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 Q4 2018.
Recovering from a decrease in employment during Q3, San Diego, and 24 of the most populous metros, experienced an increase in total nonfarm employment during Q4. Ramping up for the holiday season, the region added 21,500 jobs – a 1.4 percent increase in employment during the quarter. Compared to a year ago, nonfarm employment was up 25,400 jobs, or 1.7 percent.
Meanwhile, San Diego’s unemployment rate was 3.2 percent in Q4, unchanged from Q3.
Key findings from the snapshot:
- San Diego closed Q4 with an unemployment rate of 3.2 percent and the sixth lowest among the 25 most populous metros.
- With the holiday season in full bloom, the retail sector continued to grow, adding 8,500 jobs in Q4. Other strong contributors to the quarterly employment growth were education and health services, and transportation and utilities, together adding 4,100 jobs.
- Year-over-year, the region’s median home price continued to climb, growing by 2.6 percent.
- VC dollars in the region increased 21.4 percent compared to the previous quarter.
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) 2018.