Market Stat: Unemployment Rate Matches 20-Year Low
CoStar: October 21, 2019
San Diego’s unemployment rate fell to 2.7% in September, matching a 20-year low set in May. That follows August’s revised rate of 3.4%, as the region has not shown signs of slowing. There are still more jobs available than the number of unemployed in San Diego.
In the past 12 months, San Diego added 30,600 net non-farm jobs. That brought the total non-farm employment to 1.5 million, an increase of 2.1% since last September. That’s the biggest increase since last September, which recorded the same rate.
The government sector returned to post the largest month-over-month increase in jobs in September. It added 7,000 to its payrolls with all of San Diego’s schools now back in session.
After pacing the region in August, the construction sector added a healthy 1,300 jobs since August, with the construction of buildings accounting for 300 of those. The leisure and hospitality sector shed jobs for the second straight month, down 3,600. That comes as the summer tourist season came to a close in September.
The professional and business services sector posted the strongest year-over-year gains in San Diego. It added 7,700 jobs. The good news for San Diego is that 6,600 of those were in the professional, scientific and technical sector, a 4.8% gain. These are typically high paying jobs that spur household income growth.
Software developers remain in high demand in San Diego, and according to the latest jobs report. UC-San Diego, Qualcomm, Northrop Grumman and General Dynamics were among those employers with the most job ads in September.
Trade, transportation and utilities was one of only two sectors to shed jobs in the past 12 months. It lost 1,800. The other was financial activities sector, which shed 800 from payrolls. The information sector remained unchanged from a year ago.
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