San Diego employment continues to increase as total non-farmemployment grew by 39,700 jobs, or 2.9 percent year-over-year. The latest employment update highlights the continued trend of employment growth and jobs continuing to be created in the market.
Professional and Business Services recorded the greatest year-over gain with 7,300 jobs, followed by Education and Health Services which increased by 7,300 jobs. Between the two sectors, a total of 14,300 jobs were added since March 2015. No major sector recorded a year-over-year decrease in jobs.
San Diego’s unemployment rate remained unchanged from a revised 4.7 percent in February.
Office real estate implications
We are currently seeing local year-over-year job gains in nearly every sector, with the greatest gain in the professional and business services sector. The professional and business services sector is the largest of the office using sectors and has also seen the most growth over the past two years. None of the office using employment sectors have seen year-over-year losses, and demand for office space has endured.
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