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The Big Picture San Diego Blog


May 2017

May 19, 2017

"Job postings aren't staying up long, and unemployment is near record lows. I expect wages to start increasing as we approach full employment." - Phil Blair, President and CEO, Manpower

 
Each month the California Employment Development Department (EDD) releases unemployment data for the prior month. This edition of San Diego’s Economic Pulse covers April data, including unemployment data, new business establishments, job postings and who’s hiring in San Diego.
 
Highlights include:
  • The unemployment rate dropped 0.4 percentage points to 3.8 percent in April, the lowest seen since December 2006.
  • Unemployment declined in 18 of 19 jurisdictions. Only Del Mar was unchanged, with an unemployment rate of virtually zero.
  • Construction job growth accelerated in April, up 8.5 percent compared to a year ago.
     
 

 

May 3, 2017

At 6pm on Monday, May 1, San Diego greeted Condor Airlines' first ever flight from Frankfurt, Germany. Condor begins seasonal, nonstop service between San Diego and Frankfurt with up to three flights weekly.
 
“Germany is one of San Diego’s most important foreign markets. By providing nonstop service to Frankfurt from San Diego, we’re opening new doors to global markets that will attract exports and lucrative foreign investment for the region,” said City of San Diego Mayor Kevin Faulconer.
 
As a key global partner to the San Diego region, Germany currently ranks fourth in terms of foreign employment (2015) and seventh in terms of total exports from San Diego (2013). 
 
Ringing in this new flight, more than 100 San Diego business and tourism officials joined WTC San Diego at Stone Brewing World Bistro & Gardens - Liberty Station for a kickoff event this Tuesday. Attendees included San Diego Mayor Kevin Faulconer; Jens Boyd, group head of long-haul, Condor Airlines; April Boling, board chairman, San Diego County Regional Airport Authority; Greg Koch, founder and Chairman, Stone Brewing; and Consul General Hans Jörg Neumann, Consulate General Germany Los Angeles. Stone Brewing Co is the only U.S. brewer to fully own and operate a brewery in Europe. 
 
Besides Frankfurt, the service will provide travelers with convenient one-stop access to European destinations such as Paris, Vienna, Prague, Venice, Berlin, Rome, Zagreb and many more.
 
This year, San Diego International Airport will double its intercontinental routes. In addition to its current service to Tokyo, London and the new route to Frankfurt, it will also add a new flight to Zurich, Switzerland later this year. 
 
May 2, 2017

This week, we sat down with Dino D'Auria, executive vice president and chief banking officer at Silvergate Bank. One of EDC's newest investors, Silvergate Bank is a San Diego-based community bank that serves individuals and businesses across industries including manufacturing, defense, property management, real estate investment and many more.

 

1) Please tell us what your company/organization does.

Silvergate Bank has four main lines of business: Mortgage Warehouse Lending, Correspondent Mortgage Lending, Real Estate Construction and Investor Financing, and – my division – Business Lending and our Branch network.  We also have an on-line portal that serves our Fintech clients for Treasury Management services.

In our Business Banking group, we primarily serve growing, privately held companies or Community Service Organizations (Not for Profit) by helping them position their balance sheets for growth and assist them in efficient and cost effective cash management.

Many of our clients come to us after having trouble working with larger banks, because they did not fit.  We take the time to teach clients how to properly report their financial statements and communicate in “banker-speak” to enable them to get the financial services needed to grow.  Some examples of our work:

  • A privately held company that rents film production equipment was piecing together many small loans at typically high rates of interest to finance their 25 percent year-over-year growth. Silvergate Bank was able to consolidate these loans into two loans at a more favorable interest rate and reduce the monthly debt service by 25 percent. This allowed more working capital to be preserved in the company, which can be leveraged to support his continued growth.
  • A privately held company that sells packaging material was using UPS to finance its shipments of product.  By coaching the company on maintaining supporting net worth in his company, we were able to replace this expensive funding source with a Formula Line of Credit cutting his financing costs by 50 percent and setting him up to grow his business.

2) What are some advantages to being located/doing business in San Diego?

San Diego is a close-knit business community. Our team is able to bring other professionals as resources for our clients through our networking activities.  The economy is diverse and provides a stable base for entrepreneurs to grow their companies and have the confidence that things will be good in the future.

3) San Diego is full of dynamic companies, firms and service providers influencing global trends and innovation. Pick another San Diego company that is at the top of its game.

Gap Intelligence is a dynamic marketing research company that is very progressive in using technology and creating a positive dynamic culture. 

4) What do you anticipate for your company in five years? What do you anticipate for San Diego?

We expect to grow Business Banking to be an equal share of our balance sheet as our other lines of business.  We also plan to expand into Orange County, Los Angeles and the Inland Empire so there are plenty of growth opportunities at the bank.

San Diego will continue to positively progress as it has over the last 20 years.