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.
Data are now updated through Q3 2020, reflecting the impacts of COVID-19 on our regional economy. Scroll through the interactive maps and graphs below to see trends in employment, housing, and investment.
Home Prices Rise
Median home price of $7290K
Industrial Construction Jumps
5.6M sqft under construction
Q3 Employment Increases
22.6K jobs came back
Key findings from q3 2020:
- HOUSING: Home sales and home prices jump despite elevated unemployment. In May, home sales were down 42 percent compared to a year ago but have since bounced back and accelerated through Q3. Despite elevated levels of unemployment, record low mortgage rates, and a tight supply of homes for sale have pushed home prices to new highs. The median-priced single-family home is $729,000, up nearly 9 percent in Q3 and the second highest among the top 25 most populous metros.
- COMMERCIAL REAL ESTATE: Manufacturing is driving demand for industrial space. An additional 5.6 million square feet of industrial space came under construction in Q3; a substantial portion of that is Amazon’s 3.3 million square foot, four-story build-to-suit distribution center in Otay Mesa. Even with all this construction, the vacancy rate dropped to 5.1 percent in Q3. Given new restrictions due to rising COVID-19 case numbers, consumers continue to shift to online shopping, and companies work to avoid supply chain disruptions causing more local manufacturing and industrial facilities to be in demand.
- SECTOR EMPLOYMENT: Thousands of jobs came back during the quarter. This includes sectors like professional and business services where jobs have been less impacted by the pandemic, but it also includes tourism and retail which have arguably been hit the hardest. Total employment in San Diego increased by 22,600 jobs in Q3. Compared to Q3 2019, total nonfarm employment is down nearly 120,000 jobs.