San Diego’s Economy Among Healthiest In State, Nation
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.” [MPSD]
