Skip to Content
The Big Picture San Diego Blog


research

November 17, 2017

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.

 

Economic Pulse:

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.

 

October 20, 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 September 2017 data, including unemployment, new business establishments and job postings.
 
Highlights include:
  • The region’s unemployment rate fell to 4.1 percent in September from a revised 4.7 percent in August, and is below the September 2016 rate of 4.6 percent.
  • Every jurisdiction in San Diego experienced a decline in its unemployment rate. The largest drops occurred in the cities of El Cajon and Imperial Beach.
  • The labor force grew in September, for the fourth consecutive month, adding 8,600 workers. 
  • Year-over-year, real estate, rental and leasing job growth outpaced all other sectors, up 7.9 percent.
 
Read San Diego's Economic Pulse here.
October 11, 2017

Last week, thousands of MFG Day events were held across the country to celebrate modern manufacturing. In San Diego, more than 50 companies participated in events - from facility tours to regional resource fairs - to showcase a wide range of job opportunities. This included a private tour of Samsung’s maquiladora in Tijuana, which employs upwards of 6,000 workers, alongside Rep. Susan Davis and more than 20 EDC partners. Fun fact: San Diego’s MFG day is one of the only bi-national celebrations in the country. The week culminated at EDC’s annual breakfast event, attended by more than 200 local business and civic leaders.

The goal of MFG day is to change public perception of the sector, and introduce people to manufacturing careers. Even though San Diego has a smaller concentration of manufacturing employment than the national average, the region is home to nearly 110,000 manufacturing jobs, spread across more than 300 industries1. These are not just team assembler and machinist roles; there are hundreds of unique occupations from finance to marketing to engineering. And these are good paying jobs. In 2016, the average annual salary exceeded $79,000 in San Diego2.

Dismissiveness toward manufacturing comes from a track record of employment declines that began well before the Great Recession, in large part due to increases in automation. However, with a focus on advanced manufacturing, San Diego has fared much better. Since 2007, when the recession began, manufacturing employment declined 11.2 percent nationwide. During that same time, manufacturing in San Diego grew 3.2 percent, adding more than 3,400 jobs3.

This is because manufacturing in San Diego is driven by the innovation economy that makes aircrafts, medical equipment and semiconductors. Of course, there are also apparel makers, plastic producers and world-famous breweries. But the top eight manufacturing industries, accounting for more than 61,000 manufacturing jobs, are all in advanced industries such as aerospace and biotech4.  

Strategic development of San Diego's defense and life science clusters, as well as the strong partnership with Baja California, has helped the region’s manufacturing sector remain relevant and competitive.

1-4EMSI 2017.3.

September 15, 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 August 2017 data, including unemployment, new business establishments and job postings.

Highlights include:

  • The region’s unemployment rate was 4.7 percent in August, unchanged from a revised 4.7 percent in July.
  • The unemployment rate was unchanged in every jurisdiction, with the exception of Carlsbad, which increased by 0.1 percentage points in August.
  • The region’s labor force grew again in August, adding 300 workers during the month.
  • Year-over-year, real estate, rental and leasing growth outpaced all other sectors, up 7.1 percent; an increase of 2,000 jobs.

Read San Diego's Economic Pulse here.

August 18, 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 July 2017 data, including unemployment, new business establishments and job postings.
 
Highlights include:
  • The unemployment rate increased 0.4 percentage points to 4.7 percent in July.
  • Unemployment increased in 19 out of 19 jurisdictions. Imperial Beach saw the largest increase of 0.6 percentage points.
  • The region’s labor force grew again in July, adding 12,500 workers during the month.
  • Year-over-year, real estate, rental and leasing growth outpaced all other sectors, up 4.9 percent; an increase of 1,400 jobs.  
 
Read the Economic Pulse here.
August 16, 2017

Following seasonal declines in employment during Q1, San Diego experienced an increase in employment during Q2 2017. The region added 14,100 jobs - a 0.98 percent increase in employment during the quarter. Year-over-year, the region added 27,800 jobs, increasing employment by nearly 2.0 percent.

Meanwhile, San Diego’s unemployment rate rose by 0.1 percentage points during Q2, but is 0.6 percentage points lower than the same period a year ago.

Other key findings from EDC's Quarterly Economic Snapshot include:

  • San Diego closed Q2 2017 with an unemployment rate of 4.3 percent, the 15th lowest among top U.S. metros and below the national and state rates of 4.5 and 4.9 percent, respectively.
  • With the summer tourist season approaching, the leisure and hospitality sector recorded the largest quarterly gain, adding 9,300 jobs during Q2.
  • The median home price rose 7.3 percent from the previous quarter, and is now up 8.0 percent compared to a year ago.
  • VC dollars in the region increased 14.9 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 release includes data from April to June (Q2) 2017.

Read it here.

July 21, 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 June 2017 data, including unemployment, new business establishments, job postings and who’s hiring in the region.

Highlights include:

  • The unemployment rate increased 0.7 percentage points to 4.3 percent in June.
  • Unemployment increased in 18 out of 19 jurisdictions. Only Del Mar was unchanged, with an unemployment rate of virtually zero.
  • Year-over-year, construction growth outpaced all other sectors, up 7.6 percent; an increase of 5,700 jobs.  

Read the Economic Pulse here.

July 11, 2017

Read the full profile here.

June 19, 2017

Today, EDC released the first-ever economic impact report on San Diego’s genomics industry. “Cracking the Code: the Economic Impact of San Diego’s Genomics Industry” explores the economic factors that have led to the proliferation of San Diego’s genomics industry, analyzes the region’s genomics standing relative to other U.S. regions, and quantifies San Diego’s genomics-related firms, talent pool, venture capital and more.

As a way to understand San Diego’s proliferation in the genomics industry, the study also includes a web timeline that charts significant milestones at GenomicsSD.org.

As the #1 most patent intensive genomics market in the U.S., San Diego is leading the charge in a new era of healthcare. Personalized medicine and technology are taking precedence, with local genomics companies, research institutions and universities at the forefront.

KEY FINDINGS

Leadership: San Diego is poised to continue its leadership in the field of precision medicine. With more than 115 genomics-related firms, San Diego has companies that handle every aspect of the genomics value-chain – from sampling and sequencing (e.g. Illumina, Thermo Fisher Scientific) to analysis and interpretation (e.g. AltheaDX, Human Longevity, Inc.) to clinical applications (e.g. Celgene, Arcturus Therapeutics), creating a complete ecosystem. Additionally, San Diego conducts the fundamental scientific research, due in part to the concentration of research institutes, that form the basis for many global genomics therapies and interventions.

Capital: While San Diego is home to just one percent of the U.S. population, it received 22 percent – $292 million – of the venture capital funding in genomics in 2016. Continually, San Diego’s numerous nonprofit research institutes command a large share of federal funding (e.g. NIH). In fact, San Diego received $3.2 million federal contract dollars in 2016 – more than any other U.S. region.

Talent: San Diego produces more genomics-ready graduates, relative to the size of its workforce, than any other U.S. region. With nearly 2,000 average genomics-related degrees (biochemistry, cognitive science and bioinformatics) conferred per year, San Diego’s genomics companies benefit from the preparatory work of the region’s top academic institutions. In that vein, it is projected that the local talent pool for key genomics occupations will grow by an additional 10 percent by 2021.

ADDITIONAL KEY FACTS

  • San Diego’s genomics industry has a $5.6 billion annual economic impact, impacting 35,000 jobs in 2016.
  • Among top life sciences U.S. metros, San Diego’s genomics industry ranks  #2 overall, #3 in innovation, #2 in talent, and #4 in growth.*
  • From 2014 to 2016, San Diego generated 371 genomics-related patents. Collectively, 28 local firms generated 120 genomics-related patents in 2016.
  • San Diego is 3.1x more concentrated than the U.S. in key genomics occupations.
  • From 2011 to 2016, San Diego’s genomics talent pool grew by 11 percent, far outpacing the national growth rate of 5.1 percent.

*The genomics scorecard was calculated using a weighted ranking system divided into three categories approximating the genomics ecosystem: innovation, talent, and growth.

EDC’s study was underwritten by Illumina, and sponsored by Alexandria Real Estate, Barney & Barney, Biocom, Eastridge Workforce Solutions, Human Longevity, Inc., Latham & Watkins, Thermo Fisher Scientific and UC San Diego. Additional research support was provided by CBRE.

For a complete copy of the executive summary, click here. For a copy of the full study, click here. To view the web timeline, visit GenomicsSD.org.

 
June 16, 2017

EDC is proud to take part in the BIO International Convention, the largest life sciences convention in the world, hosted right here in San Diego from June 19-22.
 
Join us Monday, June 19 as we celebrate the region's ever-growing life sciences cluster. Here's how:
  • 1:00 - 2:15pm: Panel event for the launch of EDC's economic impact report on San Diego's genomics industry. Details here.*
  • 5:00 - 7:00pm: San Diego Innovation Council Reception. Register here.
 
*must be registered for BIO to attend.