San Diego Talent & Workforce Study Reveals Positive Forecast
The San Diego Regional EDC just released its new report, Talent: Where San Diego Stands. In the comprehensive study, the EDC reviewed San Diego’s standing in talent growth and retention concerning highly-skilled engineering, science, and tech talent.
The study compared San Diego to nine peer metro areas including Austin, Denver, and San Francisco. According to the study, by analyzing key factors for firms and site selectors, and comparing key characteristics that attract talent, San Diego will be better able to understand its competitive edge.
The report presented a plethora of in-depth information. Some key points are as follows:
- San Diego ranked 2nd in percent grow of degree-holding millennials (age 25-34)
- San Diego ranked 1st in the concentration of scientific R&D firms and employment.
- San Diego ranked 3rd in wages in science and engineering jobs.
- San Diego ranked 1st in lowest average commute times.
- San Diego ranked 2nd in average annual pay for R&D employees at $176k
- San Diego ranked 3rd in the total number of scientific R&D firms.
Another crucial aspect of the study was the age of the San Diego workforce. Compared to most of its peers, San Diego has an aging talent pool. Experienced professionals ages 45+ make up a larger share of San Diego’s talent base.
However, the good news is that in 2014, San Diego gained 72,000-degree holders—more than any other metro. While this may seem like daunting competition, professionals who achieve their MBA in San Diego will possess a strong advantage. Only 13.8% of the San Diego population has an advanced degree or higher. While this percentage is slightly above the national average of 11.4%, it’s lower than seven of its peers. For MBA students at the Rady School of Management in UC San Diego or the California International Business University (CIBU), it means that competition is not as fierce.
And while San Diego has the highest unemployment rate among their peer metros, they also experienced the fourth largest decline in unemployment from 2010 – 2014, falling 4.3 percentage points and adding approximately 111,000 jobs.
Overall, it looks like the San Diego talent pool is fairly healthy and that continued economic growth should be expected.