San Diego's Economy Among Healthiest in State, Nation
Source: Patricia Kirk, Bisnow, OC/SD June 21, 2016
San Diego
added 4,800 jobs in May, causing the unemployment rate to drop to 4.2%- the
lowest rate in nearly nine years, the California Employment Development
Department reported. Over the last year, San Diego added 32,200 jobs, which
represents a 2.3% increase. The private sector drove nearly 82.3% of job
growth, adding 26,500 jobs year-over-year.
As San Diego
headed into summer, the region’s peak tourist season, the leisure and
hospitality sector led in job creation, adding 2,200 jobs in May. This sector
added 3,900 more jobs than last year, representing 14.7% of private sector job
growth.
Professional
and business services accounted for more than 52.7% of private sector growth in
May, adding 1,900 jobs. Professional, scientific and technical services,
strongly associated with the region’s innovation economy, accounted for 25% of
professional and business services jobs.
Other key
sectors are healthcare and social services, which added 1,300 jobs since April,
accounting for 36.1% of the region’s private job growth. This sector has added
7,000 jobs since May 2015, representing about a quarter of the year’s job
growth.
Meanwhile,
overall employment growth is slowing as the nation heads into summer, and San
Diego is not an exception, noted a blog from Manpower San Diego. Manpower SD
executive officer Phil Blair noted this is “consistent with what we have seen
in previous years during the summer months.”
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