staff, shedding 3,400 workers in February. Professional and business services added. 3,200 jobs, and educational and hea
n-16
SAN DIEGO’S ECONOMIC PULSE March 2017
WelcOME TO THE PULSE
CHECKING OUR PULSE
Brought to you by
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 re
[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.
