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The Big Picture San Diego Blog


Unemployment

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.

February 28, 2017

Every quarter, San Diego Regional EDC analyzes key economic indicators that are important to understanding the region's standing relative to the 25 most populous metropolitan areas in the U.S. 
 
The Economic Snapshot covers data from October to December 2016 (Q4), the most recent quarter available, in regard to employment, real estate and venture capital. 
 
Highlights include:
  • The San Diego region had the 14th lowest unemployment rate amongst the top 25 metros. This ranking is down four spots from Q2 2016.
  • The region’s unemployment rate of 4.2 percent continues to be lower than the national and state rates of 4.5 and 5.0 percent, respectively.
  • The region’s unemployment rate decreased by 0.5 percentage points between Q3 and Q4 2016, the 9th largest decrease among major metros.
  • Year-over-year, the region has added 28,900 jobs - a 2.0 percent increase.
  • With the exception of manufacturing, all of the region’s sectors experienced year-over-year growth. Leading the way was real estate and rental leasing which increased by 6.1 percent or 1,700 jobs.
  • The largest venture capital investments were in disease diagnosis, internet software and services and biotechnology companies. The top two deals accounted for 44.1 percent of the region’s total investment for the quarter, or $79 million.

Check out the full Quarterly Economic Snapshot here.

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October 9, 2014

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 April 2014 - July 2014.

  • San Diego County’s July 2014 unemployment rate was down 1.4 percentage points from July 2013.
  • Private employment in San Diego grew by more than 3.2 percent from July 2013 to July 2014.
  • The region added 36,400 jobs since last July - 35,400 of which came from the private sector.
  • San Diego has the highest percentage of bachelor’s degree holders with a STEM degree among major regional peers.
  • 2014 year-to-date net absorption of industrial real estate is the best mid-year performance since 2008.
  • July’s 2.02 percent foreclosure rate marks the lowest rate in San Diegosince July 2006, making it an eight-year low for the region.
  • Biotechnology companies continued to receive larger sums in 2014, with two-thirds of all activity going toward Biotech in Q2.

Check out the complete Economic Snapshot here...

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April 11, 2014
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 October 2013 to January 2014 quarter. 
 
In this issue, EDC presents updates on trends in employment, real estate and venture capital, with a special spotlight on the cybersecurity industry in San Diego. The spotlight revealed details of a recent San Diego industry study on the subject, including employment trends and company reactions. 
 
Industry Highlights
 
  • San Diego County’s January 2014 unemployment rate was down 1.6 percentage points from January 2013. 
  • The San Diego region added 25,900 jobs from January 2013 to January 2014. 
  • San Diego had the third lowest foreclosure rate among recorded major U.S. metropolitan areas in January 2014. 
  • Led by the manufacturing industry, industrial tenants absorbed 2.3 million square feet in 2013. 
  • San Diego firms were involved in 23 venture capital deals in Q4 2013 and received more than $145 million in venture capital funding. 
 
Download the complete snapshot
 
 
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October 15, 2013

Economic snapshot graph

EDC’s economic snapshot shows that San Diego’s economy is gaining steam. From April 2013 to July 2013, the San Diego region added 13,000 private sector jobs. Although the metro’s unemployment rate still stands slightly above the national average, San Diego experienced one of the largest year-over-year declines in the U.S. from July 2012 to July 2013. Only four major U.S. metros – Seattle, Tampa, Detroit and Riverside - experienced a greater decline over that period.

Here’s how the numbers in the snapshot broke down:

  •  Private businesses added approximately 13,000 jobs in the quarter. Hospitality and tourism added the highest number of jobs this quarter, with 7,600. Construction industry added 4,100 jobs in the quarter, which is likely due to many major construction projects ramping up in the summer season. With the recently-approved expansion of the San Diego Convention Center (not included in these numbers), the region will add nearly 7,000 hospitality and tourism jobs and 3,000 construction jobs in a future quarter.
  •  This quarter, the snapshot took a closer look at the Sports and Active Lifestyle industry, based on a report that was recently released. With companies including Taylormade, Sector 9 and other well-known products, San Diego is a designated leader in this important sector. The report found that the industry’s economic impact is equivalent to hosting four Super Bowls annually.
  • San Diego’s foreclosure rate remained lower than the U.S. average in July2013, with only 2.31 out of every 10,000 homes foreclosed during that month
  • All major metros nationwide experienced positive growth in home prices over the quarter and the year, a symptom of the resurging US real estate market. From Q1 2013 to Q22013, home prices grew about 13.7 percent  in the San Diego region.

The quarterly snapshot reports on 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. The snapshot only reported on data through Q2 2013. Amidst the current government shutdown, we can only hope that there’s data next quarter to produce a new snapshot.

You can find the complete snapshot here.


The economic snapshot was made possible by Chase Chase Logo