In business and in life, our ability to plan is only as effective as our understanding of the circumstances we are working through.
Despite ongoing uncertainties, EDC remains both optimistic for the future and continuously amazed by what San Diego business, academic, community, and civic leaders are building, sustaining, and improving all around us. Looking back at the highlights and headlines of the year that was, our vantage point remains an amazing one.
See what San Diego accomplished in Good News of the Year:
Growing and planting roots in San Diego
This year, several companies moved into and expanded within the region, creating jobs for San Diegans across life sciences, manufacturing, and other industries. Some highlights include:
- Seattle-based Nautilus Biotechnology sets down roots in UTC
- Ionis Pharmaceuticals expands in Carlsbad, Oceanside
- GKN Aerospace expands to new El Cajon facility
- Genentech breaks ground on $450M manufacturing site in Oceanside
- EROAD relocates North American HQ to San Diego
- Eli Lilly, Alexandria Real Estate partner on biotech accelerator
Major acquisitions and IPOs
Local companies continue to prove that San Diego competes on a global stage. Here are some of our region’s standout acquisitions and IPOs throughout the year:
- Bristol Myers Squibb acquires Mirati Therapeutics for $4.8B, licenses Avidity Biosciences tech for $2.3B
- Prometheus Biosciences bought for $10.8B by Merck
- NuVasive acquired by Globus Medical for $3.1B
- San Diego startup DTx Pharma acquired by Novartis for $1B
- RayzeBio secures $358M in IPO
Startups nab big venture investments
Despite the slowdown in VC investment, San Diego startups continued to secure millions of dollars in funding across sectors including life sciences, AI, agtech, and other innovation industries. More than $3.7 billion flowed into the region this year, including these notable investments:
- Unicorn Shield AI with $2.7B valuation raises additional $200M to build AI ‘pilots’ for military aircraft
- Boundless Bio snags $100M to continue oncogene-amplified cancers clinical trials
- Measurabl lands $93M to expand real estate ESG tool to new geographies
- Lenz Therapeutics raises $83.5M to replace eye-glasses with eye drops
- Fabric8Labs secures $50M to triple staff
- Kneron raises $49M to scale up AI chip R&D
- Cultivated seafood startup BlueNalu lands $33.5M to scale up San Diego facility
Higher ed institutions double down on research and innovation
Home to the best and brightest—as noted in Clarivate’s highly-influential scientists list—San Diego education institutions continue to foster life-changing innovation. This year we celebrate:
- Forbes names UC San Diego #3 and San Diego State University #16 on top public colleges in the U.S.
- Wexford, UC San Diego partner on a 23-acre Science Research Park
- SDSU, LPC West partner on 1.6M sq. ft. Mission Valley Innovation District
- USD to launch AI-ML boot camp to address labor demand
- CSUSM professor secures $2.5M grant to expand Quantum Information Science and Technology education
- MiraCosta College secures more than $1.6M in NSF grants
- Miramar College awarded $1.4M grant for math, engineering, science program
- National University receives $400K National Science Foundation grant to integrate visual and fine arts with STEM education
- City of Chula Vista breaks ground on UniverCity with 6M sq. ft. academic, innovation space
Defense contracts abound
A cornerstone of our regional economy, the military represents almost one-quarter of all jobs in the county and a quarter of the local economy with more than $36 billion in direct defense spending in 2023. Home to global defense innovation powerhouses, new contracts include:
- General Atomics wins $1.2B for aircraft carrier launch system
- General Dynamics NASSCO wins $736M for John Lewis-class fleet construction and $754M for Arleigh Burke-class destroyers modernization
- Northrop Grumman, Kratos Technology secure $1.1B in DoD contracts
San Diego to the world
San Diego expanded connections to Tijuana, and to the European and Asian markets. Increased access to these markets facilitates the exchange of talent and expands opportunities to strengthen economic ties. In 2023, global wins include:
- Lufthansa expands nonstop service to Munich
- British Airways adds additional nonstop flight to London
- Qualcomm to open engineering hub in Tijuana
- Illumina expands footprint into India and access to pathogen sequencing tool in low- and middle-income countries
- Viasat acquires UK-based Inmarsat, wins Korean Air inflight broadband contract
- San Diego, Imperial Counties’ community colleges to offer in-state tuition to low-income students in Mexico
- Japanese government selects San Diego for Beyond Japan startup program
Making strides in cleantech
San Diego continues to respond to California’s bold commitments to a clean energy future where battery and other sustainable technology will play a major role. It’s no wonder Wallet Hub ranked San Diego #1 on its “Greenest Cities in America” list. Here are some of the locals leading the charge:
- Port of San Diego hosts two cruise vessels plugged into shore power simultaneously, installs two all-electric cranes, and is set to receive the nation’s first all-electric tugboat
- San Diego Gas & Electric completes 171MW lithium-ion battery energy storage facilities
- San Diego International Airport begins using renewable diesel for airside vehicles
- General Dynamics NASSCO partners with Navantia Seanergies on offshore wind projects
- EnerSmart opens 6MW lithium iron phosphate battery storage facility in Chula Vista
Premier travel, sports destination
San Diego remains a top spot to live, work, and play…sports! A few of the many wins we’re proud of in 2023:
- San Diego set to welcome MLS team San Diego FC
- San Diego Wave FC claims NWSL Shield
- San Diego Convention Center ranks #4 in WSJ’s “Best U.S. Convention Centers” list
- San Diego Tourism Authority reports record $14.3B in tourism spending
- San Diego ranks #2 U.S. city in Conde Nast Traveler’s Readers’ Choice awards
- Encinitas named in Forbes’ Best Places to Travel in 2023
EDC’s own good news
Top 10 in 2023
San Diego’s good news is EDC’s good news. With and through our investors, our year in review includes support to 117 local companies, more than $3.1 million in export growth through WTCSD programs, 30 new Verified Programs of Talent, and much more.