San Diego Economic Pulse - San Diego Regional Economic ...

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staff, shedding 3,400 workers in February. Professional and business services added. 3,200 jobs, and educational and hea
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SAN DIEGO’S ECONOMIC PULSE March 2017

WelcOME TO THE PULSE

CHECKING OUR PULSE

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San Diego’s Economic Pulse uses data to tell a story about our economy. We’re still keeping track of unemployment data, but also keeping tabs on new business establishments, job postings and looking at who’s hiring in San Diego with the end goal of empowering San Diegans to make informed decisions about the region we live in.

ManpowerSanDiego.com

Each month the California Employment Development Department (EDD) releases unemployment data for the prior month. Due to annual revisions, EDD did not release employment data in the month of February but released two reports in March. This edition of San Diego’s Economic Pulse covers February data and references the second of two reports from March.

4.2%

unemployment rate

“February’s data shows unemployment rates dropping for the majority of jurisdictions in the region. Meanwhile, job posting intensity has steadily declined suggesting that employers are filling jobs more rapidly. Management, training and communications are among the most in-demand skills employers seek. And while technical skills are still expected of jobseekers, the ability to work with and develop others is key.”

16 19 out of

jurisdictions saw a decrease in unemployment rate

Phil Blair, President and CEO Manpower

Employment

Percentage Growth in Employment in San Diego County, Sele 02/2017 (Feb 2016 to Feb 2017)

Year-over-Year Employment Changes in Key Sectors

February’s data shows a San Diego labor market that continues to grow, albeit at a more moderate pace compared to the two previous years.

1.9%

year-over-year growth in employment

»»

»»

124,453 unique job postings in February

»»

Total nonfarm employment increased by 6,600. This is a smaller increase than the 10,700 jobs added in February 2016.

Construction

5.1%

Healthcare & Social Assistance

3.0%

PST Services

2.0%

Total Nonfarm (SD)

Retail trade continued to reduce seasonal staff, shedding 3,400 workers in February. Professional and business services added 3,200 jobs, and educational and health services added 2,100 jobs.

1.9%

Total Private (SD)

1.7%

Leisure & Hopsitality

1.0%

Information

0.4%

Manufacturing

Compared to a year ago, total nonfarm employment is up 26,700, or 1.9 percent, with 19,800 of those jobs coming from the private sector.

0.0% -0.4%

Wholesale Trade -2%

0%

2%

4%

6%

Source: California Employment Development Department; San Diego Regional EDC

Construction and real estate continue to show solid year-over-year growth, up 5.4 percent and 5.1 percent respectively. Manufacturing was flat, while wholesale trade declined 0.4 percent.

Source: California Economic Development Department

EMPLOYMENT TRENDS IN KEY SECTORS

5.4%

Real Estate, Rental & Leasing

Monthly Employment Change by Sector (Feb 2016 to Feb 2017)

7,000 5,000

Leisure & Hospitality 3,000

Leisure & Hospitality

Healthcare & Social Assistance

Healthcare & Social Assistance

1,000

Professional, Scientific & Technical Services

Professional, Scientific & Technical Services

-1,000

Manufacturing

Manufacturing -3,000

Construction Construction

-5,000 -7,000

Feb-16

Mar-16

Apr-16

May-16

Jun-16

Feb-16 Mar-16 Apr-16 May-16 Jun-16 Source: California Economic Development Department Note: Data not seasonally adjusted.

Jul-16

Jul-16

Aug-16

Aug-16

Sep-16

Sep-16

Oct-16

Nov-16

Oct-16

Dec-16

Nov-16

Jan-17

Dec-16

Feb-17

Jan-17

March 2017 unemployment »» »» »»

The unemployment rate dropped 0.3 percentage points to 4.2 percent in February, and is 0.6 percentage points lower than a year ago. San Diego’s unemployment rate remains lower than both the California rate of 5.2 percent and the national rate of 4.9 percent. The labor force shrank for the fourth consecutive month and has declined in eight of the last twelve months. Labor force participation is now down compared to a year ago.

Historical Unemployment Rate San Diego & Select CA Metros

7.0 San Diego

6.5 6.0 5.3

5.5 5.0 4.5 4.0

Los Angeles

5.2 4.9 4.8

San Francisco

4.2

Riverside

3.5

California

3.0

2.9

2.5

U.S.

2.0

Source: California Employment Development Department Note: Data not seasonally adjusted.

Unemployment Rate by Jurisdiction Jurisdiction San Diego Region

(Feb 2017)

Labor Force

Employment Unemployment Rate*

1,566,200

1,499,800

4.2%

54,100

52,000

3.8%

121,700

115,200

5.4%

coronado

8,700

8,500

2.4%

Del Mar

2,600

2,600

0.4%

Carlsbad Chula Vista

El Cajon

45,900

43,100

6.1%

Encinitas

33,200

32,100

3.4%

Escondido

69,200

66,200

4.3% 6.6%

Imperial Beach

12,200

11,400

La Mesa

30,800

29,500

4.3%

Lemon Grove

12,400

11,700

5.6%

National City

24,700

23,400

4.3%

Oceanside

82,100

78,500

4.4%

Poway

25,600

24,900

5.6%

703,200

674,900

4.0%

San Diego San Marcos

40,500

39,200

4.3%

Santee

29,200

28,000

4.2%

6,900

6,600

5.5%

44,500

42,800

3.8%

218,700

209,200

4.4%

Solana Beach Vista Unincorporated Area

Oceanside Vista San Marcos Escondido Carlsbad Encinitas Solana Beach Del Mar

Poway

San Diego

Unincorporated

Santee El Cajon La Mesa Lemon Grove

Coronado National City Chula Vista Imperial Beach

In February, 16 out of the 19 jurisdictions, as well as the overall region, saw a decrease in unemployment rate.

* Arrows indicate the monthly directional change in unemployment rate. Source: California Economic Development Department

The unemployment rate measures the number of people who are both jobless and looking for a job. One of the most closely watched economic indicators, the unemployment rate can tell much about the health of the overall economy with a rising rate seen as a sign of weakness, and a falling rate indicating a growing economy.

The San Diego region is comprised of 18 cities and the Unincorporated portions of the county. Each city has its own unique economy, with different industries, employment bases and labor force. Analyzing key indicators such as the unemployment rate at the sub-regional level helps us to better understand local dynamics within the broader regional economy.

March 2017 hELP WANTED There were

805,694

total job postings in February 2017, of which

124,453

were unique. This means that on average, employers are

posting the same job more than six times. The top ten occupations in demand remained the same month-over-month.

Who’s Hiring?

Skill Demand

Top 10 Companies by Unique Posting Company

Top Skills Listed on Job Postings

Unique Job Postings

Lyft University of San Diego General Atomics

3,892 1,629 1,256

Oracle Corporation Hawkins Merritt & Associates Comphealth Robert Half International Inc. Scripps Health Barton Associates Sharp HealthCare

1,184 1,163 1,044 1,000 953 883 866

Source: EMSI

new businesses

The number of establishments in the region increased by 3,104 in February - 34.3 percent higher than last month and 5.8 percent lower than the 12 month average. With the exception of National City, every other jurisdiction in the county saw a year-over-year increase in the number of new establishments. Fourteen of the region’s jurisdictions saw year-over-year growth above the regional rate of 26 percent.

3,104

New Businesses by Jurisdiction (Feb 2017) 44

69%

71%

San Diego

124

Solana 4,328Beach 45%

143

30

Del Mar El Cajon 27% Carlsbad

123

2,923 187

Chula Vista

91%

2,922 Encinitas

28

66

La Mesa 43%

Coronado

2,923

3,936

3,881 New Establishments by Month

3,881 3,456

3,936

2,922

3,551

3,456

2,386

3,598

3,551

3,598

4,328

3,881

Escondido 17%

3,428

3,428 3,598

2,386

2,646 2,386

40%

2,646

3,428

2,646 2,896

3,104 2,312

Unincorporated 239 24%

16

2,922

San Diego Region

89

Vista

2,697

92%

133

78%

3,551

46%

16

Lemon Grove

3,936

3,456

25%

2,697

4,328

32

9%

168

industries represented (Feb 2017)

Santee

1,301

Oceanside

31 National City -23%

504

monthly average (last 12 months)

48

Poway

75%

3,294

new establishments (Feb 2017)

Imperial Beach 60%

26%

37%

104

San Marcos 65%

New Establishments

Location

YoY%Number Growth inofEstablishments New Establishments

Number of New Establishments 12 Month Average

12 Month Average

Source: ReferenceUSA.com Note: Bubble size represents the year-over-year growth in new establishments.

Job postings are online advertisements for jobs, posted by companies trying to attract applicants. While economic data such as the unemployment rate and industry detail can tell much about the structure of the economy, analyzing job postings can reveal valuable information about the labor market by illuminating specific skills companies are looking for, in-demand occupations and identifying actual companies who are hiring. These datasets are complementary and give us a more complete picture of the local economy.

Every new establishment is linked to the creation of new job postings. Analyzing the number of monthly new establishments and their corresponding industry can reveal information about the labor market by identifying the top industries generating jobs. The records analyzed are part of ReferenceUSA’s verified database, meaning that the business listings have gone through multiple stringent compilation processes, including phone verification.

For more information, please contact our research team: Kirby Brady, Director Eduardo Velasquez, Manager Marcela Alvarez, Coordinator [email protected] | 619-234-8 484 sandiegobusiness.org

San Diego Regional EDC’s mission is to maximize the region’s economic prosperity and global competitiveness.