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Economic Development 101

January 21, 2015

Leading up to San Diego’s Global Summit on March 11, we’ll be giving a rundown of some panelists, guest speakers and programs involved in the Summit every Wednesday.

San Diego quote graphic

With new and stable city leadership, sustained recovery from the Great Recession, and a balanced city budget, San Diego is poised for future and sustained growth.

San Diego’s ability to maintain long-term economic growth and job creation will depend on its ability to attract additional investment and promote exports in the region’s key  industries.

Have no fear; San Diego’s leaders are prepared to do just that.

San Diego’s participation in the Global Cities Initiative (GCI) began in 2012 when the Brookings Institution selected San Diego as one of eight metro areas to participate in the Metropolitan Export Exchange program whose goal is to help regional leaders create and implement strategic action plans to increase exports. This effort culminated locally in the release of the Global San Diego Export Plan in early 2014 and the formation of the Global Competitiveness Council to champion international efforts.

The initial plan revealed some stark facts about San Diego’s position in the global economy. San Diego is the 17th largest metro by GDP and population in the U.S. but it ranks 49th in the US in terms of the percentage of jobs in foreign-owned firms and 61st in terms of export intensity. However, it also gave us an opportunity to change things.

Immediately following the release of the Export Plan, San Diego was selected as one of six cities to participate in a new pilot GCI program, the Metropolitan Foreign Investment Initiative. What started as a program focusing on educating leaders about the benefits of foreign direct investment (FDI) and helping regions create policies and programs to attract additional FDI evolved into cities actually creating a global trade and investment plan – which marries the action plans of increasing exports and attracting FDI.

Foreign direct investment may seem like an elusive term, but it can be defined as when a foreign entity invests in a domestic organization either by locating part of its business here or by infusing capital or buying a domestic business. The benefits of increasing exports and attracting FDI are key to San Diego’s future and sustained growth.  Global companies – those that export or receive foreign direct investment –  pay their employees higher wages, invest more in R&D, and increase the global exchange of ideas; all important and relevant if San Diego wants to compete in the international marketplace.

At San Diego’s Global Summit on March 11, EDC and its partners will release the region’s Global Trade and Investment Plan, a culmination of research, action plans, and programs which aim to increase the amount of foreign investment into the region and assist companies in the region in their effort to go global.

More information on March 11 is available here.

Next week, we’ll take a look at a regional asset that contributes more than $10 billion in economic activity and connects San Diego’s businesses and people to the globe. In regards to San Diego’s position in the global economy, there’s no place to go but up. 


Join us as we formally launch San Diego's Global Summit, a global competitiveness initiative, on March 11. Subscribe here to receive new posts every Wednesday on this topic.

January 16, 2015

From the success of National Manufacturing Day to Nat Geo's decision to profile San Diego in its 'World Smart Cities" documentary, to efforts to defend the region's military assets, EDC worked with its partners to ensure San Diego continues to be a magnet for talent, capital and investment. Please check out our infographic displaying all these 2014 accomplishments.

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January 15, 2015
Every quarter, San Diego Regional EDC analyzes key economic metrics that are important to understanding the regional economy and San Diego’s standing relative to other major metropolitan areas in the U.S. This issue covers data from the July 2014 to October 2014 quarter. 
 
In this issue, EDC presents updates on trends in employment, real estate and venture capital, with a special spotlight on the labor market in 2014. The spotlight provides an analysis of employment, unemployment and key sectors using annual 2014 employment data. 
 
Download the full snapshot to view all of the tables, graphs and trends for this quarter. 
 

 

The snapshot is made possible by 

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January 2, 2015

Recently, EDC released its Manpower Monthly Employment Report. Since then, the U.S. Bureau of Labor Statistics has released November employment data on all U.S. metros, which allows us to analyze some key indicators across geographies. Click on images to enlarge in a new window/tab.

HIGHLIGHTS

  • At 5.8 percent, San Diego’s unemployment rate ranked 16th among the 25 most populous U.S. metros.
  • From November 2013 to November 2014, San Diego's unemployment rate fell by -1.2 percentage points, which ranked 8th.
  • San Diego's total employment grew by more than 3.2 percent from November 2013 to November 2014, which ranked 6th.
  • San Diego's employment in professional, scientific and technical services (PST) grew by 6.7 percent, the 4th highest growth rate.
  • Manufacturing in San Diego grew more than 3.7 percent from the previous year, the 3rd highest growth rate.

[Employment Chart]

The Bureau of Labor Statistics (BLS) recently released employment data for the November 2014 period for all U.S. metro areas. When looking at employment growth, San Diego was one of the best in the nation. From November 2013 to November 2014, the region's employment grew by more than 3.2 percent, which ranked 6th among the 25 most populous U.S. metros. The U.S. average growth rate remained at only 2 percent. San Diego has consistently outpaced U.S. employment growth this year.

[Unemployment Chart]

At 5.8 percent, San Diego County’s unemployment rate remained the same as it was in October, but fell by 1.2 points from this time last year. San Diego's rate ranked 16th among major U.S. metros and remained above the U.S. overall rate of 5.5 percent. However, San Diego's rate fell faster than most metros. San Diego's percentage point change from November 2013 to November 2014 ranked 8th among major U.S. metros. While the unemployment rate in San Diego was higher than some of the region's key peer metros, it still fared better than other California metros like Los Angeles and Riverside, and fell roughly in the middle of the 25 most populous U.S. metros.

[PST Chart]

San Diego's overall growth is very positive, and we continued to see even more explosive growth in one of the region's most important sectors. Professional, scientific and technical services (PST) is a sector of the economy very heavily associated with the region's innovation clusters. Much of the companies and employment in clusters like biotechnology, biomedical products, cleantech and information technology fall within the PST sector. While we saw high growth in in the October report (5.0 percent), employment in the region's PST sector grew by 6.7 percent since last November. San Diego ranked 4th among the 25 most populous U.S. metros in this measure, and far outpaced U.S. average growth, which is a positive sign for the region's key traded clusters.

[MFG Chart]

We continued to see even more  impressive growth in San Diego's manufacturing sector. Manufacturing is another key industry for growth in the region, not only because manufacturing jobs are accessible and pay well, but also because certain manufacturing subsectors are critical to the region's innovation clusters. From November 2013 to November 2014, manufacturing employment grew by 3.7 percent. San Diego's manufacturing employment grew at more than twice the rate of the U.S. (1.5 percent), and recorded the 3rd highest growth rate among major U.S. metros. 

Last month, we speculated that November would be a good month for San Diego given that the BLS had already reported such strong national figures. We covered how good the local numbers were in detail in our most recent Manpower Monthly Employment Report, but it is important to understand San Diego's growth relative to its peers. San Diego continues to fare better than most in employment growth, particularly in key innovation sectors. In two weeks, we will know San Diego's December figures and wrap up 2014. Barring a very unexpected poor report, San Diego will likely finish the year much better than even the most optimistic expectations, and likely better than the majority of peer metros.

Thank you to Manpower-SD for their ongoing support of EDC's employment trends research.

December 31, 2014
Good News” is all around us. For the third year in a row, we've compiled a list of some of the greatest moments of the year. As 2014 draws to an end, EDC would like to share some of the remarkable accomplishments from across our entire mega-region. From genome sequencing to UAVs, we are a region of smart people, working together, to solve some of the world’s hardest problems…and we will continue to be known for innovation and collaboration, for years to come.
 
Here’s to another year of writing San Diego's story.
 
Team EDC
 
 
  'World's Smartest Company' expands in San Diego
Going into 2014, the "$1,000 genome" - a catchphrase that describes the ability to sequence a human genome for under $1,000 a person -  was an abstract, but a San Diego company proved it could happen. In January, Illumina introduced its HiSeq X Ten Sequencer, which broke the $1,000 barrier. Shortly thereafter, MIT Technology Review released its list of "50 Smartest Companies" with Illumina at the top, beating out Telsa, Google, and Samsung. In July, the City of San Diego - with EDC's assistance - announced an agreement that would help the genomics pioneer expand in San Diego; the City provided a tax rebate in exchange for the retention and creation of 300 well-paying jobs. Read more...

 
  Forbes recognizes San Diego's startup power
It's not just EDC that's calling 2014 the "year of the startup" in San Diego. In March, Forbes gave us the accolade of the "Best Place to Launch a Startup in 2014." It's safe to say we've lived up to it. From CyberHive to EvoNexus and CONNECT, many San Diego programs and incubators support the startup ecosystem. Plug and Play Tech Center - the Silicon Valley accelerator - selected San Diego as its first U.S. satellite city. Qualcomm and TechStars have teamed up to start a robotics accelerator. In the first three quarters of 2014, San Diego companies received more than $719 million dollars in venture capital funding, up more than $88 million from the year prior. Local universities, such as UC San Diego and SDSU, have helped create a entrepreneurial culture. Read more...

 
  Atkins tapped to lead State Assembly 
In March, Toni Atkins became Assembly Speaker, making her the first CA Speaker from San Diego. In her first year, she's helped shine the spotlight on San Diego and many issues pertinent to the region. From education to job creation, San Diegans now know their voice is heard on state issues. She even got to be Governor...for a day. As she begins her first full term as Speaker in 2015, she plans to focus on the budget and education. Locally, new leadership and transparency also came to San Diego City Hall this year, with Mayor Kevin Faulconer taking office.

 
  Border infrastructure gets an upgrade
In 2014, San Diego broke ground on a new cross border terminal. When complete, travelers will be able to park on one side of the border and take the private walkway to fly out of Tijuana International Airport. But those who choose to travel by car also got good news this year. Every year, more than 19 million people pass through San Ysidro Port of Entry - the busiest land port in the world - in personal vehicles. Because of a newly-completed border expansion, Border Patrol now has 25 rebuilt inspection lanes with a total of 46 booths at its disposal; and that’s just the beginning. By January 2018, the Port is expected to grow to 34 lanes with 63 booths. Reduced wait times will have powerful economic implications, helping the region recover some of the estimated 62,000 jobs lost to border congestion annually.

 
  National Geographic: San Diego is a smart city
Thanks to a strong technology sector, local innovation, green practices, smart public planning, and an unparalleled quality of life, San Diego is the only North American city that will be featured in a National Geographic documentary about "World Smart Cities." The documentary will air in more than 20 countries in 2015. The filming  captured some of San Diego's best and brightest, including: the Port of San Diego and how it has become a leader in environmental issues with its new shore-power system at the Tenth Avenue Marine Terminal; the innovation in UAVs, courtesy of Northrop Grumman; UCSD’s San Diego Center for Algae Biotechnology, which engineers algae for the production of hydrocarbon molecules that can be used as biofuels; and more.

 
  SD dominates biotech
The world's biggest biotech convention was back in San Diego in June, bringing some 15,000 visitors to the region. With speakers including Gov. Brown, Hillary Rodham Clinton and Richard Branson, all eyes were on San Diego. But San Diego's biotech domination spans more than just a four-day period. In 2014, Jones Lang Lasalle named San Diego the third largest biotech hub in the U.S. Anchored by more than 86 research institutions and a dynamic private sector, the region’s leadership in stem cell research and the mapping of the human genome is second to none. This year, San Diego innovators developed ebola therapies and expanded the DNA alphabet.  As a testament to our life sciences dominance, The Scientist recently highlighted the "top 10 research products of 2014," where half of the list was made of up San Diego-based companies' innovations.

 
  Tactical urbanism makes a comeback
San Diego is not just growing bigger; it's growing smarter. This year, San Diego found out what happens when you convert an eight acre parking lot on the bay into a lush park. Complete with interactive fountains, garden and play structures, the County Waterfront Park fulfills a vision decades in the making slating it as a quintessential destination for residents and visitors. The Downtown San Diego Partnership introduced Park(ing) Day, which temporarily converted metered parking spaces into creative, public spaces. In the East Village, Makers Quarter brings an influx of collaborative community and creative culture to San Diego. A new seven-mile bike loop was also added to assist cyclists in San Diego's urban core. 

 
  Stone goes global
San Diego craft beer is taking the world by storm. The best local example of this: Stone Brewing Co. Since its founding in 1996, Stone has expanded several times, and today can claim it's the 10th largest craft brewery in the United States. But this is not just a U.S. story anymore. In July, Stone announced they would be the first U.S. brewery to independently own and operate a brewery in Europe. And they chose Berlin, arguably the beer capital of the world, as the place to do this. Stone is just one example of a San Diego company going global. With the release of the Global San Diego Trade and Investment Plan in 2015, we expect more companies to follow Stone's lead.

 
  Breeders Cup and U.S. Open coming to the region
San Diego may not play host to the 2017 America's Cup, but it secured two major sporting events in 2014. For the first time, the Breeders Cup - the biggest event in horse racing - will come to the Del Mar racetrack in 2017. The two day event is expected to generate upwards of $64.9 million in economic impact for the region. Down the road, Torrey Pines will be home to the 2021 U.S. Open. Last time San Diego hosted the event in 2008, a study found there was an estimated $142 million economic impact. Although a final decision has not been made, odds are looking good that San Diego will play host to the 2016 MLB All-Star game at Petco Park. The San Diego City Council recently approved a proposal to allow up to $1.5 million in funds to help secure the event.

We could not end a year of Good News without acknowledging Brown Law Group, both our sponsor and the inspiration behind Good News. Thank you for your unwavering support.
 

 

TAGS
December 19, 2014

Download a printable version

“I can’t overstate how impressive San Diego’s jobs numbers are this month. We’re far exceeding even optimistic expectations, and continue to lead the way. It’s been an exciting year for growth.”
Phil Blair, President and CEO
Manpower San Diego


[Highlights]

This post is part of an ongoing monthly series dedicated to the California Employment Development Department (EDD) monthly employment release and is brought to you by Manpower. Click images to enlarge in a new tab/window.

The California Employment Development Department (EDD) released statewide county employment data today for the November 2014 period, and much like the national report released two weeks ago, San Diego County experienced another month of outstanding job growth.

San Diego County employers added another 13,100 jobs in November, which makes it 60,800 jobs added so far in 2014. When looking at year-over-year growth, the region added 43,000 jobs, which is the most in 20 months. The annual job growth rate was 3.2 percent growth, which eclipsed the U.S. total employment growth rate of 2.0 percent over the same period.

[Total Chart]

San Diego County’s unemployment rate remained flat at 5.8 percent and fell by 1.2 points from this time last year. The unemployment rate in the region was 1.3 points below California’s 7.0 percent rate and tracked just above the U.S. average of 5.5 percent, which also remained flat. While the unemployment rate didn’t decline, it did remain flat amid 4,000 new labor force participants, indicating that job seekers are finding employment.

Job growth continued to be fueled by our private sector. San Diego County private businesses added 10,600 jobs in November and 40,500 since one year prior. Over the past year, private businesses have accounted for more than 94 percent of job growth in the region and grew by about 3.7 percent. This includes our goods producing industries which grew by more than 4.3 percent over that period—well above the national average.

[Unemployment Chart]

While goods producers have outpaced service providers in annual averages, service providers offset seasonal losses from goods producers in November. Most of this can be attributed to retail stores addressing holiday shopping needs while construction projects experience a seasonal slow down. Retail jobs alone accounted for more than 60 percent of private job growth last month, while construction and manufacturing businesses shed 1,700 jobs.

Despite the seasonal downturn, construction and manufacturing drove more than 16 percent of the region’s annual private job growth from November 2013 to November 2014. These industries added 6,800 jobs over the same period and outpaced total job growth. In particular, the ship and boat building sector grew by 13.6 percent over that period, which is a good sign for the region’s blue economy.

[MFGChart]

Other innovation sectors continued to show annual job growth. The professional, scientific and technical services (PST) sector grew by more than 6.7 percent and represents many of our innovation employers. National PST employment only grew by 3.2 percent over that period. More specifically, scientific research and development services, which represents many cleantech and life science companies, grew by 4.5 percent since last November.

The region’s other important growth sectors continued to grow above the regional average. The health care sector grew by 4.9 percent and is one of the region’s largest employers, representing 157,500 jobs. Another large and impactful industry, tourism, experienced 3.9 percent growth over that period. Finally, staffing services continued to grow rapidly—a good indicator of company growth.

[Growth Chart]

It remains clear that 2014 has been an outstanding year for job growth in the region. San Diego’s key traded industries led the way and the region is far ahead of the pace many anticipated at the outset of the year. The region continues to outperform the U.S. both in total employment and in key sectors, and job seekers continue to return to the economy and find jobs. It will be exciting to see how the region closes out the year when December figures are released next month.

See press release here.

Note: Our Economic Indicators Dashboard will show how our unemployment rate compares to other US metros and the US total rate when that information is released in the coming weeks.

December 10, 2014

Recently, EDC released its Manpower Monthly Employment Report. Since then, the U.S. Bureau of Labor Statistics has released October employment data on all U.S. metros, which allows us to analyze some key indicators across geographies. Click on images to enlarge in a new window/tab.

HIGHLIGHTS

  • At 5.8 percent, San Diego’s unemployment rate ranked 17th among the 25 most populous U.S. metros.
  • From October 2013 to October 2014, San Diego's unemployment rate fell by -1.6 percentage points, which ranked 8th.
  • San Diego's employment grew by more than 2.6 percent from October 2013 to October 2014, which ranked 8th.
  • San Diego's employment in professional, scientific and technical services (PST) grew by 5.0 percent, the 5th highest growth rate.
  • Manufacturing in San Diego grew more than 3.6 percent from the previous year, the 4th highest growth rate.

[Unemployment Chart]

The Bureau of Labor Statistics (BLS) recently released employment data for the October 2014 period for all U.S. metro areas. At 5.8 percent, San Diego County’s unemployment rate fell by 1.6 points from this time last year. San Diego's rate ranked 17th among major U.S. metros and remained above the U.S. overall rate of 5.5 percent. However, San Diego's rate fell faster than most metros. San Diego's percentage point change from October 2013 to October 2014 ranked 8th among major U.S. metros. While the unemployment rate in San Diego was higher than some of the region's key peer metros, it still fared better than other California metros like Los Angeles and Riverside, and fell roughly in the middle of the 25 most populous U.S. metros.

[Employment Chart]

When looking at employment growth, San Diego was one of the highest growing metros. From October 2013 to October 2014, the region's employment grew by more than 2.6 percent, which ranked 8th among the 25 most populous U.S. metros. The U.S. average growth rate was only 2 percent.

[PST Chart]

While San Diego's overall growth is very positive, we continued to see more explosive growth in one of the region's most important sectors. Professional, scientific and technical services (PST) is a sector of the economy very heavily associated with the region's innovation clusters. Much of the companies and employment in clusters like biotechnology, biomedical products, cleantech and information technology fall within the PST sector. While we saw higher growth in in September (7.2 percent), employment in the region's PST sector grew by 5.0 percent since last October, still much higher than the U.S. average of 3.1 percent. San Diego ranked 5th among the 25 most populous U.S. metros in this measure, which is a positive sign for the region's key traded clusters.

[MFG Chart]

We saw even more  impressive growth in San Diego's manufacturing sector. Manufacturing is another key industry for growth in the region, not only because manufacturing jobs are accessible and pay well, but also because certain manufacturing subsectors are critical to the region's innovation clusters. From October 2013 to October 2014, manufacturing employment grew by 3.6 percent, which was faster than the region's overall growth rate. San Diego's manufacturing employment grew at twice the rate of the U.S., and recorded the 4th highest growth rate among major U.S. metros. 

While we already knew San Diego's October figures were positive, as we wrote in our most recent Manpower Monthly Employment Report, it remains important to understand San Diego's growth relative to its peers. San Diego continues to fare better than most in employment growth. Unemployment numbers are improving, but still lagging behind the U.S. and other key peer metros, which is something to remain cautious about. At this point, we know that November was very strong month nationally, in which the U.S. added 321,000 jobs, the most in almost three years. We also saw positive growth in temp jobs in November, according to Staffing Industry Analysts. It will be exciting to see how these figures are reflected by San Diego businesses and job seekers, which we will detail in November's Manpower Monthly Employment Report next Friday, December 19th, when the California Employment Development Department Releases the data.

Thank you to Manpower-SD for their ongoing support of EDC's employment trends research.

November 21, 2014

Download a printable version

“We continue to find ourselves in a much better position than the year before, as our labor force and employment base continue to grow. Job seekers are not only finding opportunities, but in industries that pay well.”
Phil Blair, President and CEO
Manpower San Diego


This post is part of an ongoing monthly series dedicated to the California Employment Development Department (EDD) monthly employment release and is brought to you by Manpower. Click images to enlarge in a new tab/window.

[Highlights]

The California Employment Development Department (EDD) released statewide county employment data today for the October 2014 period. At 5.8 percent, San Diego County’s unemployment rate dropped 0.1 points from September to October, and fell by 1.6 points from this time last year. The unemployment rate in the region remained 1.2 points below California’s 7.0 percent rate and tracked just above the U.S. average of 5.5 percent.

While a 0.1 point decrease may not seem particularly outstanding, the unemployment rate continued its descent while the labor force added 14,900 job-seekers this month. Unemployment claims remained flat, meaning there was one job for every one person who re-entered the labor force. This is a great sign moving forward, since it shows that workers are encouraged and finding jobs.

[Unemployment Chart]

When looking at employment changes, we see a mix of private and public sector growth, the latter due mostly to the return of public school employees. From September to October, the region’s total employment grew by 12,500 jobs, with the private sector accounting for 5,700 jobs.

Monthly private sector gains were partially offset by the continued seasonal decline of accommodation, recreation and food service workers that support our visitor and convention economy. These changes happen every year, as the summer travel season winds down. Much of this employment is made up for with seasonal gains in the retail trade sector, as businesses begin serving back-to-school and holiday shoppers.

[Tourism Chart]

Perhaps more importantly, San Diego’s total and private employment growth continued to outpace the U.S. average. Since October 2013, San Diego’s employment grew by 2.6 percent compared to 2.0 percent nationally. Likewise, the region’s private sector grew by 3.0 percent compared to 2.3 percent nationally.

Most of the private growth from September to October came from a handful of industries. Health care, education, retail trade and administrative services alone added more jobs than the net private sector, meaning the 7,300 jobs added in those industries were offset by losses elsewhere in the private sector, mostly in tourism-related industries.

[Growth Chart]

San Diego’s construction and manufacturing industries had a slow month, but that is typical for this period. These industries are still producing high year-over-year employment gains. Construction and manufacturing added a combined 8,000 jobs since October 2013, and both are growing well above the private sector average.

Innovation sectors continued to show annual job growth. Ship and boat building grew by more than 11 percent and is a critical component of our maritime cluster. The professional, scientific and technical services sector grew by 5.0 percent and represents many of our innovation employers. More specifically, scientific research and development services, which represents many cleantech and life science companies, grew by 4.2 percent since last October.

[MFGChart]

The numbers from October’s report are promising. We don’t entirely know the deeper causes behind the labor force and unemployment numbers, so optimism should be tempered in that regard. However, San Diego continues to experience above average annual job growth driven by its core industries like health care, advanced manufacturing and science-related services, which is clearly something to remain optimistic about.

Note: Our Economic Indicators Dashboard will show how our unemployment rate compares to other US metros and the US total rate when that information is released in the coming weeks.

November 7, 2014

Mayor Faulconer and TSRI Acting President & CEO James Paulson

With more than 80 research institutes throughout the region, San Diego is a breeding ground for innovative companies and institutes that solve some of the world’s toughest challenges.  Perhaps no local institution has captured the region’s innovative spirit more than The Scripps Research Institute (TSRI).

 They are on the forefront of controlling a global epidemic. Currently, TSRI Professor Erica Ollmann Saphire is advancing new Ebola therapies and has already contributed to the development of ZMapp, the Ebola therapy from San Diego-based Mapp Pharmaceuticals, given to the first two U.S. missionaries who survived infection.  Dr. Saphire has launched a crowdfunding campaign to find new therapies for the viral disease. TSRI Professor Dennis Burton and his colleagues are also taking a global leadership role in the development of a vaccine to combat HIV/AIDS, focusing on understanding rare antibodies that are effective in neutralizing the virus.

As part of his commitment to raising global awareness of the region’s innovation economy, City of San Diego Mayor Kevin Faulconer has partnered with EDC to tour some of San Diego’s most cutting-edge businesses and institutes, including TSRI last Friday.  The Mayor also visited General Dynamics NASSCO and SPAWAR earlier this year.

As of Tuesday, Dr. Saphire’s crowdfunding campaign has exceeded its $100,000 goal, meaning more innovation will take place right here, in San Diego.  


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November 5, 2014

AMP SoCal

San Diego’s aerospace and defense industries play a critical role in our regional economy.  To further support these key industries, San Diego Regional EDC joined in partnership with 86 dedicated organizations to form the AMP SoCal Coalition to compete for the new federal designation known as the Investment in Manufacturing Community Partnership (IMCP). The AMP SoCal coalition, which stretches from San Diego through Ventura County, was one of only 12 regions across the United States that received this new special grant status from the U.S. Economic Development Administration.

The IMCP designation allows 11 federal agencies with $1.3 billion in economic development funds to use the designees’ plans to make targeted investments in demonstrably strong public-private partnerships to strengthen regional manufacturing. Essentially, this opens up AMP SoCal and the 11 other IMCP designees to vie for a piece of this $1.3 billion funding.

To ensure the AMP SoCal Coalition puts its best foot forward, San Diego Regional EDC, along with East County EDC President Jo Marie Diamond and other members of AMP SoCal Coalition, participated in a two day conference in Washington D.C. last week. This conference was designed to provide best practices insights for regions that won IMCP designations, while giving attendees direct access to the federal agencies participating in the program including the Department of Defense, Environmental Protection Agency, Small Business Administration, and Department of Transportation.

In December, San Diego will be hosting AMP SoCal’s Executive Board meeting to review the IMCP conference and continue to identify regional opportunities to leverage the IMCP status to compete for locally impactful grants.

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