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.
EDC explains San Diego’s Q2 2022 economic data:
Key Findings from Q2 2022:
- VENTURE CAPITAL: VC picked up speed in Q2, nearly doubling Q1 totals. The most significant increase was in San Diego’s Life Sciences sector, which jumped from $627 million to $1 billion. La Jolla-based National Resilience’s $625 million raise for biomanufacturing medicines was the largest among all sectors in Q2. Tech companies drew $593 million while Consumer companies pulled $211 million in funding.
- HOUSING: San Diego housing is the second most expensive among major metros. However, the median home price remained unchanged compared to the end of last quarter, at $950,000. Additionally, new housing permit activity appears to be lagging for the first half of the year, with 4,007 permits currently issued compared to 15,484 total permits reached by the end of 2021. This means that permitting activity has only reached about 25 percent of last year’s total amount so far.
- EMPLOYMENT: Unemployment in San Diego has dropped below the national rate, at 3.2 percent. San Diego unemployment continues to approximate pre-pandemic levels (3.0 percent) and has already dropped below national pre-pandemic levels (3.4 percent). More specifically, nonfarm employment increased by 17,700 during Q2, and by 79,700 compared to a year ago. Leisure and Hospitality employment continues to increase for the fifth consecutive month, and currently represents around 10 percent of the sector in California (EDD).