The positive story is in tech. Biotech jobs have grown from 18,000 in the first quarter of 2008 to 21,000 in the same period this year, although venture capital going into the field is coming down moderately. Software jobs are increasing, but some other areas such as telecommunications are soft.
Manufacturing, which enjoys higher salaries, “is only 7.5 percent of [San Diego] employment,” compared with 9.2 percent nationally, says Cunningham. “If you go back to World War II, [manufacturing] was 50 percent in San Diego.” Today, “Consumer spending is weak; job growth is weak. I would expect a bigger rebound, but we are not seeing it.”