San Diego Innovation Hubs Lead Wage Growth

San Diego

San Diego is among the top markets for wage growth in the nation, thanks in large part to the market’s innovation hubs. According to research from JLL, the market is ranked fifth in the nation for year-over-year wage growth, which came in at 3.6% in Q3 2019. San Diego is tied with Cleveland for the fifth place position, and San Francisco, Seattle, Austin and Pittsburgh round out the top five list.

“San Diego is seeing one of the tightest labor markets in nearly 20-years,” Pat Ashton, senior marketing analyst at JLL, tells GlobeSt.com. “Current unemployment is at 2.8%; this is the second consecutive month where the unemployment rate is under 3%, and the third time the rate has been under 3% this year. The last time this has occurred was back in 1999.”