San Diego’s total non-farm employment was 1.59 million as of November 2023, a 4.6% increase from February 2020, and 26% increase from April 2020.1 Office employment has grown from the pre-pandemic peak to 384,000, up 5.8% compared to February 2020, and up 15.6% from the April 2020 low. Office employment was resilient through the pandemic, declining just 8.5% compared to 17% for all industries, as result of work-from-home policies and companies maintaining a “wait-and-see” strategy on employment and real estate.
Consumer spending in San Diego only dipped during the second quarter of 2020, immediately returning to pre-pandemic levels in the third quarter of 2020 and continuing to increase since then. In the fourth quarter of 2023, consumer spending reached $194 billion, a 22.7% increase from the pre-pandemic peak.2
San Diego also continues to be a major target for venture capital (VC). Though overall investment declined significantly in 2022, it reverted to pre-pandemic levels, averaging $1.2 billion each quarter from 2022. Life sciences is the major target of investors, averaging $578 million per quarter.3