Understanding our economy begins with strong data. Lucky for us, November means lots of it.
A little about the research products released this week:
Economic Snapshot: San Diego added 16,100 jobs year-over-year
Following an increase in employment during Q2 2017, total nonfarm employment fell 5,800, or 0.4 percent, in Q3. Job gains in the private sector helped offset some of the losses seen in local and state government. Compared to a year ago, total nonfarm employment was up 16,100, or 1.1 percent. Meanwhile, San Diego’s unemployment rate declined by 0.2 percentage points in Q3, and remained 0.6 percentage points below California’s rate and was on par with the national rate.
Key findings from the snapshot:
- San Diego closed Q3 with an unemployment rate of 4.1 percent, the 17th lowest among top U.S. metros and below the state rate of 4.7 percent.
- With the holiday season approaching, retail trade recorded the largest gain, adding 1,400 jobs during the quarter. Healthcare and social assistance continued to grow, adding 1,200 jobs.
- VC dollars in the region increased 25.1 percent compared to the previous quarter.
The 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) 2017.
Each month the California Employment Development Department (EDD) releases industry data for the prior month. This edition of San Diego’s Economic Pulse covers October 2017 data, including unemployment, new business establishments and job postings.
Key Findings from pulse:
- The region’s unemployment rate fell to 3.7 percent in October, from a revised 4.1 percent in September, and is a full percentage point below the October 2016 rate of 4.7 percent.
- Nearly every jurisdiction in San Diego saw a decline in unemployment. Imperial Beach saw the largest decline for a second consecutive month.
- Year-over-year, real estate, rental and leasing growth outpaced all other sectors, up 5.6 percent.