San Diego's unemployment rate stayed low in November, despite a big shedding of construction jobs. Retail and office work are picking up.
San Diego County’s jobless rate stayed low in November, pushed up by holiday retail hiring. But there was a notable drop in construction jobs.
“The region’s insufficient housing stock is the biggest driver of homelessness,” he said, “and homelessness takes people out of the labor force at a time when employers need all the workers they can hire.” San Diego County’s labor force — adults who either have a job or are actively looking for one — is still down compared to when COVID lockdowns started. The region’s labor force was 1.58 million in October, down by 17,600 people since February 2020.
At least for now, experts say a major drop off in residential construction — if it does happen — is not expected until later this year. The reason being that many builders, with large projects that took years to start, locked in interest rates far in advance of borrowing costs rising, said Nathan Moeder, principal with real estate analysts London Moeder Advisors. He said he is hearing the opposite than what the numbers are showing — that builders are desperate for workers.
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