San Diego, CA – December 2023 Jobs Report: Construction Leads, Tech Trims

The December 2023 jobs report for San Diego presents a mixed picture, reflecting both growth and contractions within its dynamic labor market. While construction surged forward and unemployment remained low, the tech sector experienced job losses, raising questions about its future trajectory. Staying informed about these contrasting trends will be crucial for both employers and job seekers in the coming year.

Key Points:

• Unemployment dips slightly: At 4.3%, the unemployment rate suggests a competitive job market for qualified applicants.
• Job growth remains positive, but slows: Adding 600 net new positions, nonfarm employment reached 1,591,100. This marks a slower pace compared to previous months, aligning with national trends.
• Construction breaks ground: This sector added 1,800 jobs, reaching its highest employment level in over 15 years, suggesting continued expansion in residential and commercial construction. Opportunities could exist for construction laborers, carpenters, and electricians.

Industry and Occupation Insights:

• Growth: Construction (+1,800), Professional & Business Services (+500), Retail Trade (+1,000)
• Shrinks: Information Technology (-1,000). This decline in the tech sector highlights potential concerns about its future stability and potential spillover effects on other industries.

Historical Comparisons:

• Improvement over December 2022: Lower unemployment rate (4.3% vs. 4.6%) signifies a slight improvement in the labor market.
• Slower growth than December 2022: Lower job growth (600 jobs vs. 1,600 jobs) compared to the previous year, reflecting national trends and tech sector adjustments.

Future Outlook:

Opinions vary among experts. The low unemployment rate and growth in key sectors like construction suggest potential resilience. However, the impact of tech layoffs and national economic uncertainties remain key concerns. Adaptability and upskilling in growing fields like healthcare, clean energy, and cybersecurity could be advantageous for navigating potential shifts.

10 Growing Occupations in San Diego, CA:

1. Registered Nurses
2. Software Developers and Applications Developers
3. Customer Service Representatives
4. Sales Representatives
5. Marketing Specialists
6. Truck Drivers
7. General and Operations Managers
8. Construction Laborers
9. Physicians
10. Financial Analysts

10 Companies Hiring Now in San Diego, CA:

1. Qualcomm
2. Illumina
3. Sempra Energy
4. Northrop Grumman Corporation
5. General Atomics
6. San Diego Gas
7. Scripps Health
8. Kaiser Permanente
9. Hyatt Hotels Corporation
10. Marriott International

Sources:

• Bureau of Labor Statistics – San Diego-Carlsbad-San Marcos, CA MSA
• San Diego County unemployment climbs slightly to 4.3% – NBC 7 San Diego
• Indeed Hiring in San Diego, CA
• Glassdoor Jobs in San Diego, CA