Due to regularly occurring seasonal effects, San Diego, and the overwhelming majority of the most populous metros, experienced a decline in employment during Q1 2018 (January – March). Leaving the holiday season behind, the region’s total nonfarm employment declined 7,300, or 0.5 percent. Compared to a year ago, nonfarm employment was up 27,000, or 1.9 percent.
Meanwhile, San Diego’s unemployment rate was 3.2 percent in Q1, the lowest the region has seen in the last 17 years and down from 3.3 percent in Q4 2017.
More key findings from the Q1 Economic Snapshot:
- San Diego closed Q1 with an unemployment rate of 3.2 percent and the third lowest among the 25 most populous metros, up four spots from the previous quarter.
- Following an addition of 9,500 jobs in Q4 2017, the trade, transportation, and utilities supersector decreased by 11,200 jobs in Q1, the largest quarterly loss. The majority of these jobs were lost within the retail trade sector as seasonal employees transitioned out.
- Year-over-year, the San Diego region’s median home price continued to climb, growing by 8.2 percent.
- VC dollars in the region increased 60 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 January to March (Q1) 2018.
Read the full Econonic Snapshot here.