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Regional Economic Trends

Regional Economic Trends.

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Regional Economic Trends

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  1. Regional Economic Trends

  2. We experienced 107+ months of employment growth since Jan 2010. However, the jobs during this recovery were primary in low-paying jobs. SD County lost 100K well-paying jobs in manufacturing and construction in the 2007-09 recession. Therefore, average income in SD county has not gone up. San Diego County: Total Employment 2000-2018

  3. Although we’re at full employment (i.e., unemployment rate is at 3.2%), 46% of employers report having difficulty finding talent. According to employers, most of the “good” and “quality” workers are already employed. San Diego County: Total Employment & Unemployment Rate 2000-2018

  4. Attracting talent to the region to fill employer needs will be difficult due to cost of living in San Diego County. Housing continues to be an issue with population growth. SANDAG projects that the population to increase to 4 million people by 2050. San Diego County: Age Composition 2016-2050

  5. That’s an increase of 700K people. We will need 400K more housing and 360K more jobs to meet this population growth. San Diego County: Growth Forecast 2018-2050

  6. We have a shortage of 56K housing units to meet current population needs. We need to build 12K units annually to support population growth. San Diego County: Residential Permits Issued 1970-2016

  7. Median home prices in SD County are now approximately $637K. San Diego County: Real Estate Market 1997-2018

  8. To afford a $193K house in San Diego County, an individual needs to earn at least $58K a year. There are no houses on sale for $193K. Each earner in a dual-income home would have to make $82.5K annually to afford a $637K home. Approx. 23% of the population can afford this. San Diego County: Real Estate Market 2000-2018

  9. e.g., Solar PV Installers COE labor market briefs include both entry-level (25th percentile) and median wages to help educators make decisions about programs that lead to good-paying careers.

  10. Visit myworkforceconnection.org/lmi and scroll to the bottom of the page for a list of labor market briefs for San Diego and Imperial Counties.

  11. National Policies Related to Career Education

  12. S.1121 - College Transparency Act • To develop and maintain a secure postsecondary student data system that: • Accurately evaluates student enrollments, progression, completion, and outcomes • Assists with transparency, institutional improvement, and analysis of Federal aid programs • Provides more accurate, complete, and customizable information for students and families to make decisions about postsecondary education

  13. H.R.6995 - Compete for the Future Act • To establish a prized competition for pre-apprenticeship programs that: • Prepare high school students for careers in in-demand industry sectors or occupations • Allow students to enter a registered apprenticeship program • Award students with credentials

  14. H.R.7214 – Cybersecurity Education Integration Act • To establish a pilot program that awards competitive grants to: • New and existing career and technical education programs that incorporate cybersecurity education • Programs that prepare individuals to meet workforce needs in critical infrastructure sectors

  15. H.R.6250 - Skills Investment Act • Allows individuals to invest in their own professional development • e.g., training services, career and technical education activities, career services, adult education • Includes a provision for employers to contribute to incumbent workers’ professional development (tax credits)

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