San Diego County recently ranked third for the most new business applications in California, according to a new report by the San Diego Regional Economic Development Corporation.
The data point, from 2023, is part of the “2030 Inclusive Growth Goals: Annual Update,” released this week.
The authors noted increased job quality in small businesses, with more positions than ever before paying at least $23 per hour, accompanied by benefits for workers.
However, they warned, “the gap between small businesses and their larger counterparts continues to grow.
“Despite this uptick and importance to the regional economy, small businesses are challenged to keep up in an increasingly expensive market,” the report stated. “In particular, small businesses struggle to offer competitive wages compared to larger firms.”
The EDC report called businesses with fewer than 100 employees “critical to the region’s economy,” saying they represent 98% of all firms and account for 59% of total employment.
Key takeaways from the report:
The number of San Diegans completing degrees and credentials each year has increased by over a third, along with the total of Latinos with a bachelor’s degree, which has increased by more than half. Households are experiencing rising incomes, by over 30%, with Latino household income up by 42% in the last five years. Sharp increases in the median housing price, by almost 50%,, however, have offset those gains. In addition, “many San Diego households, businesses and workers continue to face an increasingly competitive economy that has widened economic inequity across class and racial lines,” the report states.According to the report, goals for the San Diego region over the next five years are 50,000 new quality jobs, 20,000 additional skilled workers and 75,000 new “thriving” households.
Part of that growth, the report concludes, requires inclusive economic development, a concept under attack by a White House that has repeatedly targeted diversity, equity and inclusion programs both in government and private institutions.
“The San Diego region demands inclusive economic development so that all San Diegans can live, work and do business here,” the EDC report stated. “It is a business and economic imperative.”
EDC reported that employers “are already making a difference in San Diego” and suggested how others can take part:
Shift a percentage of existing procurements to small, local and diverse businesses for new job creation. End “unnecessary and exclusionary” degree requirements for entry-level jobs, while making on-the-job training and better skills a priority. Build relationships with local educators, such as community colleges, and other nontraditional training programs, as a way to build bridges in hiring. Grow incentives, seek out new financing mechanisms and streamline permits for middle-income housing development. Use data to understand the development landscape and where workforce concentrations exist in terms of site-selection.In the next five years, EDC officials said they will “continue to measure against these goals while incorporating new data, refining methodologies and updating strategies to reflect the latest trends and economic realities in the public and private sectors and in community-based endeavors.
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