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Research Blog

March 8, 2017

In conjunction with AECOM, EDC released an economic impact assessment of FS Investors’ proposed SoccerCity development. The analysis estimates the potential economic and fiscal impacts of the large mixed-use development, which is planned to include a 30,000 seat Major League Soccer stadium, approximately 4,800 residential units, more than 2 million sq. ft. of office, 740,000 sq. ft. of retail space, and 55 acres of open space and park land. This development would be located at the current Qualcomm stadium site in San Diego’s Mission Valley.

Economic impacts of development proposal have been estimated for both the City of San Diego and the County of San Diego. This includes impacts from construction and impacts from operations at a future year at full buildout and stable occupancy. Additionally, annual fiscal impacts to the general fund have been estimated for the City of San Diego from operations of the proposed development at a future year at full buildout and stable occupancy. 

Construction Economic Impacts to the County of San Diego

Annual Operations Economic Impacts for the County of San Diego

The above information does not imply EDC’s endorsement of the SoccerCity SD proposal and should not be taken as such. 
March 3, 2017

Understanding our economy begins with strong data. Lucky for us, Feb/March means lots of it. 

A little about the research products released this week:

  • Quarterly Economic Snapshot: February
    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.

    Release time: Data from the previous quarter is available at the end of the second month of the current quarter (e.g. data from Q4 2016 is released late Feb. 2017; data from Q12017 will be released late May 2017)

 

  • San Diego's Economic Pulse: March
    Monthly, the California Employment Development Department releases countywide employment and unemployment data. However, we know unemployment is only a small sliver of understanding our economy. EDC supplements this report by adding information on who's hiring, business establisments and job postings.

    Release time: The California Employment Development Department typically releases the previous months data on the third Friday of every month (e.g. Data from April 2017 will be release on May 19, 2017). However, the first few months of the year are on a revised schedule, as January is subjected to seasonal changes as some service sectors wind down from the holidays and other data is being adjusted from the previous year. Therefore, January's data was released on March 3, 2017. 

 

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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February 22, 2017
The largest city in the state of Baja California, Tijuana sits at one of busiest land border crossings in the world. Together with San Diego, Tijuana is part of a dynamic cross-border metropolis where deep economic and cultural linkages result in the creation of value, jobs and exports. The unique dynamics of this mega-region provide local companies with an important comparative advantage in the global economy. Since April 2016, EDC has participated in a greater initiative to streamline cross-border economic development efforts by refining our approach to servicing corporate retention, expansion and attraction interests. This “bilateral cities exchange” called for a deeper understanding of Tijuana’s economy as a critical component of economic growth throughout the region. 
 
As such, EDC partnered with UC San Diego’s Center for US-Mexican Studies to create an economic overview of Tijuana – a seven-page document that provides a data-driven summary of Tijuana’s economic drivers, talent, quality of life, global connectivity and cost. This resource will help inform clients and partners of Tijuana’s diversifying economy while touching on the unique benefits of doing business in our binational mega-region.
 
Highlights include:
  • Economy: Tijuana is a medical device manufacturing powerhouse; 97 companies employ 21,000 workers who produced $600M worth of product in 2014. 
  • In 2015, Tijuana graduated more than 8,000 university-level students – 29 percent of which received STEM degrees.
  • Tijuana ranked #8 on the New York Times' 2017 list of must-visit destinations around the world.
  • Between 2012 and 2016, FDI in Baja totaled $5.6 billion – 63 percent of which came from the U.S. Other sources of FDI include South Korea, the Netherlands, Japan and Spain.
  • When compared to China, Mexico is estimated to have 13 percent lower labor costs and an overall average direct manufacturing cost that is four percentage points cheaper than China.