Economic Snapshot: Q3 2018

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. This issue covers data from Q3 2018.

Following an increase in employment in Q2, San Diego and 12 of the most populous metros, experienced a decline in total nonfarm employment in Q3. Winding down from the summer season, the region shed 4,700 jobs – a 0.3 percent decrease in employment during the quarter. Compared to a year ago, nonfarm employment was up 28,800 jobs, or 2 percent.

Meanwhile, San Diego’s unemployment rate was 3.2 percent in Q3, down from 3.7 percent in Q2.

Key findings from the snapshot:

  • San Diego closed Q3 with an unemployment rate of 3.2 percent and the tenth lowest among the 25 most populous metros.
  • With the summer tourist season coming to an end, the leisure and hospitality sector recorded the largest quarterly loss, shedding 2,300 jobs in Q3. Other contributors to quarterly employment loss were trade, transportation, and utilities, together losing 2,100 jobs.
  • Year-over-year, the region’s median home price continued to climb, growing by 7.1 percent.
  • VC dollars in the region increased 63.5 percent compared to a year ago.

The Quarterly Economic Snapshot 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. This releases includes data from July to September (Q3) 2018.