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 2019.
Over half of the 24 most populous metros experience a decline in total nonfarm employment during Q3 from Q2, including San Diego. The region saw a decline of 2,200 jobs – a 0.1 percent decrease in total nonfarm employment from Q2 to Q3, primarily due to seasonal changes. On the other hand, compared to a year ago, nonfarm employment was up 30,600, or 2.1 percent.
Key findings from the snapshot:
- San Diego’s unemployment continues to drop, at 2.7 percent in Q3
- While there was a decrease in nonfarm employment from Q2 to Q3 2019 due to seasonal changes, annual nonfarm employment was up 30,600 jobs, or 2.1 percent compared to Q3 2018
- San Diego’s housing market was the third most expensive in the nation, despite home prices decreasing in Q3 both quarterly and annually
- Housing permits increased substantially year-over-year in San Diego, largely due to multi-family housing permits increasing by nearly 133 percent
- Overall, total housing permits increased nearly 68 percent compared to a year ago
- San Diego saw 34 VC deals worth $707 million
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) 2019.