Category: News

Mark Cafferty, Jerry Sanders: Recovery and Resiliency (Not Reopening)

By Mark Cafferty, Jerry Sanders,

Originally published on April 19 in the San Diego Business Journal, this excerpt is from the latest of EDC President and CEO Mark Cafferty’s weekly columns:

As we all settle in to the unfamiliar business and personal routines that have filled our days over the last several weeks, there is a lot of talk about “reopening” the economy. At the Chamber & EDC, our time is still being spent in daylong conversations with businesses—large and small—who are still in survival mode, trying to get money in the bank from various federal programs to help them keep their doors open, keep their team members employed, and bridge a gap from now until whenever some level of normalcy returns to their lives. If economic recovery was as simple as reopening something, we all would have (re)opened it by now.

The level of thoughtfulness, informed critical thinking, and step-by-step collaboration with public health officials that will need to go into the decision-making processes in front of us will be like nothing we have ever been a part of. Reopening businesses and generating near-term and long-term economic redevelopment strategies will be difficult and complex, and the level of urgency surrounding all of this could not be higher.

However, the unprecedented collaboration that is currently going into communicating with our political and healthcare leaders, sharing data and information across business groups and associations, and providing direct services to thousands of impacted businesses will position us well to generate the plans, steps, processes and communications strategies that will guide our businesses and economy into long-term recovery. This work and these relationships must ensure that as we work our way through this recovery, we create an economy that is more resilient and that works for more of our residents.

In the weeks ahead, we will share information on new task forces and working groups that will help in this ongoing and fluid process. Much of that work will be based on the information we have gathered from our ongoing business surveys with our partners, which we have shared with you below.

COVID-19 Impact Survey

Revenue impacts continue, but most firms favor temporary shutdowns over permanent closures.

In order to assess immediate economic impacts and understand the evolving business sentiment surrounding COVID-19, San Diego Regional Chamber of Commerce and San Diego Regional EDC, in partnership with San Diego and Imperial Small Business Development Center, Downtown San Diego Partnership and National City Chamber of Commerce, developed a survey.

Three trends stood out based on what employers told us during the first four weeks of surveying. These findings are based on responses from 692 companies across the San Diego region.

Temporary Shutdowns Increasing

Only about 1% of survey respondents have permanently closed their business, but 42% have temporarily shut down operations. This is encouraging, since the number of local business closures could have a direct bearing on the pace of recovery once the COVID crisis subsides. Businesses that have permanently closed their doors are in a range of industries, including biotech and pharmaceuticals, cleantech, food and beverage, manufacturing, professional services, and retail.

Expect Revenue Impacts to Continue

The industries in San Diego most vulnerable to the effects of policies aimed at containing the spread of the virus include arts and entertainment, food and beverage, retail, and tourism. Compared to when the survey began in mid-March, more firms in these industries increasingly expect revenue impacts to occur over the next 1-3 months, rather than immediately. The perception by business owners that the economic and financial pain of the crisis could last longer than initially expected will likely be reflected as an effective moratorium on business investment and hiring in the near term.

Financial Assistance and Access to Capital

Compared to earlier survey results, more businesses are expressing interest in financing and capital to cope with the massive revenue shortfalls associated with COVID-19.

For an interactive visualization of survey responses, please visit: https://www.sandiegobusiness.org/research/covid-19-survey-results/

Good News of the Week – April 17, 2020

By Heather Dewis,

Every Friday, ‘Good News of the Week’ features a curation of positive headlines from San Diego, delivered straight to your inbox. A blend of aggregated stories from San Diego’s most trusted news sources and original EDC-created content, GNOTW provides a comprehensive recap of the region’s best stories from the past week.

For the week of April 17, 2020, here’s a look at what we’re reading:

…and here are the events we’re attending:

COVID-19 & San Diego:

Amidst everything happening in the world, we need a reminder that there’s plenty of ‘Good News’ to go around in SD. We have also compiled additional resources for businesses and individuals seeking additional guidance

For businesses:

For individuals:

Assessing the impact of COVID-19:

COVID-19 Survey Results: Impacts are vast, amidst signs of resiliency
This is the latest of our assessments about the evolving economic impact of COVID-19 on San Diego. This week’s key takeaways: impacts are vast, but small businesses are embracing remote work and firms are still hiring. Read more.

San Diego’s Economic Pulse: April 2020
Each month the California Employment Development Department (EDD) releases employment data for the prior month. This analysis covers March 2020 and reflects some—but not all—of the early effects of the coronavirus pandemic on the labor market. Read more.

Be in the know – Sign up below to receive future editions of GNOTW.

Want to submit your event or news update to our weekly newsletter? Contact us for more information.

Heather Dewis
Heather Dewis

Manager, Marketing

Economy in crisis: unemployment claims at a record high, as SD looks to minimize virus’ spread

By Nate Kelley,

We’ve seen and heard the unemployment numbers. But what does all of this really mean for our economic recovery in San Diego? Welcome to the ‘economy in  crisis’ series – a bi-weekly breakdown of data at the national, state, and local level in the shadows of Covid-19. 

A survey of local businesses shows that the impacts of the COVID-19 outbreak on San Diego’s economy are vast, amidst signs of resiliency. These results are corroborated by official data, both nationally and in California.

The survey will remain open, and results will be used to track business sentiment over time. To take the survey, please click here.

UNEMPLOYMENT: WHAT THE DATA Is (AND Isn’t) SAYING

United States

According to the Labor Department, initial claims for unemployment insurance have skyrocketed across the US in recent weeks. Claims jumped to 3.3 million for the week ending March 21 and more than doubled the week after, topping 6.8 million. Both weeks smashed the previous record of 695,000 new claims in 1982. The monthly tally of 10.7 million in March 2020 is nearly 3.5 times the number of claims filed in May 2009, the worst month of the Great Recession. Claims also appear to be poised for another record-breaking month, with another 6.6 million reported for the week ending April 4.

California

Closer to home, new filings for unemployment in California increased to 186,000 for the week ending March 21 and topped a million for the week ending March 28, eclipsing the previous record of 115,000 claims before the COVID-19 outbreak. Initial claims “eased” somewhat to 925,000 in the week ending April 4, but like the national figure, remain substantially elevated.

With such a meteoric rise in the number of claims being filed, it is likely that state labor agencies, including the California Employment Development Department, are struggling to immediately process them all, which would lead to a lower number of claims initially being reported. This suggests a much higher number of claims will be reported in the coming weeks as backlogged applications are processed and may make it somewhat more difficult to determine the point where stress in the job market begins to subside if the system is still processing backlogged applications after actual claims have begun to decline. Nonetheless, the trend is unmistakable: like the rest of the nation, a record number of Californians are filing for unemployment, in line with the survey results provided by local businesses.

San Diego

Unfortunately, unemployment insurance data is not reported at the metropolitan or county level, and San Diego job market data is reported on a roughly four-week lag – March employment estimates for San Diego will be available from the Bureau of Labor Statistics (BLS) on April 29. However, it is expected that the estimates made available by the BLS in the coming months will paint a bleak picture of the local job market given the sharp spike in unemployment benefits across the state, and the local prevalence of eating and drinking establishments, retailers, wholesalers, and entertainment venues, which have all been disproportionately impacted by the outbreak of COVID-19. Together, these industries accounted for about one in four local jobs and $18.5 billion in salaries and wages in 2019—jobs and income that are now at risk during the pandemic and likely to see large reductions in upcoming job reports. Also, given the deep roots of those industries in the local economy, the ripple effects of job losses would be significant: for every 1,000 jobs lost in retail, wholesale, the arts, or food services, an estimated 500 jobs would be lost in other industries across San Diego.

A Silver Lining

Unlike most downturns precipitated by economic or market imbalances, this downturn was brought on by a non-economic, Black Swan event during an otherwise healthy economic expansion. At 3 percent, San Diego’s unemployment rate was well below the state and national averages, local earnings were climbing at a healthy pace, and the housing market was flourishing.

Given the strong economic conditions in San Diego before the outbreak, chances are good that the economy could bounce back fairly quickly, especially once travel and tourism come back nationally. However, timing will be key in determining the pace at which local businesses recover once this is over. The more economic pain endured right now as communities limit the spread of the virus, the better the chances of a full and speedy recovery.  Conversely, the recovery could be much slower if the virus is not effectively contained, and local businesses and households are forced to draw on lines of credit for extended periods of time to weather the downturn.

COVID-19 Recovery Resources

Regardless of how this all plays out, EDC is here to help.

Request EDC assistance

For general COVID-19 recovery resources and information, please view this page.

You also might like:

Good News of the Week – April 10, 2020

By Heather Dewis,

Every Friday, ‘Good News of the Week’ features a curation of positive headlines from San Diego, delivered straight to your inbox. A blend of aggregated stories from San Diego’s most trusted news sources and original EDC-created content, GNOTW provides a comprehensive recap of the region’s best stories from the past week.

For the week of April 10, 2020, here’s a look at what we’re reading:

…and here are the events we’re attending:

COVID-19 & San Diego:

Amidst everything happening in the world, we need a reminder that there’s plenty of ‘Good News’ to go around in SD. We have also compiled additional resources for businesses and individuals seeking additional guidance

For businesses:

For individuals:

COVID-19 Survey Results: Impacts are vast, amidst signs of resiliency
This is the latest of our assessments about the evolving economic impact of COVID-19 on San Diego. This week’s key takeaways: impacts are vast, but small businesses are embracing remote work and firms are still hiring. Read more.

 

Be in the know – Sign up below to receive future editions of GNOTW.

Want to submit your event or news update to our weekly newsletter? Contact us for more information.

Heather Dewis
Heather Dewis

Manager, Marketing

COVID-19 Survey Results: Impacts are vast, amidst signs of resiliency

By Jordan Latchford,

In order to assess immediate economic impacts and understand the evolving business sentiment, we have deployed a survey with our partners at San Diego Regional Chamber of Commerce, San Diego and Imperial Small Business Development Center. The Downtown San Diego Partnership and National City Chamber of Commerce also served as survey partners. The survey will remain open for the foreseeable future so we can chart how responses change over time.

Three trends stood out based on what employers told us during the first three weeks of surveying:

  1. Impacts are vast. 379 employers plan to eliminate 14,524 jobs; 68% of their combined workforce.
  1. Small businesses are embracing remote work. More than 85% of firms with remote workers are small businesses. Overall, 42% of employers surveyed are having employees work remotely.
  1. Firms are still hiring. More than 11% of firms are still planning to fill positions. Nearly 19% of those firms still hiring are in the professional service industry.

Understanding COVID-19’s impact: an interactive visualization

Below is an interactive visualization of self-reported impacts to local employers, both in terms of employment and revenue. You can segment the data by industry, number of employees, and typical annual revenue. Additionally, please scroll over the tab to look at the breakdown of responses via zipcode. Please note, this is not a representative sample – meaning we did not weight responses operationally to the population and demographics of the region – so we strongly advise against drawing sub-regional conclusions from this data.

Respondent Profile

For up-to-date respondent information on the survey respondents and high level results, please view the responding profile here.
Other key numbers:

      • Number of responses: 681

Covid-19 Survey Results_San Diego_ April 8

Resources for you

San Diego Regional EDC, San Diego Regional Chamber of Commerce, and San Diego and Imperial SBDC offer a variety of resources to help businesses.

If you would like assistance from EDC, please use this form. Once we receive your responses, we will make every effort to reach out to you within 24 hours.

Request EDC assistance

San Diego Regional EDC: Message from Mark Cafferty – April 5

By Mark Cafferty,

Originally published on April 5 in the San Diego Business Journal, this is the latest of EDC President and CEO Mark Cafferty’s weekly columns:

Once again, I hope this message finds all of you healthy and safe. With each passing day, our team at San Diego Regional EDC is adjusting and repurposing our work to address the new normals (short-term and long-term) that our businesses are trying to deal with. While we are all facing significant challenges, it has been both amazing and inspiring to see how local companies have mobilized, adapted and pivoted to play critical roles in dealing with the COVID-19 pandemic and response.

As some of you know, I have been asked to write a weekly column to provide resources and information to the business community as things continue to move and change around us. As an important supporter and investor in our work, I wanted to make sure you had a preview of this information. You will begin to get updates from me every Thursday and see a similar version of these updates in the San Diego Business Journal the following Monday.

Stepping Up and Doubling-Down

In the City of San Diego, Mayor Faulconer has urged companies to pivot and expand their operations to support the COVID-19 response efforts. Other city leaders, from Chula Vista to San Marcos, have followed suit.

From their unique local, national and global perspectives, here are just a few of the ways in which San Diego companies are stepping up and pivoting operations to respond:

• ResMed – ResMed is best known for creating medical technology to address sleep apnea and other breathing/respiratory illnesses. The company also produces and manufactures respirators and ventilators for hospital and home use. ResMed is now looking to pivot some of its production capacity away from sleep apnea devices to the much-needed ventilators, which will triple the number of ventilators that the company produces.

• Cutwater Spirits – Cutwater Spirits, which was originally started by the team at Ballast Point, has already begun retooling operations to make badly-needed hand sanitizer. Other local distilleries, including Misadventure Vodka and Seven Caves, are also retooling to help provide this essential resource for medical facilities and homes.

• Orucase – Orucase, a San Diego manufacturer of cycling travel bags and accessories, has started adapting its production lines to manufacture face masks. The company has the capacity to make 500,000 a week and plans to begin shipping immediately. Additionally, Orucase is in the process of securing materials to make medical-grade masks for healthcare workers.

• Cubic – Cubic is leveraging technology through its Cubic Mission Solutions division to create a prototype ventilator. The San Diego-based company is partnering with the University of Alabama’s Nursing program to test and refine this ventilator.

• Flexsystems – El Cajon-based manufacturer Flexsystems has also changed its operations to focus on manufacturing fabric masks and splash guards.

As I mentioned in last week’s column, we are continuing to see many local life sciences companies explore and uncover potential solutions, vaccines and cures. In addition to Thermo Fisher Scientific and others, this past week has brought announcements of other local companies that are stepping up in a big way–many of them are startups and small businesses themselves. San Diego-based startup Cue Health has won a $13 million federal contract to speed up the development of testing. LunaDNA, a local startup that allows individuals to share and control their health and genomic data, is already thinking long term. The company is collecting real-world information by asking individuals to anonymously report how they are either living with or living in the times of COVID-19. This information will help scientists and researchers better understand long-term health impacts, and potentially, even lead to a cure.

A San Diego Marketplace

While many companies are stepping up to help, there are several healthcare organizations on the front lines of this effort that still desperately need resources and supplies. To that end, EDC is supporting the efforts of our partners at Biocom (San Diego and California’s largest biotech and life sciences industry association) to create an online marketplace for critical items. If your company is producing something in the COVID-19 supply chain and is looking for a buyer, or if you are looking to pivot operations and needs crucial materials to do so, this new online marketplace can be accessed at www.biocom.org/coronavirus/partnering-opportunities/

How Business Are Really Doing

Along with our partners at San Diego Regional Chamber of Commerce & San Diego and Imperial Small Business Development Center, we have deployed a survey to assess immediate economic impacts and understand the evolving business sentiment. We plan to keep this open for the foreseeable future and chart how responses change over time.

The first two weeks of data we analyzed is from 642 employers, representing 87,824 jobs. More than 86 percent of businesses that have responded expect to see revenue losses, and not surprisingly, our small businesses are expecting higher losses than the larger business respondents.

We have seen that many businesses have already had to lay off workers and most survey respondents sighted access to financing/capital as one of their most pressing business concerns.

In the weeks ahead, EDC and our partners will continue to share a weekly analysis of what we are learning and seeing through the business survey and designing new strategies and programs to address the changing and evolving business needs.

For up-to-date analysis and interactive dashboard of the data, please visit www.sandiegobusiness.org/research/covid-19-survey-results/

If you have not yet taken the survey, you can find it here: www.sandiegobusiness.org/blog/we-need-your-help-understanding-the-impact-of-covid-19-in-san-diego/

We will also continuously update our resource guide online (www.sandiegobusiness.org/coronavirus/) to provide the most timely information on where businesses can access reliable resources and support at this time.

The weeks and months ahead are going to continue to be challenging, uncharted, and in many cases, heartbreaking. Be patient with and supportive of your business partners, colleagues, contractors and associates. We are all in this together and we are all trying to figure things out together. Our team will continue to share with you everything that we believe can be valuable and helpful during these times and we will work hard to pass along everything new that we are analyzing and learning along the way.

Communication, connectedness, collaboration and generosity are hallmarks of our business community. They aren’t just pleasant words and aspirations. They are the core values that make us resilient and strong. None of that changes during times of social distancing and crisis.

Stay healthy, stay safe, (stay home), and stay strong.

Good News of the Week – April 3, 2020

By Heather Dewis,

Every Friday, ‘Good News of the Week’ features a curation of positive headlines from San Diego, delivered straight to your inbox. A blend of aggregated stories from San Diego’s most trusted news sources and original EDC-created content, GNOTW provides a comprehensive recap of the region’s best stories from the past week.

For the week of April 3, 2020, here’s a look at what we’re reading:

…and here are the events we’re attending:

COVID-19 & San Diego:

Amidst everything happening in the world, we need a reminder that there’s plenty of ‘Good News’ to go around in SD. We have also compiled additional resources for businesses and individuals seeking additional guidance

For businesses:

For individuals:

Assessing the impact of COVID-19 – Week of March 31, 2020
We’re releasing the first of our assessments about the evolving economic impact of COVID-19 on San Diego. This week’s key takeaways: impacts are immediate, concentrated by industry, and disproportionately affect small businesses. Read more.

Thank you to the San Diego Regional Chamber of Commerce, San Diego & Imperial SBDC Network, Downtown San Diego Partnership, and National City Chamber of Commerce for their partnership.

 

Be in the know – Sign up below to receive future editions of GNOTW.

Want to submit your event or news update to our weekly newsletter? Contact us for more information.

Heather Dewis
Heather Dewis

Manager, Marketing

COVID-19 Survey Results: Immediate impacts are concentrated, severe, and hit small business & low wage workers hardest

By Jordan Latchford, Sarah Lubeck, Eduardo Velasquez,

More than 86% of businesses in San Diego expect to see revenue losses in the wake of COVID-19, according to an economic impact survey on the San Diego economy.

In order to assess immediate economic impacts and understand the evolving business sentiment, we have deployed a survey with our partners at San Diego Regional Chamber of Commerce and Imperial Small Business Development Center. The Downtown San Diego Partnership and National City Chamber of Commerce also served as survey partners. The survey will remain open for the foreseeable future so we can chart how responses change over time.

Key Takeaways

Three trends stood out based on what employers told us during the first two weeks of surveying:

  1. Impacts are concentrated by industry. Of the 360 employers planning to reduce staff, 80% are in the food and beverage or tourism industries.
  1. Impacts are immediate. Nearly 94% of employers anticipating staffing reductions and two-thirds of those expecting revenue declines expect those hits within 30 days.
  1. Impacts disproportionately affect small businesses. Employers with annual revenues below $1M anticipate average losses in income of nearly 70%, compared with an average loss of 51% for businesses earning more than $1M annually.

A majority of employers (61%) are in need of capital support. More than half of those with capital needs are the smallest of employers with fewer than 5 employees.

AN Interactive Visualization

Below is an interactive visualization of self-reported impacts to local employers, both in terms of employment and revenue. You can segment the data by industry, number of employees, and typical annual revenue

Small businesses are the backbone of our local economy and the majority of the Chamber’s membership. They account for 98 percent of businesses in the region. Our focus now more than ever is on those small businesses. We are working with local and federal officials to ensure our region’s businesses have what they need to weather this storm. We are focused on resiliency and recovery.

Jerry Sanders, president & CEO, San Diego Regional Chamber of Commerce

Respondent Profile

For up-to-date respondent information on the survey respondents and high level results, please view the responding profile here.
Other key numbers:

  • Number of responses: 642
  • Number of responses in this analysis: 642

While the impacts of COVID-19 are rippling through the entire region, the survey shows that small businesses – which are responsible for a majority of our economic growth – are disproportionately impacted. It’s a long road to recovery, and I want to remind you that EDC’s staff is here to help you access loans and grants, and work one-on-one to triage issues as they arise.

Mark Cafferty, president & CEO, San Diego Regional EDC

Resources for you

San Diego Regional EDC, San Diego Regional Chamber of Commerce, and San Diego and Imperial SBDC offer a variety of resources to help businesses.

If you would like assistance from EDC, please use this form. Once we receive your responses, we will make every effort to reach out to you within 24 hours.

Request EDC assistance

If you are looking for general information about COVID-19, please view this page.

All of us at the San Diego & Imperial SBDC Network know this public health crisis is hitting you, the small business owner, very hard. Know we are here to help. We are still providing all our services, just online. You can still visit SDIVSBDC.org and click “request counseling” to get assistance. We are here to help you apply for capital and work through the ways you now have to pivot to get through this time where we all have to be physically distant from one another.

Danny Fitzgerald, San Diego and Imperial Small Business Development Center

 

*industries include retail trade (excluding groceries and gas stations), wholesale trade, arts & entertainment, accommodation & food services.

San Diego Business Journal: Message from EDC President and CEO Mark Cafferty

By Mark Cafferty,

Originally published on March 29 in the San Diego Business Journal, this is the first of EDC President and CEO Mark Cafferty’s weekly columns:

As I write this, I can only hope for everyone reading that your families and loved ones are both healthy and safe. The impact of COVID-19 in all corners of our community has been devastating and has changed our lives in numerous ways.

Things have certainly changed for our team at San Diego Regional EDC over the last few weeks, so I write today to share our unique perspectives.

As an economic development organization, EDC plays a unique role in serving the business community. We recognize that so much of this is uncharted territory for all of us. But as always, it is important to step back and look at what we know and focus on where we are needed most.

Our regional collaboration is an asset recognized around the world and I am certain it is going to be a key reason why San Diego emerges from this global health crisis stronger than ever. There is no doubt we will be facing challenging weeks and months ahead. Accurate and timely communication will be critical to our business community.

In that vein, our team has spent the last two weeks making outreach calls to our nearly 200 investors–the companies that underwrite our work. These companies range from regional giants such as Qualcomm, Sempra and Illumina, to shipbuilders like NASSCO, to hospitals/healthcare providers like Scripps, Sharp and Kaiser Permanente who are on the front lines of this crisis, to small and family owned business like Brown Law Group, Ace Parking and Jerome’s Furniture. Some of them are busier than ever and some are struggling in unprecedented ways. Yet one resounding thing we have heard from all of them is that they want to know how they can help fellow San Diegans. Some of them have made donations to the San Diego Foundation’s COVID-19 Community Response Fund and others have offered their manufacturing floors to produce critical resources.

Resources for the Business Community

While our team is still trying to get our hands around everything that is happening right now, and we certainly don’t have all the answers, EDC has quickly pivoted to provide companies with a comprehensive list of resources that we feel can best meet their needs right now. And while these continue to change and expand by the day, I wanted to take a moment to point a few out:

City of San Diego – Economic Relief Package

Businesses in the City of San Diego may be eligible for the Economic Relief Package, which provides approximately $4 million in reduced fees. It includes a Small Business Relief Fund, where businesses can apply for grants and/or low-interest loans, as well as an extension of business permits and business tax-deferral options. I know some other cities in the region are working on their own relief packages as well.

Small Business Administration–Economic Injury Disaster Loan

The San Diego and Imperial Small Business Development Center can provide no-cost guidance through a company’s recovery process. Businesses can apply for an Economic Injury Disaster Loan, which may provide up to $2 million of financial assistance. SBA also has immediate $25,000 bridge loans available (less paperwork) for small businesses with an existing relationship with the SBA. To apply for these programs, visit SDIBDC’s website and click “request counseling.”

South County EDC – South County Restaurant Loan

South County Economic Development Council is offering $5,000 no-interest loans to eating establishments in South County. Apply here.

San Diego Workforce Partnership – Layoff Transition Services

For businesses in the tough spot of dealing with layoffs or furloughs, San Diego Workforce Partnership has unemployment insurance information, tax assistance, a work-sharing program to avoid layoffs, financial planning, remote career services and more. If you are pivoting operations to address COVID-19 solutions, San Diego Workforce Partnership may also be able to provide funds to train workers. Fill out this form to get started.

Advancing San Diego

Thanks to a $3 million grant from JP Morgan Chase & Co, EDC and regional partners have launched Advancing San Diego–a program that drives economic inclusion by addressing talent shortages. Advancing San Diego is offering fully paid software engineering internships for companies with fewer than 100 employees. Over the past week, we have pivoted this program to provide remote internships. Companies can apply to host a fully funded intern here.

According to the Brookings Institution, 73 percent of San Diego’s economic growth is going to come from small businesses. However, we know that businesses of all sizes are struggling to adapt, and are searching for programs that provide support at all levels.

We have refocused our efforts on finding resources to assist businesses through this significant economic change and are working even more closely with our partners at San Diego Workforce Partnership and the United Way of San Diego County who will continue to provide resources and support to impacted workers.

Understanding the Regional Impact

At EDC, we frequently say “everything we do begins and ends with research.” We know we cannot grow and help our economy if we do not have the means to measure and track our efforts. And right now, accurate data and information is more important than ever.

To that end, San Diego and Imperial Small Business Development Center, San Diego Regional Chamber of Commerce and San Diego Regional EDC are working together to assess the impacts of COVID-19 on San Diego’s economy.

We are asking businesses to fill out a short survey so we can better understand how we can help in the days, weeks and months ahead.

The survey has been open nearly a week, and the responses have been eye-opening. Yes, companies are struggling and there have been layoffs, but amidst all the struggle, there have been some bright spots. I will share some of this data and anecdotes with you in the coming weeks.

Good News Ahead

With a research institution named after the inventor of the Polio vaccine and numerous contributions in fighting global health crises such as Ebola and HIV, San Diego has developed a reputation for bringing life-changing treatments to the world.

Right now researchers in San Diego are working 24/7 to find a vaccine and/or cure. We have local companies like Arcturus Therapeutics and Inovio Pharmaceuticals that are focusing on developing life saving vaccines, and others like Mesa Biotech, Epitope Diagnostics and Thermo Fisher Scientific that are developing and distributing test kits to healthcare workers around the globe. These workers have been showing up every day, ready to serve our residents and forge ahead, and I know I stand with the entire business community in expressing my unwavering gratitude to them all.

Back in 2011, as San Diego was climbing out of the recession, our board members were going around the table discussing all the positive things happening in our region. Our current chair – Janice Brown – suggested at that time that we compile all of the highlights into a newsletter, and from there, our publication known as “Good News of the Week” was born. With the rare exception of holidays, we have not missed a week since. Although it will take on a different and appropriate tone with regards to all that is happening now, you can expect to see Good News from EDC in the weeks ahead.

Our local outlets, including the Business Journal, are important work to keep us informed.  We need to be reminded of the numerous wins in our community now more than ever. We need to support them.

Moving Forward

When I started at EDC a little more than 8 years ago, our board challenged our team to reframe how San Diego thinks about economic development…and we have. We have built a team that believes in our mission and lives our core values of collaboration, integrity, accountability and inclusion. In the weeks ahead, as we all strive for some level of economic stability, we will be thinking again of how to reframe our value proposition and how we can best serve San Diego businesses now and in the future.

I know we are all going to get through this. Things will certainly get worse before they get better, but things will get better.

In the meantime, let’s all continue to do our best to stay in touch with each other and take care of each other. I remind myself daily that it is who we are during these moments that will shape who our children are in the future and who we will forever be in the eyes of those who count on us.

Stay safe, stay inside and stay strong.

Good News of the Week – March 27, 2020

By Heather Dewis,

Every Friday, ‘Good News of the Week’ features a curation of positive headlines from San Diego, delivered straight to your inbox. A blend of aggregated stories from San Diego’s most trusted news sources and original EDC-created content, GNOTW provides a comprehensive recap of the region’s best stories from the past week.

For the week of March 27, 2020, here’s a look at what we’re reading:

…and here are the events we’re attending:

COVID-19 & San Diego:

Amidst everything happening in the world, we need a reminder that there’s plenty of ‘Good News’ to go around in SD. We have also compiled additional resources for businesses and individuals seeking additional guidance

For businesses:

For individuals:

Be in the know – Sign up below to receive future editions of GNOTW.

Want to submit your event or news update to our weekly newsletter? Contact us for more information.

Heather Dewis
Heather Dewis

Manager, Marketing