Strong construction job gains in San Diego helps push unemployment to a historically low rate
The total amount of construction jobs in San Diego exceeded the 90,000 mark for the first time this cycle, indicating a healthy market.
March 10, 2020
- The unemployment rate hovered under 3 percent during the last quarter of 2019. These numbers can be attributed, in large part, to the gains in construction workers. In 2019, 8,600 construction jobs where added representing the largest year-over-year addition in 20-years.
- Notably, last cycle’s construction labor peak operated with an unemployment rate of 3.8 percent. Within the current stretch, unemployment has reached a near historic low of 2.8 percent and the number of construction jobs is quickly approaching last cycle’s peak.
- High tenant demand for e-commerce, logistics, technology, and life sciences industries has caused a recent uptick in development. Due to a diverse marketplace, we expect construction jobs and the labor market to remain strong over the coming years.
Source: JLL Research, U.S. Bureau of Labor Statistics (latest data available)