San Diego Economy
Impacts On San Diego Real Estate And Home Sales
A major contributor to San Diego’s growth and real estate trends has been the diversification of its economy. The City’s economic base, which in the past was reliant on federal defense spending, has undergone a transformation in recent years. Of note is the growth of the biotech industry, which has increased demand for San Diego homes, condominiums, and investment properties. La Jolla, Solana Beach, and Del Mar real estate has seen heavy demand from biotech employees. The technology workers in Sorrento Valley can also live near their work in Mira Mesa, Carmel Valley, or University City, or commute from elsewhere in San Diego. In North County, businesses such as Calloway Golf have given a boost to home sales in Carlsbad, Oceanside, San Marcos, and Encinitas.
San Diego’s new economic foundation is based on four major industries: international trade, high tech manufacturing and research, professional services, and a tourism industry with a strong convention trade component. Each of these areas has recorded steady growth since the recession of the early 1990’s, and should provide the basis for the City’s future economic growth.
In addition to these expanding industries, the City benefits from a stable economic foundation composed of basic manufacturing, public and private higher education, health services, military, and local government.
San Diego’s emergence as a center for international trade is partially due to the Port of San Diego. The Port of San Diego offers world class maritime facilities built around one of the world’s great natural harbors. Downtown San Diego real estate benefits from its proximity to the harbor and to the San Diego International Airport.
International trade activity has also been helped by the City’s immediate proximity to Mexico, a major U.S. trading partner. Mexico’s rapidly growing economy is dependent on U.S. manufactured products to support development of its new industrial base. Reflecting the San Diego-Mexico connection is the rapid growth of the City’s industrial complex located in the Otay Mesa area next to the international border. Many of these facilities are twin plants, or maquiladoras, with operations both in the U.S. and Mexico. The recognition of Tijuana as a sister city and the execution of a joint memorandum of understanding between the cities’ two mayors is symbolic of an increasing economic interdependence between the cities.
Read More About San Diego:
Helping Families Buy Real Estate In San Diego Is What We Do Best! Why?
- Contracts Experts
- Skilled Negotiators
- San Diego Neighborhood Specialists
- Award-Winning San Diego Realtors
- Real Estate Consultants – NOT Salespeople!
Geoffrey Schiering, J.D./M.B.A.
San Diego Realtor / Broker
Anne-Marie Schiering, M.B.A.
San Diego Realtor / Top Home Buyer Agent
