNUAL REPORT

  1. Informed regional stakeholders using data.
    EDC’s Research Bureau launched several reports and analyses to inform regional decision makers including:

    • “Diagnosing the Future: AI and San Diego’s Life Sciences Cluster,” which quantified the economic impact of the region’s Life Sciences cluster and explored the proliferation of artificial intelligence and machine learning technologies being used to diagnose disease and develop drugs, among other lifesaving products and solutions.
    • The Downtown Demographics Study on behalf of the Downtown San Diego Partnership, which provided new data on the residential and workforce populations of the city’s urban core, identified areas for growth, opportunities for investment and advocacy, as well as a benchmark for the impacts of COVID-19.
    • Other ongoing economic analyses including the Quarterly Economic Snapshot.
  1. Celebrated coming together again.
    With two years of events missed and the words ‘COVID’ and ‘pandemic’ now common nomenclature, EDC was excited to come together again with investors and partners to celebrate the resilience of our community and those making the most significant impacts during the pandemic. EDC welcomed more than 800 attendees at our Annual Dinner at Petco Park, and more than 400 guests at our Summer Bash, among other events. EDC also welcomed new co-chairs for several committees including Dr. Sunny Cooke of MiraCosta College and Kevin Pegels of Illumina to EDC’s Economic Development Committee; Laura Garrett of TaylorMade Golf and Karen Reinhardt of ASML to the HR Forum; and Kim Becker of the San Diego Regional Airport Authority and Rob Douglas of ResMed to the Global Competitiveness Council.
  1. Re-located and re-branded.
    Arguably the most fun of all: This year marked the start of a new chapter in a new home for EDC. As part of our move into UC San Diego’s Park & Market in downtown, EDC debuted a fresh new brand that integrates the vibrancy of our region.

Together with EDC’s nearly 200 investors and you, 2023 will present yet another opportunity to grow talent, quality jobs, and thriving households across the San Diego region. We’re looking forward to it.

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