The Morning Report
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The “housing boom beneficiary” industries I focus on were mixed. Construction was still suffering, with a year-over-year employment decrease of 5,500 jobs or 6.1 percent. Financial activities, which includes real estate and lending activity, was also negative but far less so at a loss of 900 jobs or 1.1 percent. The retail industry in contrast has shrugged off earlier weakness and grown, adding 1400 jobs or .9 percent.
Employment outside these three sectors grew at a healthy 1.9 percent, but once the housing-related losses are taken into account, overall San Diego job growth weighed in at an addition of 13,300 jobs since last November, an increase of 1.0 percent.
— RICH TOSCANO