No matter what may be happening in the world around us, almost any day of the summer months in San Diego might lead you to believe that everything is perfect. And while we all know that perfection is largely unattainable, what is undeniable is that it (once again) feels like a very special summer in San Diego.
From the moment Pride flags are raised throughout our neighborhoods, and the San Diego Convention Center begins its heroic transformation into host, setting, and backdrop for Comic-Con International, the city’s streets truly come to life in July. Over the last 55 years, Comic-Con has grown to become a beloved international brand within the entertainment industry while remaining an anchor event for San Diego’s tourism engine. Meanwhile, San Diego’s Pride Parade/Week continues to attract more than 300,000 attendees and remains the largest annual civic event in the City of San Diego.
As August begins, we have seen San Diego nonprofit Curebound once again raise millions of dollars in its effort to “end cancer in our lifetimes” through its (growing) Curebound Cancer Challenge. Originally known as Padres Pedal the Cause, the event moved from its exciting venue at Petco Park to its new home on the scenic Torrey Pines Mesa. This past weekend, EDC team members joined tens of thousands of cyclists, walkers, and fundraisers as they made their way past the campuses of the very institutions responsible for the scientific research and breakthroughs that are keeping San Diego at the forefront of this global fight.
And whether the remainder of the summer sees you tuning in to the Padres pennant race, attending a concert with the San Diego Symphony at the Rady Shell, or enjoying time on San Diego’s 70+ miles of beaches and coastline, we hope that the warm days and nights ahead remain (near) perfect and special for you, your business, your friends, and your family.
We hope to see you soon at our:
Summer Bashon August 14 for a night of networking with more than 300 innovators, live music, delicious bites and drinks, and a short keynote from Kate Therapeutics’ Kevin Forrest, in conversation with LYZZ Capital’s Court Turner.
At the top of each year, we try to look ahead to which trends are most worth tracking for the potential impact each can have on our local economy. We began 2025 watching AI and affordability, as well as whether massive investments from both corporations and the federal government would translate into job growth.
We also began 2025 flagging that there would be many wild cards in the year ahead that could knock us off course. As we enter the second half of the year, we want to pause to take stock of what has been a very tumultuous six months, with both immediate impacts and long-term implications.
Affordability and AI
The housing affordability picture looks mostly the same as it did in January: dire. Mortgage rates have bounced around a narrow range while staying above six percent, and the median home price remains just above $1 million, translating to a monthly mortgage payment of about $5,300. This means the annual household income needed to qualify for a conventional loan is more than $260,000, which roughly 12 percent of all households in the region can afford.
Speaking of federal funding, the impact of federal investments on local job growth is more immediate. That’s because all the money that the federal government lined up to invest in re-shoring manufacturing, capacity building for semiconductors, and sustainable energy projects in the last few years has been cut off, significantly scaled back, or temporarily tied up. Oh, and don’t forget state and local public funding cuts.
It is worth noting that much of this remains to be settled as the courts figure out what the Trump administration can legally defund. Yet, much of it is already impacting San Diego’s economy.
New jobs data shows that through the first half of 2025, the region lost 4,900 jobs. This is not as bad as the first six months of 2024 but still trending in the wrong direction. June’s unemployment rate jumped to 4.9 percent (from 4.0 percent in May) as the number of people unemployed rose 14,200—the largest month-over-month increase since the pandemic lockdowns of April 2020.
Private sector job losses are even deeper, down 8,400 year-to-date. Every major sector in San Diego has shed jobs through mid-2025, with the exceptions of Healthcare and Social Services, Leisure and Hospitality, and State and Local Government.
Way too many wild cards in this deck
The pace of new policy directives from D.C. has been overwhelming. The lack of clarity as to whether these policy proposals will be implemented, or are legally enforceable, has been paralyzing. Whether it’s consumers, homebuilders, or manufacturers, the sentiment remains weak.
In San Diego, it’s not just bad vibes. The impacts are real.
The newly-created Department of Government Efficiency (DOGE)’s contract cancellations have started chipping away at our federal workforce, including DoD which spent $20 billion here last year. Proposals to reduce indirect costs associated with federal research grants have led to hiring freezes and layoffs in higher education and could evaporate nearly $448 million from the regional economy. The proposed cuts to NIH and NSF funding would nearly cut in half the region’s $1.1 billion that fuels the research that has led to 99 percent of drugs approved a decade ago. Congress’ latest tax law is set to increase the population of uninsured patients by 1.7 million across California and is already manifesting in workforce reductions at local hospitals, which hasn’t yet showed up in the data.
The up and down tariff threats are the top concern of local businesses that sell in global markets. As one company executive put it, retaliation from countries like China has “completely changed the growth strategy.” These impacts are felt locally in jobs losses to industries like Transportation and Warehousing (down 10 percent, year-to-date) and Retail (down almost five percent). These impacts are also felt by $1 billion less in venture capital, $500 million less in export sales, and 770 fewer employers looking to hire than a year ago in San Diego.
“If you want to go far, go together.”
There are many famous quotes about navigating uncertainty and how resilience drives success. At EDC, we often quote an African proverb: “If you want to go fast, go alone. If you want to go far, go together.”
Collaboration has often defined success in this region; it’s what makes us different.
Whether the winds change and we need to adjust our sails, or whether we fall seven times but pick ourselves up eight, let’s do it together.
As I look into my crystal ball again, I see the next six months will continue to be riddled with uncertainty and unexpected challenges. I also still see a region that is a top three Life Sciences market, a top three market for startups, has the largest concentration of military assets in the world, and the busiest land port in the Western hemisphere. So, we have a lot to build on. As your business works to navigate changing rules, reach new markets, or find talent, don’t go it alone. EDC is here to help.
As a nonprofit, San Diego Regional EDC is supported by the investment of more than 150 public agencies, companies, and organizations like Excelerate, LLC.
With these investments, EDC provides direct support, aligned with regional Inclusive Growth goals, to companies of all sizes to drive San Diego’s economic prosperity and global competitiveness. EDC sat down with Excelerate, which shared more on its efforts in supporting San Diego’s workforce and business development and exciting collaboration with San Diego’s New Children’s Museum.
Read more about Excelerate’s regional impact and support for EDC.
Tell us about Excelerate and its mission.
Excelerate is a San Diego-based boutique consulting firm that emphasizes strategy implantation across a wide spectrum of industries. Focusing on customer experience and market strategies, organizational enablement, data connectivity and intelligence, and process and digital acceleration, we help businesses by reducing uncertainty, providing actionable insights and paving clear pathways to ROI.
At Excelerate, we believe that solving business problems and forging human connections are the first links in a positive chain reaction that we call the ripple effect. As we deliver positive outcomes, we create ripples of influence and success that radiate outward, gaining size and momentum as they touch more lives with each concentric ring. The profits we enable are an engine of choice that empowers businesses to uplift their employees, communities, and society in unique and meaningful ways.
What are San Diego’s market advantages for workforce and business development?
Excelerate doesn’t focus on any particular industry, meaning our clients come from a diverse set of industries, and San Diego offers a wide range of business types including key industries like life sciences, software, manufacturing, tech, and nonprofits.
The region’s unique diversity of industries allows Excelerate to solve complex business problems—what we do best—and our solutions can begin to pollinate as we apply our approaches across industries. The work we do in one industry often has relevant lessons and best practices to apply to clients in other industries. The region’s diversity enables us to have impact that exceeds the benefit we could bring to a city or metro area that is dominated by one industry.
The same is true of the San Diego talent pool, where people are likelier to have experience across a range of industries, arming them with both broad and industry-specific knowledge and experience.
How does Excelerate collaborate with other regional partners?
Excelerate has recently had the opportunity to collaborate with many local leaders and organizations including our most recent work with San Diego’s New Children’s Museum, which we helped develop a Go-to-Market strategy as it prepared for its expansion. Artopia: NCM Creative Studios was born from this partnership with a fully developed and implemented strategy that ensured not only stellar launch, but enhanced sustainability for the nonprofit. In a time where news involving museums seem to be about closures or lost funding, we are satisfied to help deliver some good news to this sector. Learn more about the collaboration.
Additionally, several of Excelerate’s managers—and our CEO, Jana De Anda—are University of San Diego (USD) alums. So, we maintain a presence at USD job fairs and remain connected with this talent-producing machine that just happens to be in our own backyard.
Also, we would be remiss if we did not specifically call out Garry Ridge’s leadership and tutelage. A San Diego stalwart, Garry has been a mentor to our CEO for almost 20 years, and their relationship has helped Excelerate’s senior leadership team develop a culture-based company.
Finally, one of our very first clients, TaylorMade, gave us an opportunity to showcase our value. As a respected brand, our relationship with them enabled us to build our service offering intentionally, while our work for TaylorMade helped them soar to even higher heights. Our shared success is important to us and exemplifies our San Diego roots.
What does an investment in San Diego Regional EDC mean to Excelerate?
First, San Diego Regional EDC is plugged into all things business in San Diego, making it a great resource for intelligence and information about potential clients and market trends.
Second, EDC hosts some of the best luncheons in the region full of amazing content that brings business leaders together to network and to learn from one another.
But, most importantly, EDC’s mission truly resonates with us. As a small business, it is reassuring to know that EDC is developing short- and long-term strategies that will lead to the city’s continued business success and economic development. A rising tide lifts all boats, and we are happy to do our part to help develop business in San Diego.
Interested in publishing an investor spotlight? Contact our team:
As a nonprofit, San Diego Regional EDC is supported by the investment of more than 150 public agencies, companies, and organizations like Youth Tennis San Diego and Barnes Tennis Center.
With these investments, EDC provides direct support, aligned with regional Inclusive Growth goals, to companies of all sizes to drive San Diego’s economic prosperity and global competitiveness. EDC sat down with Ryan Redondo, CEO of Youth Tennis San Diego and Barnes Tennis Center, which shared more on its efforts to grow San Diego’s racquet sport footprint and help regional youth build confidence on and off the court.
Tell us about Youth Tennis San Diego and Barnes Tennis Center and its mission.
As CEO of Youth Tennis San Diego and Barnes Tennis Center, I’m proud to lead an organization that has served as a cornerstone for youth development and community engagement in Southern California for more than seven decades. Our mission is simple but powerful: To inspire and provide opportunity through tennis, education, and character development for children from all backgrounds, especially those in underserved communities.
At the heart of our work is the Point Loma-based Barnes Tennis Center, one of the premier public racquet sport facilities in the country. A hub for youth empowerment, educational support, and family connection, we provide access to free and low-cost tennis programs, after-school enrichment, tournament training, and college prep resources. Our programs reach thousands of children each year, equipping them with life skills that go far beyond the court.
We believe racquet sport is a vehicle for change. That’s why we invest in grassroots outreach, regional partnerships, and inclusion. Our aim is to remove barriers to participation, build confidence and resilience, and open doors for children to achieve their full potential—whether in tennis, academics, or life.
What makes San Diego perfect for tennis, pickleball, and padel?
San Diego is unmatched when it comes to racquet sports. With our year-round sunshine, active community, and world-class facilities, it’s no surprise that tennis, pickleball, and padel are thriving here. Our region’s blend of lifestyle, diversity, and innovation make it the perfect environment for racquet sports to grow.
As more people take to the courts—especially in pickleball and padel—we’ve broadened our programming to include these fast-growing sports alongside tennis. The response has been incredible, and we have seen other facilities open that will positively stimulate economic development for the region.
Why have Youth Tennis San Diego and Barnes Tennis Center chosen to invest in EDC?
At Youth Tennis San Diego and the Barnes Tennis Center, our mission is rooted in creating opportunity for children from every corner of our community.
We chose to invest in EDC because we believe that access—to sport, education, and employment—should not be dictated by zip code. EDC’s efforts to cultivate diverse talent pipelines and foster inclusive economic development directly support our work both on and off the court. Additionally, as we expand programs in pickleball, padel, and tennis, we’re increasingly involved in infrastructure, workforce, and public-private collaboration. EDC has been a key partner in helping us navigate permitting, incentives, and strategic partnerships—particularly as we grow our facilities, enhance accessibility, and scale community impact.
How does the organization collaborate with other regional partners?
At Youth Tennis San Diego and the Barnes Tennis Center, community connection is at the core of everything we do.
We work closely with regional hotels and universities to hire interns, coaches, and staff, creating real-world pathways for San Diegans interested in sports management, education, health, and nonprofit work. We also collaborate with local schools, community centers, and fellow nonprofits to offer free racquet sport programs, support after-school and summer initiatives, and provide educational resources and college preparation. Through partnerships with regional companies and utilities, we work to improve facility sustainability and expand access to technology for underserved youth and local businesses, as well as host international-caliber tournaments, including the Association of Tennis Professionals, Women’s Tennis Association, and junior events that elevate San Diego on the global stage.
Barnes Tennis Center is set to host 2025 USA Pickleball National Championships. What is the significance of this moment?
Hosting the 2025 USA Pickleball National Championships at the Barnes Tennis Center is a monumental moment—not just for our organization, but for San Diego’s tourism industry and national sports reputation.
This prestigious event will bring tens of thousands of players, fans, vendors, and media professionals to our region, injecting millions into the local economy and continuing to position San Diego as a premier destination for high-profile racquet sport events. For Youth Tennis San Diego, this will allow us to showcase our mission to a national audience, elevate community engagement, and generate funding and awareness to support our youth access initiatives.
The championships underscore San Diego’s role in the future of racquet sports. We’re not only keeping up with the evolution of pickleball—we’re leading it.
What is on the horizon?
2025 is shaping up to be one of the most dynamic and impactful years yet for Youth Tennis San Diego and the Barnes Tennis Center. We invite San Diego to join us at one of our upcoming events, including the Major League Pickleball Playoffs and USTA Billie Jean King National Championships in August, the Wimbledon-Chic Gala in October, and the Impact Cup Pickleball this fall.
Through our long-standing partnership with Price Philanthropies, the USTA Foundation, and the City of San Diego, we continue to operate a National Junior Tennis and at Urban Village in City Heights, providing free tennis, education, and life skills for youth in one of San Diego’s most diverse and vibrant communities.
From hosting national championships to building grassroots programs, we will continue to focus on one goal: Creating opportunities through sport that last a lifetime.
Read more about EDC’s investors in our investor spotlight blog series, and join the Youth Tennis San Diego, Barnes Tennis Center and 150 investors committed to supporting the region’s inclusive economic development by becoming a member of EDC.
Interested in publishing an investor spotlight? Contact our team:
As San Diego Regional EDC celebrates 60 years since its founding in 1965 and continues to drive an inclusive economic development strategy for the region, outgoing Board Chair Jennie Brooks passes the gavel to Tom Seidler, Executive Vice President, Community & International Impact of the San Diego Padres.
“It was my brother Peter who first asked me to represent the Padres on the EDC board.
Tom and late brother Peter Seidler, ownership of the San Diego Padres
I am honored to take on this new role and work even more closely with EDC’s team. Our mission is to drive greater inclusion, innovation, and growth across San Diego in order to better elevate our people, businesses, and identity on the global stage,” said Tom Seidler, Executive Vice President, Community & International Impact of the San Diego Padres. The Padres, which employs more than 1,200 San Diegans, have become a consistent playoff contender and top-three team in attendance over the past several years.
While San Diego faces new pressures at the local, state, and federal level, and while residents and businesses are continually challenged by the affordability crisis, the goalposts outlined in the Inclusive Growth Initiative are more important than ever. It is an economic imperative that the region create more skilled talent, quality jobs, and thriving households, or San Diego’s competitiveness is at risk.
“I am proud to pass the gavel to my colleague and friend Tom Seidler in this milestone year,“ said outgoing Chair Jennie Brooks, Executive Vice President at Booz Allen Hamilton, who served a three-year term which saw EDC’s largest headcount and budget during a time of post-pandemic economic recovery. “EDC’s employer-led, data-driven approach makes crystal clear the needs of the economy and the onus of the business community in making a difference. I know Tom will continue this important work and set us on the right path for EDC’s next 60 years.”
As Chair, Seidler is supported by five officers: Vice Chair Kevin Pegels, Head of Global Quality & Operations, Illumina; Vice Chair Karen Reinhardt, Head of HR, US, ASML; Vice Chair of Inclusive Growth Lisette Islas, CEO, Lifeline Community Services; Treasurer Manuel Rodriguez, Market President, San Diego Commercial Banking, U.S. Bank; and Secretary Jane Finley, Senior Vice President & Area Manager, Kaiser Permanente.
Along with the election of a new chair, EDC’s board also elected five new directors: Tyler Carter, Park President, SeaWorld San Diego; Brunson Howard, Market Leader & Senior Managing Director, CBRE; Richard Neale, Corporate Executive Vice President, Chief Business Development & Growth Officer, Scripps Health; Jennette Shay, COO, Price Philanthropies Foundation; and Dan Skopec, Senior Vice President & CRO, San Diego Gas & Electric.
EDC is a membership-based nonprofit organization that mobilizes government and civic leaders around an inclusive economic development strategy in order to connect data to decision making, maximize regional prosperity, enhance global competitiveness and position San Diego effectively for investment and talent. The organization’s more than 150 investors (members) range from rising stars like NOVO Brazil Brewing Co., to the region’s largest employers like Qualcomm and Illumina, to leading anchor institutions such as universities, hospitals, and sports franchises, among others.
“As a beloved San Diego leader, Tom is perfectly positioned to lead EDC in this unique moment in time. Notably, he has moved through each EDC officer role, serving as past secretary, treasurer, and vice chair,” said Mark Cafferty, President & CEO, San Diego Regional EDC. “With a national climate as challenging as this, Tom’s humility, leadership, and deep understanding of San Diego’s strengths and opportunities are exactly what the organization needs as we strive to make San Diego a model for the nation and the world.”
EDC officially welcomed Tom Seidler as Board Chair at its Annual Dinner event at Petco Park on Thursday, May 15.
I hope this message finds you well. While the news and the constant barrage of information surrounding us these days can feel a bit heavy and negative, I want to remind you all that for the last 13 years, the EDC team has been putting out “Good News of the Week” every Friday to make sure San Diegans end the week on the highest possible note. We always do our best to filter through everything we can to find news of businesses expanding and growing, universities receiving new accolades and funding, non-profit partners improving the community while improving the economy, and other milestone achievements advancing San Diego’s regional and global competitiveness.
Still, we would love to hear more milestones in innovation, collaboration, creativity, integrity, and inspiration that are found in all corners of our county and our binational region. Consider this my invitation and reminder to submit your own Good News and make sure we don’t miss out on elevating your stories.
In the spirit of sharing “Good News”, the incomparable Sir Elton John is coming back to Petco Park to perform at Curebound’s Concert for Cures on Friday, May 9. As we heard from EDC Investor and Curebound CEO Anne Marbarger in our January EDC Board Meeting, the nonprofit raises money for grants that support San Diego’s top research institutions in the fight against cancer. Join Lauree, me, and the broader San Diego business community as we help raise critical funds for cancer research, and officially say farewell to Sir Elton John. Explore Curebound’s Concert for Cures table and ticket information, or contact Anne directly at anne@curebound.org.
So again—keep the “Good News” coming. I can assure you there is not a week that goes by where someone in this community (or even outside of this community) doesn’t remind me of how uplifting it is to read about your collective successes, breakthroughs, wins, and moments worth celebrating.
Thank you as always for your leadership and support, and for continuing to make San Diego the unique and amazing place that it is.
As a nonprofit, San Diego Regional EDC is supported by the investment of more than 150 public agencies, private organizations, companies, and developers like the San Diego Seals.
With these investments and in alignment with regional Inclusive Growth goals, EDC provides direct support to companies of all sizes to drive economic prosperity and global competitiveness across the San Diego binational mega-region. EDC sat down with the San Diego Seals, which shared more on the team’s history and role in tourism as our region’s official box lacrosse team.
Read more about the San Diego Seals’ story in San Diego and support for EDC below.
Tell us about the San Diego Seals and its mission.
The San Diego Seals are a professional lacrosse team that competes in the National Lacrosse League (NLL). At the San Diego Seals, we are dedicated to bringing the thrill of box lacrosse to San Diego with intensity and grit. Our mission is to foster a community-focused atmosphere where players and fans alike can experience the spirit of the game. We are committed to celebrating our city, our sport, and our shared passion for the game. Together, we strive to create unforgettable moments and build lasting connections within the San Diego community.
How have the San Diego Seals and lacrosse added to San Diego’s tourism industry strength?
The San Diego Seals contribute to the local tourism industry by attracting local fans and fans from outside the region for home games. We have formed partnerships with local organizations and businesses, supporting community engagement initiatives and promoting local talent development through our partnerships like YMCA lacrosse clinics and other youth programs.
These efforts not only enhance match attendance but also position San Diego as a vibrant ‘sports city’ destination.
How should San Diegans prepare for a San Diego Seals match?
San Diegans can get ready for a San Diego Seals game by sporting team gear to show their support and team pride in prep for an exciting night of entertainment. Our games feature nonstop music, thrilling goals, and action-packed moments all evening long. It’s a unique blend of lacrosse, a party, a concert, and so much more. Watching professional lacrosse live is an experience like no other!
What should we expect to see from the San Diego Seals in the future? What are your plans for the offseason?
As we progress through the season, fans can expect competitive play and strategic improvements on the field. Our commitment to youth engagement and community involvement, like our official youth lacrosse affiliate Junior Seals Lacrosse, will continue to drive our initiatives.
For the offseason, we plan to assess our player roster and focus on developing local talent through our training programs. We are excited about collaborations and regional partnerships, like the one with EDC, that will strengthen our presence in the community and enhance our team for future seasons.
Why have the San Diego Seals chosen to invest in EDC?
The San Diego Seals chose to invest in San Diego Regional EDC because we align with its values of promoting an inclusive economic growth strategy in our community. We were drawn to EDC’s mission to foster collaboration among local businesses and community leaders to drive sustainable economic development. Joining EDC allows us to widen our network, participate in impactful events, and actively contribute to initiatives aimed at strengthening San Diego’s economy.
Read more about EDC’s investors in our investor spotlight blog series, and join the San Diego Seals and 150 investors committed to supporting the region’s inclusive economic development by becoming a member of EDC.
Interested in publishing an investor spotlight? Contact our team:
As a nonprofit, San Diego Regional EDC is supported by the investment of more than 150 public agencies, private organizations, companies, and developers like Breakthrough Properties.
With these investments, EDC provides direct support, aligned with regional Inclusive Growth goals, to companies of all sizes to drive economic prosperity and global competitiveness across the binational mega-region. EDC sat down with the Breakthrough Properties team, which shared more on the developer’s work to help grow San Diego’s globally-renowned Life Sciences ecosystem.
Read more about Breakthrough Properties’ success in San Diego and support for EDC below.
Tell us about Breakthrough Properties and its mission.
Breakthrough Properties, a joint venture between Tishman Speyer and Bellco Capital, is a global Life Sciences real estate developer, owner and operator of research and development facilities for mission-driven companies. With a portfolio of approximately six million square feet across nine markets in the US and Europe, Breakthrough is uniquely positioned to provide solutions for Life Sciences companies at all stages of their development cycles.
The company was started almost six years ago with the mission of reimagining the environments where the world’s leading scientists and innovators feel inspired to pursue their boldest ideas. Each one of our projects reflects a focus on best-in-class infrastructure and design, creative placemaking, and exemplary operational excellence. From multinational firms to Life Sciences startups, we are building leading research campuses to support the ecosystem and communities we serve.
Why San Diego?
San Diego is a world-leading center for innovation and has a thriving life sciences ecosystem. Proximity to world-class research institutions such as UC San Diego, Scripps Research, the Salk Institute, and Sanford Burnham Prebys, as well as a deep talent pool and robust startup culture contribute to an environment that fosters innovation.
Over the last decade, San Diego has also attracted investment from almost every major pharmaceutical company, evolving into a robust Life Sciences ecosystem that spans the full spectrum of biopharma from early-stage biotech firms to established big pharma. The combination of leading early-stage research, a highly skilled workforce, access to growth capital, and a deep base of companies has established San Diego as one of the leading Life Sciences markets in the world.
Breakthrough prides itself in fostering this ecosystem by bringing both clients and the local community together by hosting, with our partners at Bellco Capital and Tishman Speyer, a range of content-driven events and programming to foster collaboration and unlock further innovation. We also provide a variety of spaces within our portfolio to accommodate the full range of client needs, including our StudioLabs program, which offers fully furnished lab/office suites with enhanced services and amenities for high-growth, early-stage companies.
How has Breakthrough Properties collaborated with other partners in San Diego to support breakthroughs in innovation?
One example of how we collaborate with other leading Life Sciences organizations is our partnership with Pfizer Ignite, which started in San Diego. Through this collaboration, Breakthrough is able to connect innovative biotech firms with Pfizer’s R&D infrastructure to help accelerate the development of their assets. By leveraging Pfizer’s R&D infrastructure these companies can push the boundaries of what they can do with their science. We kicked off this partnership at Torrey Plaza and have included a link to the Biotech TV announcement here.
Why has Breakthrough continued to invest in EDC over the years?
San Diego Regional EDC plays a pivotal role in the fabric of the region’s vibrant business landscape, including access to talent, local leadership, education and multiple key tangible benefits to investing. EDC is a strong advocate for the Life Sciences community in the San Diego region, working to help ensure businesses and local City and County leaders are aligned in the opportunities this sector brings to San Diego.
What is on the horizon for Breakthrough Properties?
Breakthrough is a strong believer in the continued growth of the San Diego ecosystem. Our current San Diego portfolio and pipeline totals more than 1.6 million square feet, and we plan continued investment in the community as we partner with leading companies across the market. In 2025, Breakthrough will deliver our Governor Pointe project in UTC, comprised of 160,000 square feet of Class A lab space including a 38,000 square-foot StudioLabs offering. The fully redeveloped campus will offer an on-site café, an indoor/outdoor gym, more than two acres of open space, and freeway signage directly off the I-805.
Breakthrough also recently acquired the Muse campus in the heart of Torrey Pines, which includes two fully leased, modern lab buildings and a third building totaling 95,000 square feet that will be repositioned to lab and deliver in the second half of 2026. The Class A campus was recently upgraded with a new exterior glass façade and enhanced amenity offering including a new fitness center, indoor/outdoor conference center, activated landscaping with outdoor seating and games, and a full-service café.
Torrey Heights by Breakthrough Properties
Read more about EDC’s investors in our investor spotlight blog series and join Breakthrough Properties and 150 investors committed to supporting the region’s inclusive economic development by becoming a member of EDC.
Interested in publishing an investor spotlight? Contact our team:
Each year when we give out awards at our Annual Dinner, I think of the two people who inspired them—Duane Roth and Herb Klein. And while we now call them our “Life. Changing.” Awards in alignment with our regional branding and communications efforts, I am reminded again that both Duane and Herb changed many lives. Mine included.
This year marks EDC’s 60th Anniversary. And while our Annual Dinner is always a big event that means a great deal to our team and the broader economic development community we work with and through, this year it feels like it means even more.
Part of what makes it more significant for me is thinking about how perfectly our award winners represent both the spirit of our work, and all that is truly special about the region we call home. As we celebrate six decades of economic development, we are really celebrating the people and the businesses who have paved the way and made this journey possible.
The first award is given to an individual who has gone above and beyond the responsibilities of their job to make San Diego a better place for all. Perhaps no person embodies this description more than Dr. Constance Carroll. Dr. Carroll served as the chancellor for San Diego Community College District for 17 years—the longest tenure of any chancellor in district history. She has served on countless local, state, national, and international boards and committees for both education and the arts. Dr. Carroll played a critical role in raising the profile of community colleges in the eyes of business and industry leaders throughout the region, and she is responsible for establishing and expanding the offerings of four-year bachelor’s degrees within the community college system. She has also done as much to advance the causes of economic equity and inclusion as any San Diegan I can think of.
The second award celebrates a business or organization that is changing the world from San Diego through science, technology, and innovation. Again, few organizations better embody this description than General Atomics (GA). A home-grown San Diego success story, GA has been a cornerstone of San Diego’s innovation economy since 1955. From aerospace and defense to electronics and energy, GA has become a global leader all while maintaining its headquarters in the heart of the Torrey Pines Mesa. GA boasts one of the region’s most talented and diverse workforces, and has significant education and workforce development partnerships with all of the region’s colleges, universities, and community colleges. GA co-owner and vice chairman Linden Blue has served on EDC’s board of directors for more than 25 years and was an executive committee member for more than a decade. GA’s impact exactly emulates the Life. Changing. Award.
So, during an iconic year for our organization, we are hoping that you can join us in recognizing the contributions of an iconic leader and company, and the ‘Life. Changing.’ roles they have played within our region.
As I return to the crystal ball in 2025, never have I seen such a wide range of possibilities. Both the national policy and technology landscapes are primed for major disruptions that could shape San Diego’s economic fortunes in more ways than we can count. While the map provides a fairly clear direction, the terrain is difficult to predict and sure to throw us off course at some point, at least temporarily.
What is certain is that we have just wrapped up what should be viewed as another solid year for the U.S. economy. The nation added 2.2 million jobs, a growth rate slightly above the average of the last 10 years. The economy expanded at an annualized growth rate of 3.1 percent, primarily driven by consumer spending, exports, business investment, and federal government spending. Inflation has continued to moderate with the price of energy and goods falling, while the price of services continues to rise.
I see the money, show me the jobs
Locally, San Diego continues to draw venture capital to fund young companies in both Tech and Life Sciences, to the tune of nearly $6 billion in 2024. The region also added jobs, but at about half the rate of the U.S. Recent job growth has been driven by locally serving industries like full service restaurants, whereas our innovation industries have shed jobs during the last 12 to 18 months. Some of this is right sizing after a pandemic fueled surge in Life Sciences. Some of it is driven by federal incentives that have led to relocation and expansion of Manufacturing jobs outside our region.
Meanwhile, there are $132 billion in federally appropriated funds for renewable energy that remain unspent. San Diego has a small but growing Cleantech cluster that continues to innovate and provide high-paying jobs.
Additionally, the private sector has more than bought into the promise of AI, with a third of the large companies looking to pour tens of millions of dollars more into the tech and build upon the positive returns on the past investments. The question here is whether San Diego can catch the wave of investment that is going into all these foundational and enabling technologies so that our region can also benefit from the growth will bring.
AI’s double-edged sword
Speaking of AI, 2025 may be the year that will truly test the hype. Yes, investment is up, way up (see last paragraph), but job postings requiring skills in developing AI have barely budged since the launch of ChatGPT in November 2022.
Yet, the application of GenAI is seemly impacting the skills employers are looking for in new hires. Since 2019, six of the 10 fastest growing occupations in Life Sciences have been for non-scientific and non-technical roles. In Tech, seven of the 10 fastest growing occupations have been non-engineering, non-software roles. In fact, demand for software developers has fallen 80 percent during that time—the occupation that has topped job postings lists for the last decade in San Diego. Time will tell if the AI hype is real, but for now, there are fewer Tech jobs in San Diego than there were pre-pandemic and AI’s impact on the labor market is certainly a factor.
Affordability is about payments, not prices
Another factor impacting San Diego’s Tech cluster is remote work availability, which was lower in 2024 than in 2023 and lags the national average. Remote jobs outside of the region can be especially attractive considering San Diego’s high cost of living.
However, 2024 did bring some relief in terms of housing costs. Rents in San Diego grew much more slowly compared to recent year, up 2.6 percent. The median-priced home fluctuated throughout the year but ended where it began at just above $1 million. However, mortgage rates continued to rise, driving up the monthly payment on that same million-dollar home by $730. There are signs that it is less of a seller’s market: homes have not sold above asking price for most of the past 12 months and for-sale inventory is higher than it’s been in years. Still, the big variable in the housing market is whether mortgage rates can fall enough to spur owners currently locked into historically low rates to sell.
The year ahead
These trends—converting capital to job growth, harnessing AI to boost productivity, and unlocking home sales—will help define our regional economy in the year ahead. Of course, so will several other wild cards, such as looming public budget constraints, the prospect of trade wars, global conflict, and climate change impacts. Nonetheless, the goal remains the same: to maximize San Diego’s economic prosperity and global competitiveness through an inclusive economic development agenda, and doing so with and through our network of 150+ investors and regional partners.
In 2025, EDC will focus on amplifying the economic impact of large-scale, mixed-use developments to grow and retain quality jobs and deliver much needed housing. We will also work to elevate the value of our unique assets as a military economy, cross-border region, and innovation hub. We know where we are and where we want to go—getting there will certainly be a ride.
