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Research Blog

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.
 
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.