San Diego is known for its constant efforts to facilitate a vibrant economy that sustains decent living standards for the residents while increasing more opportunities in the job sector. The city has a dynamic economic standpoint, but they need to fuel active growth to endure their goals with the region’s potential.
The relationship between technology and the economy has gathered justified attention in the current financial growth possibilities that software and tech bring to the table. This relationship is also evident in San Diego’s fiscal advance, and companies targeting the region are using the foundation of technology to build more opportunities.
The San Diego Regional Economic Development Corporation or EDC is an organization that mobilizes government, business, and civic leaders around an inclusive development strategy pertaining to the economy. The organization is independently funded and aims to maximize the regional prosperity of San Diego and enhance the competitive quotient of the region on a global scale.
The talent that San Diego produces holds high value in terms of the quality of the work and its relevance to the ongoing technological revolutions and market transformations. More individuals are exploring the tech industry and heading towards a zone of better prospects and pay scale. While these individuals actively participate in their personal and professional development, they also open up avenues for fellow San Diegans.
With all this talent and opportunity, San Diego is still deliberating and acting on ways to help it achieve economic growth to sustain its pulsating environment and skilled workforce.
What goals has San Diego sketched to heighten its economic growth?
San Diego has performed remarkably in terms of its economic growth. The numbers have doubled in the last two decades, and more companies have sought ways to set foot in the market.
This growth trajectory is multi-dimensional as the region has a stronghold on tourism, research, military, and technology-based industries. The well-planned structure of these industries has led San Diego to make a name amongst the top-performing regions of the United States of America.
But just how the pandemic disrupted the workflow and mechanism of industries across the globe, San Diego was also affected and faced economic challenges. The need to institute a more resilient economy was highlighted, and being an aware and active region, San Diego formed an action plan to combat the challenges.
The San Diego Regional Economic Development Corporation partnered with Brookings Institution. It created a committee dedicated to growth strategies and established viable targets along with an action plan.
The result was the formation of a platform for inclusive economic growth to achieve three primary goals:
The first goal is the formation of a talent pipeline that includes local talent. With the options of various industries, individuals interested and skilled in different fields can be a part of it and seek job opportunities. The aim is to formulate a sturdy pipeline by 2030 with over 20 thousand annual completions.
Recognizing the power of SMEs
San Diego is addressing the prospects that SMEs and startups hold. With an upsurge in the number of these enterprises, there is an increase in job opportunities. Since these enterprises are driven mainly by new-age methods and globally acclaimed work standards, job quality is high and healthy for skilled individuals.
The second goal of the San Diego Regional Economic Development Corporation is to equip small businesses to enter the competition with over fifty thousand new quality jobs by 2020.
Enhanced living standards
While one would expect all the focus to be on the jobs and companies, the San Diego Regional Economic Development Corporation is more practical and farsighted. It aims at enhancing factors that indirectly affect the region’s talent and the mindset of individuals stepping into the pool of employment and economy.
The third goal is to address the affordability crisis within the region. The idea is to build seventy-five thousand new households that are thriving by the end of 2030.
These goals place themselves at the right altitude to provide a flourishing environment for San Diego. However, to accomplish these goals, there is a need for an analytical data-oriented approach.
How is San Diego facing challenges?
The pandemic period has not been a cakewalk for the community. While the healthcare sector is still recovering from the massive strain, there is a growing need for more hands to enter the industry. The healthcare industry accounts for 13% of the local economy, and it is going through a rough patch due to the educational and training backlogs caused during the lockdown periods.
The higher education and skill development sectors are responsible for dealing with staffing shortages across different work industries. There is a gap between skill demand and attainment with new skills and the lack of upskilling facilities.
However, the region addresses these changes with technology-based remedies like remote learning and convenient cloud-based assistance for upskilling in different sectors. The EDC is minimizing the gap between education and business, driving San Diego towards economic growth.
The San Diego Regional Economic Development Corporation collaborated with numerous organizations to launch the Advancing San Diego project in 2019. The project aims to provide pathways to talented individuals and aspiring market professionals to improve their skills and access high-quality jobs.
The World Trade Center of San Diego has also launched the MetroConnect, the sixth iteration of its export initiative to provide SMEs and startups with the necessary resources to link with the global market.
As San Diego continues to become the hotspot for growing talent, budding industries, and competitive jobs, the main aim behind establishing this dynamic work culture is to facilitate a growing economy. As the growth continues, it will empower San Diego to sustain itself and make more room for opportunities. It is a well-balanced cycle that is gaining momentum and is expected to show better performance in the coming future.
Pranjal Bora works as Software Development Lead at Digital Authority Partners, a full-service digital marketing agency.