Each month the California Employment Development Department (EDD) releases employment data for the prior month. This edition of San Diego’s Economic Pulse covers December 2019. Check out EDC’s research bureau for more data and stats about San Diego’s economy.
The region’s unemployment rate was 2.8 percent in December 2019, down from a revised 2.9 percent in November 2019, and below the year-ago estimate of 3.1 percent
The region’s unemployment rate remains lower than both the state and national unemployment rates of 3.7 percent and 3.4 percent, respectively
Between November 2019 and December 2019, total nonfarm employment increased from 1,538,200 to 1,540,700, adding 2,500 jobs
Between December 2018 and December 2019, total nonfarm employment increased from 1,505,900 to 1,540,700, adding 34,800 jobs
Between December 2018 and December 2019, professional and business services led the year-over gain, adding 9,500 jobs and mostly driven by growth in professional, scientific, and technical services (up 7,500)
Each month the California Employment Development Department (EDD) releases employment data for the prior month. This edition of San Diego’s Economic Pulse covers November 2019. Check out EDC’s research bureau for more data and stats about San Diego’s economy.
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 Q3 2019.
Over half of the 24 most populous metros experience a decline in total nonfarm employment during Q3 from Q2, including San Diego. The region saw a decline of 2,200 jobs – a 0.1 percent decrease in total nonfarm employment from Q2 to Q3, primarily due to seasonal changes. On the other hand, compared to a year ago, nonfarm employment was up 30,600, or 2.1 percent.
Key findings from the snapshot:
San Diego’s unemployment continues to drop, at 2.7 percent in Q3
While there was a decrease in nonfarm employment from Q2 to Q3 2019 due to seasonal changes, annual nonfarm employment was up 30,600 jobs, or 2.1 percent compared to Q3 2018
San Diego’s housing market was the third most expensive in the nation, despite home prices decreasing in Q3 both quarterly and annually
Housing permits increased substantially year-over-year in San Diego, largely due to multi-family housing permits increasing by nearly 133 percent
Overall, total housing permits increased nearly 68 percent compared to a year ago
San Diego saw 34 VC deals worth $707 million
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 July to September (Q3) 2019.
Each month the California Employment Development Department (EDD) releases employment data for the prior month. This edition of San Diego’s Economic Pulse covers October 2019. Check out EDC’s research bureau for more data and stats about San Diego’s economy.
From December 2018 and January 2019, the San Diego Small Business Lending Collaborative surveyed 129 existing and 101 prospective business owners in three San Diego Promise Zone zip codes (92102, 92113 and 92114). The purpose of the survey was to identify barriers for small business establishment and growth within the San Diego Promise Zone, a geographic area comprising of Barrio Logan, Southeastern San Diego, and Encanto. Historically disadvantaged, the culturally rich communities within the San Diego Promise Zone possess unique barriers that inhibit economic growth.
The study, written by the San Diego Regional EDC, found that the biggest challenge business owners face is related to credit/financing. Only 12 percent of business owners have ever applied for business financing, and out of those who have, they found only expensive options or were declined due to bad credit or income requirements. The final report outlines recommendations and strategies for small business owners in the San Diego Promise Zone to overcome these obstacles and grow their companies. For example, expanding access to entrepreneurship training and accelerator programs for low to moderate income populations.
In an effort to address San Diego’s soaring cost of living, San Diego Regional EDC and its Inclusive Growth Steering Committee of 40 employers officially endorsed a regional goal to create 75,000 newly thriving households by 2030. Driven by the findings in EDC’s latest study release, this regional goal and accompanying set of recommendations aim to address key factors (housing, transportation and childcare) impacting San Diego’s affordability crisis – the last of three main goals of a regional Inclusive Growth agenda.
San Diego Regional Economic Development Corporation released a study—Qualcomm’s Contribution to San Diego’s Economy, showcasing how the company’s investment in the community has impacted the industry, economy and region as a whole. Since its humble beginning in 1985, Qualcomm has been at the forefront of innovation, entrepreneurship and research and development (R&D.) It settled with a home base in San Diego, providing a significant economic impact and tremendous contributions to our region since its founding.
Qualcomm is not only a technology industry leader in our region; it also engages the marketing, accounting, legal services, consulting, environmental and engineering industries in San Diego, in-turn creating jobs and opportunities along every step of the company’s tech journey. Just in 2018, Qualcomm had an economic impact of approximately $4 billion in the San Diego economy. To put that into perspective, it’s the equivalent of 41 Breeder’s Cup World Championships, 27 San Diego Comic-Cons and 3.6 San Diego Convention Centers. This research was sponsored by Qualcomm, who provided employee data for EDC’s impact analysis.
San Diego has emerged as a leader for the development of cybersecurity technology and the delivery of cyber-related services. The region’s healthy ecosystem, including its strong military presence, world-class academic institutions, incubators and strong partnerships between industry associations and governments, has positioned San Diego as a hub for cyber operations. Today, there are more than 150 firms in the San Diego region focused exclusively on cyber. With incidences of cyber attacks on the rise worldwide, the industry’s innovative companies are equipped to meet the global market’s increasing demands for new products and technologies. This study was produced in collaboration with the Cyber Center of Excellence.
Small businesses, which represent approximately 98 percent of all local companies, are the backbone of the regional economy. This initiative, which includes a survey of 164 businesses along the 78 Corridor, seeks to uncover insight and gain a deeper understanding of small business perceptions of the regional business climate. The end goal is to develop new and enhance existing programming and support for small businesses in the 78 Corridor. For the purpose of this survey, small businesses are defined as having fewer than 100 employees.
Small businesses – those with fewer than 100 employees – are the backbone of the regional economy. This initiative, which includes a survey of 522 small businesses across San Diego and Imperial counties, seeks to uncover insight and gain a deeper understanding of small business perceptions of the regional business climate. The end goal is to develop new and enhance existing programming and support for small businesses in the region. This report was commissioned by the Small Business Development Center (SBDC).