Recovering from a decrease in employment during Q3 2017, San Diego, and the overwhelming majority of the most populous metros, experienced an increase in employment during Q4 2017. The region’s total nonfarm employment grew 22,100, or 1.5 percent during the quarter. Compared to a year ago, nonfarm employment was up 21,100, or 1.5 percent.
Meanwhile, San Diego’s unemployment rate was 3.3 percent in Q4, the lowest the region has seen in the last 17 years and down from 4.1 percent in Q3.
Key findings from the Quarterly Economic Snapshot:
- San Diego closed Q4 2017 with an unemployment rate of 3.3 percent, the 7th lowest among top U.S. metros and below the state rate of 4.2 percent.
- With the holiday season in full bloom, the retail sector continued to grow, adding 7,500 jobs in Q4. Other strong contributors to the quarterly employment growth were professional, scientific, and technical services and state and local government, together adding 13,200 jobs.
- The median home price rose slightly from the previous quarter, and is now up 7.4 percent compared to a year ago.
- VC dollars in the region increased 33 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 October to December (Q4) 2017.