Searching For Signs of a Comeback in San Diego’s Innovation Economy
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the thousands of jobs that technology companies shed over the same period. As the San Diego Union-Tribune recently reported, revised data from the California Employment Development Department shows that 50,500 workers in the county lost their jobs last year. Officially, the jobless rate hit 11 percent in January for San Diego County—marking the highest rate of unemployment since the California Employment Development Department adopted its current statistical methodology in 1990. It was the seventh consecutive month with unemployment above 10 percent, according to data released March 9.
Nevetheless, there are still some signs that suggest employment is strengthening—perhaps along with the regional economy. In its quarterly evaluation of the 100 largest metropolitan areas, the Brookings Institute’s MetroMonitor report, issued last week, found that employment in San Diego County rose by 0.3 percent during the fourth quarter. (The report also noted a decline in foreclosures and a relatively strong housing market.) University of San Diego economist Alan Gin told the San Diego Union-Tribune he calculated a similar blip that showed a 0.2 percent increase in employment, or about 2,300 jobs.