Diverse market fundamentals boost the San Diego economy
San Diego’s diverse talent and educational system is the main contributor to local economy growth since the Great Recession.
May 08, 2019
- San Diego’s diverse talent and educational system is the main contributor to local economy growth since the Great Recession. Universities and local incubators have played a key role in the rapid expansion of high-skilled industries such as defense, technology, healthcare, and life sciences companies. Combined, these industries have totaled 51 percent of the office market’s leasing activity over the last 12 months.
- More startups are launching due to accelerators and incubators, and venture capital funding reached a record high in 2018, causing employment opportunities to escalate. San Diego recently has seen a tech boom; since 2014 high-tech establishments have grown the number of employees by 15.6%, being a crucial impact to the growth in the innovation sector.
- With an increasing number of STEM graduates annually and high percent of Millennials, San Diego is becoming smarter and younger, luring companies to expand and recruit high skilled talent.
Source: JLL Research, NCES, BLS, U.S. News, SDBJ