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The Big Picture San Diego Blog


Research Q2 17

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.

 
May 31, 2017

According to EDC’s newly released Quarterly Economic Snapshot, the region added 29,600 jobs year-over-year, a 2.1 percent increase in total employment since Q1 2016. However, the San Diego region saw a quarterly decline of 10,900 jobs, primarily due to seasonal workers transitioning out of retail following the holiday season.

Meanwhile, San Diego’s unemployment rate rose by 0.1 percentage points during Q1 2017, but is 0.7 percentage points lower than the same period a year ago.

Key findings from the snapshot:

  • San Diego closed Q1 2017 with an unemployment rate of 4.2 percent, the 14th lowest among top U.S. metros and below the nation’s and state’s rates of 4.6 and 5.1, respectively.
  • The construction sector saw the largest quarterly and year-over-year growth in employment, adding 2,800 and 5,700 jobs, respectively – indicative of the overall health of the economy.
  • The median home price fell 0.7 percent from the previous quarter, but is still up 5 percent compared to a year ago.
  • VC dollars in the region increased 15.2 percent compared to the previous quarter.

Kirby Brady, San Diego Regional EDC research director, explains, “A small uptick in unemployment and slowing home price appreciation are to be expected in the winter months. However, when you look at the overall trends, San Diego appears to be reaching full employment and real estate remains a seller’s market. If these trends continue, we’ll start to see wages rise.”

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 January to March (Q1) 2017. 

Read it here.

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.
     
 

 

April 21, 2017

“Unemployment rates are stabilizing across the region, as jobs are being filled more quickly and new businesses are coming online at the fastest rate we’ve seen in a year. Some of our biggest and best paying employers are those who are looking to hire right now.” - 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 March data, including unemployment data, new business establishments, job postings and who’s hiring in San Diego.
 
Highlights include:
  • With a total of 4,601 new establishments, March saw the largest number of new establishments in the past 12 months.
  • San Diego’s unemployment rate of 4.2 continues to be lower than both the California rate of 5.1 percent and the national rate of 4.6 percent.
  • Compared to a year ago, total nonfarm employment is up 29,600, or 2.1 percent, with 22,900 of those jobs coming from the private sector.
 

 

April 19, 2017

The technology cluster along the San Diego region’s 78 Corridor spans 70 different industries and 200 unique occupations. Encompassing the North County cities Carlsbad, Escondido, Oceanside, San Marcos and Vista, this well-established and diverse tech cluster is expected to grow by 5 percent over the next five years, according to a study released by Innovate78 today.

Study highlights include:

  • The 78 Corridor’s tech cluster has a $6.1 billion total economic impact annually, representing nearly 25,000 jobs.
  • North County’s technology cluster has a competitive advantage in precision manufacturing – specializing in the production of biomedical devices, telecommunications equipment and defense-related products.
  • The 78 Corridor’s tech cluster is 1.4 times more concentrated than the nation.
  • Biotech and biomed devices has been the fastest growing segment in the tech cluster, with a 9 percent increase in employment since 2011.


Read the executive summary and full study here.