Every quarter, San Diego Regional EDC 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. Thank you to our sponsor Verizon Wireless
EDC explains San Diego’s Q3 2023 economic data:
Key findings from Q3 2023:
TALENT: Job growth continues as job postings slow down. In Q3, employment grew 1.9 percent compared to a year ago, in line with the state but behind San Diego’s most peer metros. The labor force has recovered from Q2 losses, adding nearly 13,000 participants this quarter and up 2.8 percent from last year. In contrast, the number of unique job postings advertised by regional employers totaled 106,521 in Q3, a 32 percent decrease compared to this quarter last year.
AFFORDABILITY: Median home price reached an all-time high. San Diego’s median home price ranks second among peer metros, behind only San Francisco. Home prices increased an additional eight percent during the last year, while home sales fell 25 percent. Year-over-year home sales have declined since August 2021. The lack of housing supply and the reduced number of transactions has resulted in record lack of affordability.
COMMERCIAL REAL ESTATE: Office space occupancy declines for fifth consecutive quarter. In other words, more office space has become unoccupied than leased for over a year. However, net absorption is currently trending in the right direction. In Q3, the office market experienced 37,868 square feet of negative absorption, compared to 159,262 square feet in Q2 and 874,036 in Q1. The only other time San Diego experienced this degree of negative net absorption was during the height of the COVID-19 pandemic.
Each quarter, EDC’s Research Bureau releases its Economic Snapshot to analyze key economic indicators in San Diego’s economy. Read on as we dig deeper to assess the region’s labor force, unemployment, and talent supply.
As 2022 came to a close, San Diego celebrated a relatively low unemployment rate at three percent. However, across just a few months, the region saw a slight bump up to four percent in the second quarter of 2023. What does this increase signify, and why is it essential to comprehend the broader employment landscape in San Diego?
Understanding San Diego’s labor force involves more than just examining unemployment rates. It requires considering historical context, peer metro comparisons, labor force dynamics, seasonal trends, and the complex factors shaping employment and workforce trends.
San Diego’s unemployment rate has hovered between 2.9 percent and four percent over the past five years, with the exception of the pandemic-induced peak of 13.6 percent. Since then, San Diego’s unemployment rate has been steadily declining until its first increase in Q1 2023.
With this context in mind, here are some different ways we approach the data.
HOW SAN DIEGO STACKS UP
To gain a comprehensive understanding of local employment, we compare San Diego’s numbers with its peer metros and the nation. In the first two quarters of the year, the U.S. and our peer metros saw an increase in unemployment rates after continuously declining throughout 2022. See how San Diego stacks up in our interactive dashboard, where you will notice similar trend lines in most comparisons. Still, the region ranked amongst the highest increases in this national trend, following Riverside, St. Louis, and San Francisco.
‘TIS THE SEASON
Employment in specific industry sectors can fluctuate due to seasonal factors. For instance, in Q2 2023, tourism and hospitality experienced an expected seasonal spike of 7,100 jobs as San Diego prepares to receive tourists in the spring. To account for these fluctuations, analysts often examine the percentage change from the previous year. In Q2 2023, there was a three percent growth in employment compared to the previous year, slightly exceeding the typical annual employment growth rate (ranging between 1.2 and 2.5 percent) and indicating anticipated recovery from the pandemic.
BREAKING DOWN THE LABOR FORCE
One crucial aspect to consider when analyzing rising unemployment rates is the overall labor force composition. Sometimes, an increasing unemployment rate can be attributed to a growing labor force as individuals re-enter or join the workforce. This usually results in temporarily higher unemployment rates, as these individuals search for employment and the hiring process takes time. However, for Q2 2023, this was not the case. Data indicates a decline in the total labor force while the number of unemployed has risen. This phenomenon contributed to the increase in the unemployment rate during the first half of 2023. To put this into perspective, Q2 2023 saw a labor force decline of 25,889 since the last quarter. In contrast to the year before, the labor force declined by 8,966 in Q2 2022. While historical data indicate that labor force declines at the beginning of Q2 are typical, this year’s Q2 decrease marked the highest in the past five years, even exceeding Q2 2020 when employment was first affected by the pandemic.
WHY THE CHANGE?
Here are some factors that can collectively help explain San Diego’s labor force fluctuations:
Remote work trends. The widespread adoption of remote work during the pandemic has led to a preference for flexibility and convenience. As a result, workers may seek remote-only or hybrid work arrangements, potentially contributing to the “great resignation” phenomenon. This trend also has implications for the use—or lack thereof—of office space and commercial real estate. Office asking rates have remained high after the pandemic spike ($3.26 per square foot), while rates for industrial space have been more stable.
Rising cost of living. While San Diego is home to top universities producing talent in key economic sectors such as innovation, the increasing cost of living may drive workers away from the region. EDC’s Inclusive Growth framework highlights the disconnection between the unaffordable housing market and compensation. Competitive wages are a must to keep our locally produced talent in the region.
Limited talent supply. There are more open positions in San Diego than unemployed people available to fill them—on par with the national trend. Employers are responding to talent supply challenges by prioritizing inclusive talent recruitment. Job opportunities are opened to a new subset of the unemployed population, expanding the talent pool for employers. To do this, there have been employer-driven efforts to reevaluate training requirements and accessibility, as well as amplified focus on opportunity populations. On the educators side, efforts are being made to leverage the bi-national comparative advantage to fill high-demand positions with talent produced in the Baja region by collaborating with universities across the border. UC San Diego’s ENLACE summer research program invites high school and university students from the Baja region to participate in research programs at UC San Diego.
While the unemployment rate itself is not always sufficient to indicate concern, historical economic context and analysis helps us gather the following takeaways:
High-level unemployment numbers for Q2 2023 are in alignment with historical and national trends, as most peer metros experienced similar increases. In other words, San Diego is not experiencing any unusual trend activity.
However, labor force composition trends should command our attention in upcoming quarters, being that Q2’s labor force number decreased significantly compared to the past five years.
Total labor force and unemployment numbers are particularly important to track given the region’s talent supply. Lower unemployment rates can generally indicate a limited talent pool; however, this quarter’s unemployment rate increase was mostly due to people exiting the labor force, not people joining and looking for jobs.
Report: San Diego affordability crisis threatens latest jobs and talent gains
Today, San Diego Regional EDC released its 2023 Inclusive Growth Progress Report. With updated data and bold objectives set around increasing the number of quality jobs, skilled talent, and thriving households critical to the region’s competitiveness, the report measures San Diego’s growth and recovery, and spotlights the greatest threats to prosperity.
Making the business case for inclusion, EDC releases this annual report to track progress toward the region’s 2030 goals: 50,000 new quality jobs* in small businesses; 20,000 skilled workers per year; and 75,000 newly thriving households**. Since its launch in 2017, the initiative has rallied public commitments from County, City, academic, and private sector leaders who are leveraging the Inclusive Growth framework to inform their priorities, tactics, and resource allocation. While much about the economy remains uncertain, intentional and consistent efforts by a diverse set of regional stakeholders will be key to achieving these goals.
“Large and small businesses, nonprofits, and government all play important roles in building a strong local economy and expanding economic inclusion,” said Jennie Brooks, Executive Vice President at Booz Allen Hamilton and EDC Board Chair. “Booz Allen is empowering its employees with training in technologies such as Artificial Intelligence and is committed to helping prepare local, diverse San Diegans for tech careers of the future. We are proud to partner with local nonprofits and small businesses to make advanced technology broadly accessible to students and create a supportive ecosystem in San Diego to drive inclusive economic growth.”
THE STORY BEHIND THE DATA
Over the past decade, the San Diego region has experienced a notable upswing in general prosperity, standard of living, average wages, and productivity, including a full recovery from the pandemic across virtually every sector. Yet, these gains have not been evenly distributed.
In terms of racial, geographic, and overall inclusion, San Diego has slipped; the pandemic has hit lower-income households and minority communities hardest. The relative poverty rate has increased while median earnings and the household wage gap between white and non-white populations has widened. Record-level inflation has hit struggling San Diego households hard, and high operating costs have degraded the ability of businesses to attract and retain talent.
Despite these obstacles, San Diego is once again making headway on the quality jobs and skilled worker goals; see charts below. 2021 saw an uptick in small business jobs as well as the highest increase in post-secondary education (PSE) completions in more than a decade.
However, decreasing affordability coupled with uneven economic prosperity not only threatens that progress but indeed may mean that San Diego falls even further behind its peer metros on overall prosperity. The region now needs to add 125,000 newly thriving households by the end of the decade to meet the goal.
The region’s expensive and limited housing market has exacerbated inflation across all categories, with fewer than 44 percent of San Diego households considered thriving. The affordability crisis will primarily impact Black and Latino households, of which more than half are low-income, and continue to challenge employers’ ability to attract and retain talent—posing the single greatest threat to the region’s economic growth.
“While EDC’s report demonstrates San Diego’s remarkable resilience in the face of the pandemic, our jobs and talent gains are being diminished by the region’s affordability crisis. Unless we get this right, San Diego will always be catching up,” said Lisette Islas, Executive VP and Chief Impact Officer at MAAC, and EDC Vice Chair of Inclusive Growth.
Join the movement
Using a demand-driven, employer-led, and outcomes-based approach, San Diego private, public, and community leaders must deploy creative solutions to achieve these 2030 goals. EDC invites the community to join us at one of two upcoming webinars to learn more about the data and how to get involved:
“We’re seeing HR departments dissolve degree requirements, big buyers redirecting procurement spend, governments streamlining permitting processes, and developers prioritizing on-site childcare. This is the level of regional adoption required to move the needle on inclusion, and EDC is committed to continuing to tell a data-driven story to make the business imperative clear. San Diego’s future depends on it,” said Teddy Martinez, Senior Manager, Research, San Diego Regional EDC.
The initiative is sponsored by Bank of America, City of San Diego, County of San Diego, JPMorgan Chase & Co., San Diego Gas & Electric, Seaport San Diego, Southwest Airlines, and University of San Diego Knauss School of Business.
Every quarter, San Diego Regional EDC 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.
EDC explains San Diego’s Q2 2023 economic data:
Key findings from Q2 2023:
Unemployment grows as people exit the labor force. Unemployment in San Diego began to rise at the turn of the new year, reaching four percent in Q2 2023. On par with the national rate, most peer metros also saw unemployment rates rise in Q2. In San Diego, the labor market has softened as the number of unemployed people increased by 3,751 while the labor force declined by 25,889 since last quarter. In contrast to Q2 2022, the labor force declined by 8,966 and unemployment decreased by 3,316.
VC resumes pre-pandemic upward trend. San Diego’s total Q2 VC exceeded last quarter but lags compared to Q2 2022. The largest recipient of VC this quarter was Avenzo Therapeutics at $196 million; the company is building a pipeline in preclinical or early clinical antibody-drug conjugates, bispecifics, and small molecules. This deal marks the 18th largest VC investment secured in San Diego since 2019. The region closed a total of 227 VC deals in 2022, compared to 96 deals in the first half of 2023.
Office space asking rates grow while industrial asking rates decline. Office asking rates reached an all-time high of $3.26 per square foot, even as vacancy rates continued to increase over the past four quarters to 14 percent. On the other hand, industrial real estate has responded to a 0.5 percent increase in vacancy rate by offering lower asking prices of $1.66 per square foot. These more stabilized rates may be in part because industrial work requires employees be in-person, unchallenged by remote work trends.
New digital tool to help inform inclusive growth in housing, childcare, industry
Today, EDC launched the San Diego Investment Map, a new digital tool to inform strategic, inclusive growth across the region. As part of EDC’s Inclusive Growth Initiative, the Investment Map provides a first-of-its-kind interactive data tool to support decision making across core facets of the local economy: childcare, middle-income housing, and corporate site selection.
Pulling a variety of datasets into an easy-to-use dashboard, the San Diego Investment Map allows users to explore San Diego County through a different lens. The interactive dashboards include data and analyses, and serve to shine a light on the region’s greatest threats to economic competitiveness: a jobs and housing imbalance, among other affordability challenges.
Key takeaways:
CHILDCARE: San Diego has 327 childcare ‘deserts’ spread throughout the region, making up nearly half of all census tracts. The Investment Map can pinpoint gaps in childcare supply and help narrow sites for prioritization.
HOUSING: Seventy-four percent of San Diego’s population is middle- to low-income, yet only 2.5 percent of permitted housing development needed in the region accommodates these groups. The Investment Map can identify zones with existing building incentives, community plan updates, as well as new commercial development where workforce housing may be needed.
INDUSTRY: There are 15.6 million rentable square feet of commercial space being developed across the region, predominately concentrated in northern San Diego. While this includes enough office space for more than 42,000 employees, most workers live instead in the southern and eastern parts of the region. The Investment Map can assist companies in site selection based on occupation hubs, commute trends, and other infrastructure assets that meet their operational needs.
“The San Diego Investment Map serves as a tool for local policy makers, developers, and employers to make informed and deliberate decisions to prioritize the region’s inclusive growth. Using geographic storytelling, the map makes obvious the gaps in our economy—limited childcare; disjointed development both in terms of location and income-level; rising costs with no end in sight. Data-driven solutions to alleviate these challenges will safeguard San Diego’s competitiveness,”said Teddy Martinez, Sr. Research Manager, San Diego Regional EDC.
The innovation economy will continue to make San Diego more prosperous than many of its peers, but it is not accessible to the fastest-growing segment of the region’s population. This mismatch between our regional assets and our economy’s future needs will consistently erode the region’s competitiveness.
Launched in 2018, EDC’s Inclusive Growth Initiative serves to communicate these challenges, making the business case for economic inclusion across San Diego. By 2030, County, City, private sector and academic leaders have pledged their commitments to the initiative’s goals: 50,000 new quality jobs in small businesses, 20,000 new skilled workers annually, and 75,000 newly thriving households. See how we’re tracking here.
The San Diego Investment Map marks a new tool for employers and stakeholders to engage in this work, specifically tackling the thriving households goal.
“Inclusion is an economic and business imperative. It’s more than DE&I in the workplace—it’s about ensuring all San Diegans have the resources and infrastructure needed to thrive in this region. The Investment Map highlights all the work we still have to do to make that possible,”said Lisette Islas, EDC vice chair of Inclusive Growth, and EVP and Chief Impact Officer of MAAC.
The San Diego Investment Map was authored by San Diego Regional EDC, with support and counsel provided by Buzz Woolley and Mary Walshok.
Every quarter, San Diego Regional EDC 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.
EDC explains San Diego’s Q1 2023 economic data:
Key findings from Q1 2023:
OFFICE SPACE: Firms look to cut costs as remote work remains popular. In Q1, office space experienced a huge decline in net absorption, meaning more offices became vacant than occupied. The last time San Diego experienced this level of negative net absorption was in Q4 2020, during the height of the pandemic. Downtown (92101) continues to experience rising vacancy rates since 2020. With asking rates at an all-time high of $3.25 per sq. ft. and employees still interested in remote work, office tenants are reducing their footprint as leases come due.
JOBS: San Diego leads employment growth in California. With 3.3 percent job growth compared to a year ago, San Diego outpaced California peers and stands amongst fast-growing metros in the country. San Diego adds 50,300 more jobs compared to Q1 2022. The strongest growth locally came from Government and Leisure and Hospitality, adding 3,000 and 2,600 jobs respectively. Meanwhile, Trade, Transportation and Utilities shed 7,000 jobs.
HOUSING: Home prices cool from last year’s highs. San Diego’s median home price reached $915,000 in Q1, which experienced an expected seasonal increase. However, prices are down 3.7 percent compared to a year ago. The Housing Affordability Index (HAI) in San Diego has remained at 15 percent for the past three quarters, making San Diego one of the most unaffordable counties in California.
Every quarter, San Diego Regional EDC 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.
EDC explains San Diego’s Q4 2022 economic data:
Key findings from Q4 2022:
EMPLOYMENT: San Diego wraps Q4 with unemployment below pre-pandemic levels, at 2.9 percent.Even with a decreasing unemployment rate, San Diego continues to face a talent shortage and struggles to fill jobs in top industries like Life Sciences and Tech. For instance, the Communication Technologies and Manufacturing employment sectors are 800 and 3,700 jobs away from pre-pandemic levels, respectively.
HOUSING: Median home price continues to drop through Q4, reaching $850,000. However, San Diego still ranks second most expensive among the most populous metro areas. On the housing supply side, a total of 9,443 housing construction permits were granted in 2022, which has remained relatively unchanged for the past three years. The housing affordability crisis has driven employers to take on the challenge directly. UCSD purchased an apartment building in Downtown’s East Village to provide housing for in a location near the MTS Blue Line Trolley to connect both the La Jolla campus and Hillcrest Medical Center.
COMMERCIAL REAL ESTATE: Vacancy grows in office and industrial space in Q4. Trends show a negative net absorption for both office and industrial space for the past two quarters, indicating a decline in demand for commercial real estate space. This could be happening because of the continuing shift towards remote work and the lack of affordable commercial space. In Q4, asking rent prices reached an all-time high of $3.23 per square foot, potentially turning remote work into a more attractive option for employers.
Every quarter, San Diego Regional EDC 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.
EDC explains San Diego’s Q3 2022 economic data:
Key findings from Q3 2022:
EMPLOYMENT: San Diego has recovered pandemic-related job losses overall, but some industries still lag. Manufacturing employment remains 6,200 jobs below pre-pandemic level, yet growth in manufacturing jobs far outpaces that of California and the U.S. The region’s unemployment rate dropped 0.1 percent from last quarter to 3.1 percent. Persistent talent shortages have resulted in large sums of public funding for workforce training; as an example, the San Diego Workforce Partnership was recently granted $10 million for training in emergency and healthcare services.
VENTURE CAPITAL: Funding into San Diego cooled off. The region pulled in $1.08 billion in VC funding in Q3, with half ($549 million) going to Life Sciences. The region’s Life Sciences firms lead in VC funding and increasingly turn to artificial intelligence and machine learning to accelerate scientific advancement. RayzeBio was the largest recipient with $160 million to advance cancer radiopharmaceuticals. On the technology side, Hone, a local startup that provides an online training platform with live instruction aimed at boosting worker retention, raised $29.3 million.
COMMERCIAL REAL ESTATE: Q3 experienced higher vacancy and lease rates for both office and industrial space. Net absorption of industrial space was negative for the first time since the beginning of the pandemic. However, San Diego is also experiencing strong demand for industrial space—driving up asking rent prices as construction continues to slow. While office space also saw an increase in vacancies, asking rent prices reached a record high of $3.24 per square foot. Higher costs may be the deciding factor for companies considering adopting permanent remote or hybrid work arrangements that reduce their need for office space.
EDC study quantifies the impact of AI in region’s Life Sciences cluster
Today alongside underwriter Booz Allen Hamilton, San Diego Regional EDC released the fourth study in a series on the proliferation of Artificial Intelligence and Machine Learning (AI-ML) within San Diego County’s key economic clusters. “Diagnosing the Future: AI and San Diego’s Life Sciences Cluster” quantifies the economic impact of the region’s Life Sciences cluster and explores the proliferation of AI and ML technologies being used to diagnose disease and develop drugs, among other lifesaving products and solutions.
While the pandemic devastated many sectors of our economy, the Life Sciences cluster experienced a striking 11.2 percent job growth (51 percent over the last decade). The cluster boasts a $27 billion annual economic impact, with 1,800 Life Sciences firms employing more than 61,000 San Diegans—nearly three times as many Life Sciences jobs as the national average. Taking advantage of the region’s innovation ecosystem, San Diego’s Life Sciences cluster has increasingly integrated software and technology to maximize its impact, save time, and reduce costs.
Underwritten by Booz Allen Hamilton, the web-based study—lifesciences.sandiegoAI.org—includes company case studies on local use of AI-ML, San Diego’s standing relative to peer metros in AI-ML integration, a timeline on the history of Life Sciences in San Diego, and the business case for economic inclusion within the cluster, among other assessment.
“This series serves to spotlight the importance of AI-ML application within the region’s key industries, helping drive productivity, job growth, and scientific innovation here and around the globe. With so many Life Sciences companies yet to fully tap into AI-ML, the impact we are already seeing in San Diego is just beginning,” said Mark Cafferty, president and CEO, EDC. “As always, EDC is committed to helping these firms thrive, creating more quality jobs for San Diegans.”
KEY FINDINGS
San Diego is a top Life Sciences growth market among AI-ML peer metros. The region has nearly three times as many Life Sciences jobs as the national average and commanded more than 13 percent of domestic venture funding into the industry in 2021.
San Diego’s Life Sciences companies are in the early stages of AI-ML adoption, paving way for exponential impact. While several San Diego Life Sciences subindustries have leveraged AI-ML technology in significant ways, just 18 percent of local firms are engaging with AI-ML.
San Diego Life Sciences companies have an outsized appetite for AI-ML talent but lag peer metros in accessibility and compensation. Local Life Sciences employers’ hiring for AI-ML talent largely demand post-secondary education but offer relatively low advertised compensation as compared to peer metros, which hinders the ability to compete for talent.
San Diego’s AI-ML talent pool is active and growing. The region already has a strong and growing supply of more than 15,000 AI-ML professionals across all industries. Rising degree completions in interdisciplinary fields, alongside new programs dedicated to producing AI-ML talent promise to deepen the talent pool.
“Whether for venture capital investment, jobs, talent, or innovation, San Diego is an undeniable leader in Life Sciences—changing the way patients around the world experience healthcare,” said Jennie Brooks, Senior Vice President at Booz Allen Hamilton—board chair and underwriter of the EDC study series—and leader of the firm’s 1,200+ person San Diego office. “For less time and money, the integration of AI-ML can help firms further accelerate scientific discovery, but we need the talent to make it happen. While the Life Sciences proved resilient amid the pandemic, talent gaps are pervasive—with pay and access as the primary threats to our economic competitiveness.”
Life Sciences is an integral and rapidly growing piece of the San Diego regional economy. In 2021 alone, San Diego Life Sciences companies pulled in 13.1 percent of the $38.6 billion invested into Life Sciences nationwide. Supporting this growth, San Diego ranks fourth (4,300 in 2020) in Life Sciences degree completions among peer metros. Future and ongoing investment in Life Sciences companies and talent—most especially around compensation and accessibility—will ensure the longevity of this high impact industry and support its ability to compete.
“Our Informatics and Predictive Sciences team in San Diego is deploying AI-ML to accelerate the drug discovery process. These approaches benefit virtually every aspect of drug discovery from accelerating the rate at which our chemistry teams can optimize compounds, to allowing us to better predict which patient populations are most likely to benefit from a novel medicine. The objective is to enable BMS to bring successful and safe medications to patients faster by leveraging AI-ML,” said Neil Bence, Ph.D., Vice President of Oncology Discovery and San Diego Site Head, Bristol Myers Squibb
The study series is underwritten by Booz Allen Hamilton and produced by San Diego Regional EDC. Learn more about EDC’s research here.
Every quarter, San Diego Regional EDC 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.
Key findings from Q2 2022:
VENTURE CAPITAL: VC picked up speed in Q2, nearly doubling Q1 totals. The most significant increase was in San Diego’s Life Sciences sector, which jumped from $627 million to $1 billion. La Jolla-based National Resilience’s $625 million raise for biomanufacturing medicines was the largest among all sectors in Q2. Tech companies drew $593 million while Consumer companies pulled $211 million in funding.
HOUSING: San Diego housing is the second most expensive among major metros. However, the median home price remained unchanged compared to the end of last quarter, at $950,000. Q2 closed off with a total of 5,773 issued housing permits. 2021 totals reached 9,358 permits, which means 2022 permit activity is on track compared to previous years. However, issued permits might have to pass previous years totals in order to meet the housing demand in the San Diego region*.
EMPLOYMENT: Unemployment in San Diego has dropped below the national rate, at 3.2 percent. San Diego unemployment continues to approximate pre-pandemic levels (3.0 percent) and has already dropped below national pre-pandemic levels (3.4 percent). More specifically, nonfarm employment increased by 17,700 during Q2, and by 79,700 compared to a year ago. Leisure and Hospitality employment continues to increase for the fifth consecutive month, and currently represents around 10 percent of the sector in California (EDD).
*Data correction: Please note that the initially published Key Takeaways from Q2 2022 erroneously stated the number of housing permits for 2021 and 2022 YTD. The written summary has been updated with the correct values.
