San Diego’s Economic Pulse: February 2020

Each month the California Employment Development Department (EDD) releases employment data for the prior month. Each year, the Labor Market Information Division (LMID), in cooperation with the federal Bureau of Labor Statistics (BLS), revises historical industry employment, labor force, and hours and earnings estimates. The revision process, also called “benchmarking,” produces updates to the data sets used to generate the monthly estimates.

This edition of San Diego’s Economic Pulse covers 2019 benchmarking updates and data from January 2020. Check out EDC’s research bureau for more data and stats about San Diego’s economy.

Highlights include:

  • The region’s unemployment rate was 3.3 percent in January 2020, up from a revised 2.8 percent in December 2019, and below the year-ago estimate of 3.8 percent
  • The region’s unemployment rate remains lower than both the state and national unemployment rates of 4.3 percent and 4.0 percent, respectively
  • Between December 2019 and January 2020, total nonfarm employment decreased from 1,525,200 to 1,501,700, losing 23,500 jobs
  • Between January 2019 and January 2020, total nonfarm employment increased from 1,482,000 to 1,501,700, adding 19,700 jobs
  • Professional and business services led the year-over-year gain, adding 8,600 jobs
  • Benchmark revisions show that the region experienced slower employment growth in 2019, ending the year with 15,500 fewer jobs than originally estimated

San Diego’s Quarterly Economic Snapshot – Q4 2019

Summary

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 2019.

As 2019 wraps up and the region continues to struggle with housing affordability, the number of annual building permits continues to decrease. In 2019, there were 8,082 building permits issued, with 3,023 single family permits and 5,059 multi-family permits. Annual building permits saw a 17.4 percent decrease from 2018 to 2019. Building permits have decreased annually since 2016.

Key findings from the snapshot:

  • San Diego’s unemployment rate continues to drop, at 2.8 percent in Q4
  • Total annual nonfarm employment increased by 34,800 jobs, or 2.3 percent from Q4 2018 to Q4 2019, led by 9,500 new jobs in the Professional and Business Services industry
  • The Trade, Transportation, and Utilities recorded the largest quarterly gain, adding 10,800 jobs, or 4.9 percent compared to Q3 2019
  • San Diego’s housing market was the second most expensive in the nation with the median home price at $655,000 in Q4, up annually by 4.6 percent
  • While annual building permits issued for 2019 were lower than 2018, Q4 2019 housing permits were greater than Q4 2018
  • San Diego saw 39 Venture Capital deals worth $655 million, primarily concentrated in the healthcare sector

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San Diego’s Economic Pulse: January 2020

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.

Highlights include:

  • 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)