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October 18, 2019

Each month the California Employment Development Department (EDD) releases employment data for the prior month. This edition of San Diego's Economic Pulse covers September 2019. Check out EDC's research bureau for more data and stats about San Diego's economy. 

This report is sponsored by Manpower San Diego.

San Diego's Economic Pulse - October 2019 from San Diego Regional EDC on Vimeo.

Highlights include:

  • The region’s unemployment rate was 2.7 percent in September, down from a revised 3.4 percent in August 2019, and below the year-ago estimate of 3.1 percent
  • The region’s unemployment rate remains lower than both the state and national unemployment rates of 3.5 percent and 3.3 percent, respectively
  • Between August 2019 and September 2019, total nonfarm employment increased from 1,510,400 to 1,515,000, adding 4,600 jobs
  • Between September 2018 and September 2019, total nonfarm employment increased from 1,484,400 to 1,515,000, adding 30,600 jobs
  • Between September 2018 and September 2019, professional and business services led the year-over gain, adding 7,700 jobs and mostly driven by growth in professional, scientific, and technical services (up 6,600)

October 3, 2019
 
From December 2018 and January 2019, the San Diego Small Business Lending Collaborative surveyed 129 existing and 101 prospective business owners in three San Diego Promise Zone zip codes (92102, 92113 and 92114). The purpose of the survey was to identify barriers for small business establishment and growth within the San Diego Promise Zone, a geographic area comprising of Barrio Logan, Southeastern San Diego, and Encanto. Historically disadvantaged, the culturally rich communities within the San Diego Promise Zone possess unique barriers that inhibit economic growth.
 
The study, written by the San Diego Regional EDC, found that the biggest challenge business owners face is related to credit/financing. Only 12 percent of business owners have ever applied for business financing, and out of those who have, they found only expensive options or were declined due to bad credit or income requirements. The final report outlines recommendations and strategies for small business owners in the San Diego Promise Zone to overcome these obstacles and grow their companies. For example, expanding access to entrepreneurship training and accelerator programs for low to moderate income populations.
 
**Read the full report here.**
 

September 20, 2019

Each month the California Employment Development Department (EDD) releases employment data for the prior month. This edition of San Diego's Economic Pulse covers August 2019. Check out EDC's research bureau for more data and stats about San Diego's economy.

This report is sponsored by Manpower San Diego.

 

  • The region’s unemployment rate was 3.4 percent in August, down from a revised 3.6 percent in July 2019, and below the year-ago estimate of 3.5 percent..
  • The region’s unemployment rate remains lower than both the state and national unemployment rates of 4.2 percent and 3.8 percent, respectively
  • Construction (up 2,900) added the largest number of jobs over the month, with gains centered in speciality trade contractors(up 1,800)
  • Between August 2018 and August 2019, total nonfarm employment increased from 1,485,300 to 1,512,700, adding 27,400 jobs.
  • Government (up 8,400) followed by professional & business services(up 6,600) led job growth during the past year
September 4, 2019

This op-ed was originally published in Times of San Diego, authored by Kim Becker, Jane Finley, and Chris Nayve.

More big business executives are shifting their corporate policies to include the needs of every stakeholder—not just the company’s shareholders, but all of its stakeholders, including employees, suppliers, customers, and community. The importance of this issue was magnified by a recent statement from the Business Roundtable, an association of CEOs from America’s leading companies. In today’s world of widening economic disparities and rapid digital automation, it is critical now, more than ever, for large companies to go beyond checking the boxes of corporate social responsibility and actually create solutions for inclusive economic growth, which means prioritizing the success of small businesses in their community.

In San Diego, where small businesses make up 98 percent of firms, large corporations can play a crucial role in growing the economy—through supporting small businesses, especially those in “opportunity industries.” While the region’s highest-paying jobs come from innovation industries, a new study by San Diego Regional EDC indicates that opportunity industries offer alternative pathways to prosperity. These industries—such as construction, manufacturing, and logistics—provide good pay, benefits, and sustainable career paths, through quality jobs that do not require a bachelor’s degree. The problem is that workers cannot get jobs where none exist.

To address these challenges, EDC launched an employer-led Inclusive Growth Steering Committee to drive an agenda that maximizes economic growth through inclusion. Guided by the findings of EDC’s latest study, the steering committee recently endorsed a regional goal to “create 50,000 new quality jobs in small businesses by 2030.” This includes supporting small firms in opportunity industries, which have a higher concentration of quality jobs accessible without a bachelor’s degree.

The steering committee also developed a set of actionable recommendations for how large employers can support local small businesses, through their procurement decisions and direct investment in small business support programs. These actions help small businesses increase revenue and, as a result, create more quality jobs.

According to a recent survey, the most difficult challenge faced by small businesses is attracting new customers. Though many large firms in San Diego procure goods and services from opportunity industries, local small businesses struggle to compete for their attention and often lose out to larger suppliers from outside the region. By establishing a more concerted effort to procure from local businesses, San Diego’s large companies could fuel local job growth without sacrificing quality of work.

No one understands the value of strong local supply chains better than San Diego’s anchor institutions. As locally-serving organizations deeply rooted in their community, anchor institutions have a vested interest in helping small businesses succeed. The University of San Diego understands the transformative impact an anchor institution can make by simply expanding partnerships with local service providers. The university’s director of procurement has set spending targets specifically for small and minority-owned businesses and hosts quarterly supplier diversity workshops. The university takes responsibility for strengthening the local small business ecosystem, so that more students can thrive in San Diego after graduation.

As an advocate for community health, Kaiser Permanente recognizes that economic opportunity and stability are essential to maintaining healthy residents. Kaiser Permanente recently funded a tuition-free training program for small business owners to help build capacity for sustainable growth. During its first year in San Diego, the program helped 55 small businesses grow revenues and create new jobs.

Through its Small Business Development program, the San Diego County Regional Airport Authority ensures that small and disadvantaged businesses have the opportunity to work with the airport. Over the past decade, the airport authority has contributed $250 million to the regional economy in construction contracts with small businesses alone, and has benefited by increasing competition in the procurement process and gaining access to external talent. By demonstrating the value from these partnerships, anchor institutions, like the airport authority, can provide examples of effective procurement strategies that other large companies can adopt to benefit themselves and the region as a whole.

Like CEOs of the Business Roundtable, our region’s anchor institutions and large employers have an opportunity to play a central role in creating a better, more inclusive San Diego. By directly investing in local small businesses through procurement and support programs, large firms can help sustain these smaller companies and maximize regional economic growth, while still maintaining their bottom line. It’s time that San Diego’s largest entities work together to restore our corporate ecosystem and, ultimately, provide more San Diegans with access to quality jobs.

Kim Becker is the president and CEO of San Diego County Regional Airport Authority. Jane Finley is the senior vice president and area manager for all Kaiser Permanente facilities in San Diego. Chris Nayve is the associate vice president for community engagement at the Karen & Tom Mulvaney Center of the University of San Diego. These organizations are all members of San Diego Regional EDC’s Inclusive Growth Steering Committee.

 

 

August 16, 2019

Each month the California Employment Development Department (EDD) releases employment data for the prior month. This edition of San Diego's Economic Pulse covers July 2019. Check out EDC's research bureau for more data and stats about San Diego's economy.

This report is sponsored by Manpower San Diego.
 

Highlights include:

San Diego's Economic Pulse - August 2019 from San Diego Regional EDC on Vimeo.

  • The region’s unemployment rate was 3.6 percent in July, up from a revised 3.3 percent in June 2019, and unchanged compared with the year-ago estimate of 3.6 percent.
  • The region’s unemployment rate remains lower than both the state and national unemployment rates of 4.4 percent and 4.0 percent, respectively
  • Leisure and hospitality (up 2,600) added the largest number of jobs over the month, driven in part due to the influx in tourism in the summer months
  • Between July 2018 and July 2019, total nonfarm employment increased from 1,480,300 to 1,510,000, adding 29,700 jobs.
  • Government (up 9,100) followed by professional & business services(up 8,400) led job growth during the past year

 

 

 

 

July 19, 2019

Each month the California Employment Development Department (EDD) releases employment data for the prior month. This edition of San Diego's Economic Pulse covers June 2019. Check out EDC's research bureau for more data and stats about San Diego's economy. 

This report is sponsored by Manpower San Diego.

Highlights include:

San Diego's Economic Pulse: July 2019 from San Diego Regional EDC on Vimeo.

  • The region’s unemployment rate was 3.3 percent in June, up from a revised 2.7 percent in May 2019, and below the year-ago estimate of 3.6 percent
  • The region’s unemployment rate remains lower than both the state and national unemployment rates of 4.1 percent and 3.8 percent, respectively
  • Between May 2019 and June 2019, total nonfarm employment increased from 1,510,200 to 1,517,300, adding 7,100 jobs
  • Between June 2018 and June 2019, total nonfarm employment increased from 1,491,600 to 1,517,600, adding 25,700 jobs
  • Between June 2018 and June 2019, professional and business services led the year-over gain, adding 8,000 jobs and mostly driven by growth in professional, scientific, and technical services (up 7,100).

 

June 21, 2019

Each month the California Employment Development Department (EDD) releases employment data for the prior month. This edition of San Diego's Economic Pulse covers May 2019. Check out EDC's research bureau for more data and stats about San Diego's economy. 

This report is sponsored by Manpower San Diego.

Highlights include:

  • The region’s unemployment rate was 2.8 percent in May, down from a revised 3.0 percent in April 2019, and unchanged from the year-ago estimate of 2.8 percent
  • The region’s unemployment rate remains lower than both the state and national unemployment rates of 3.5 percent and 3.4 percent, respectively
  • Between April 2019 and May 2019, total nonfarm employment increased from 1,501,600 to 1,510,600, adding 9,000 jobs
  • Between May 2018 and May 2019, total nonfarm employment increased from 1,485,000 to 1,510,600, adding 25,600 jobs
  • Between May 2018 and May 2019, education and health services led the year-over gain, adding 8,700 jobs

 

May 17, 2019

Each month the California Employment Development Department (EDD) releases employment data for the prior month. This edition of San Diego's Economic Pulse covers April 2019. Check out EDC's research bureau for more data and stats about San Diego's economy. 

This report is sponsored by Manpower San Diego.

Highlights include:

  • The region’s unemployment rate was 3.0 percent in April, down from a revised 3.6 percent in March 2019, and below the year-ago estimate of 3.1 percent
  • The region’s unemployment rate remains lower than both the state and national unemployment rates of 3.9 percent and 3.3 percent, respectively
  • Between March 2019 and April 2019, total nonfarm employment increased from 1,492,600 to 1,500,400, adding 7,800 jobs
  • Between April 2018 and April 2019, total nonfarm employment increased from 1,480,000 to 1,500,400, adding 20,400 jobs
  • Between April 2018 and April 2019, education and health services led the year-over gain, adding 7,600 jobs

April 11, 2019

San Diego Regional Economic Development Corporation released a study—Qualcomm’s Contribution to San Diego’s Economy, showcasing how the company’s investment in the community has impacted the industry, economy and region as a whole. Since its humble beginning in 1985, Qualcomm has been at the forefront of innovation, entrepreneurship and research and development (R&D.) It settled with a home base in San Diego, providing a significant economic impact and tremendous contributions to our region since its founding.

Qualcomm is not only a technology industry leader in our region; it also engages the marketing, accounting, legal services, consulting, environmental and engineering industries in San Diego, in-turn creating jobs and opportunities along every step of the company’s tech journey. Just in 2018, Qualcomm had an economic impact of approximately $4 billion in the San Diego economy. To put that into perspective, it’s the equivalent of 41 Breeder’s Cup World Championships, 27 San Diego Comic-Cons and 3.6 San Diego Convention Centers.

Further, in 2018, Qualcomm created approximately 1,600 job postings, recruiting top-tier entrepreneurial talent while continuing to dedicate resources to strengthening our communities and educating the next generation. To its core, Qualcomm understands the importance of investing in the workforce of tomorrow. They have done just that through an interactive tutorial program called Thinkabit Labs, which engages students from different backgrounds and inspires them to be the next generation of inventors – combining science, technology, engineering and mathematics (STEM) for an educational and hands-on learning experience. Through Thinkabit, students mature by learning real-world problem-solving skills, collaborate in teams and motivate creativity on a myriad of levels. Qualcomm has hosted students from 107 schools across San Diego, inspired close to 22,000 local students and helped them create more than 5,000 inventions. Over the course of this program, Qualcomm has expanded and collaborated with 20 school districts and organizations.

Just as Qualcomm has invested into our youth, it has equally invested into our local communities. Since 2000, Qualcomm has donated more than $355 million to the San Diego community from both Qualcomm and the Qualcomm Foundation. Just in the last five years, Qualcomm employees have donated to more than 1,000 local organizations, requested matches for more than 17,900 organization and contributed more than $26 million to local communities. Qualcomm truly is a trailblazer for local philanthropy.

Many people think of Silicon Valley as the premier technology hub in America, however Qualcomm is working tirelessly to bring that title to San Diego. It’s no secret that Qualcomm is one of the leaders in 5G and also a premiere leader in creating technology the world loves. More than 130,000 patents and patent applications have come from Qualcomm in the past year. While it couldn’t have been done without our San Diegans, this type of technology and innovation is something that should be celebrated. Roughly 12 percent of the region’s total tech talent is employed by Qualcomm. To break down the impact on local jobs, Qualcomm has created: 10,170 induced jobs, which come from the result of local spending of labor income; 7,680 indirect jobs, the effect of local, inter-industry or B2B spending through existing economic structure; and 10,030 Qualcomm employees, which all adds up to an outstanding 27,880 total jobs. Because of this, for every job at Qualcomm, an additional 1.8 jobs are supported elsewhere in the San Diego economy. It truly is the job multiplier – integrating other companies and industries to provide support and collaboration that leads to industry-leading technology.

Our economic study “Qualcomm’s Contribution to San Diego’s Economy” shows some of the great contributions that Qualcomm has given to the San Diego region, but it wouldn’t be possible without the people. Thank you to the communities, employees and organizations that are helping build San Diego.

*Qualcomm sponsored this study and provided employee data for EDC's impact analysis.*

March 14, 2019

In a world where Internet-enabled devices have become embedded in everyday objects, the need for cybersecurity has never been more vital. San Diego's roots in wireless technology, combined with its top tier engineering talent and military presence, make it a fertile ground for cybersecurity talent. And that's exactly what EDC's most recent economic impact study found.

cybersecurity economic impact numbers in SD

Commissioned by San Diego Cyber Center of Excellence, a San Diego-based nonprofit organization dedicated to accelerating the region’s cyber economy, the study found that San Diego had more than 150 core cyber firms that employ 4,920 people in the region. The Navy’s Space and Naval Warfare Systems Command (SPAWAR)* provides an additional3,530 jobs to San Diego’s cybersecurity industry. In total, there are 8,450 direct jobs – up 11 percent from 2016 (faster than the regional employment growth of 3 percent). 

"Too often San Diego worries about falling behind Silicon Valley or the East Coast, but this study conveys we have the talent and workforce to punch above our weight," said Rear Admiral (Ret), Ken Slaght, CCOE chair and president of Cyber Center of Excellence. "San Diego's premier educational institutions, existing industry base and robust federal assets, seed not only the cyber workforce but the innovation needed to protect our nation."

The study was launched at Qualcomm on March 13, and featured a keynote from Dr. John Zangardi, CIO at the U.S. Department of Homeland Security, as well as an in-depth look at the interactive research tool, presented by EDC's Research Director Kirby Brady.

View the interactive tool here.

*In June 2019, SPAWAR changed its name to Naval Information Warfare Systems Command (NAVWAR).