San Diego Housing Market News and Analysis
Bubble Sectors Account for Bulk of Job Losses
Submitted by Rich Toscano on August 1, 2010 - 7:24pm
In my analysis of the local job market I've long singled out what I referred to as the "housing bubble beneficiary sectors." As the name implies, these industries enjoyed huge growth as a direct result of San Diego's housing bubble. They were, in no particular order:
Predictably, the swollen bubble sectors deflated right along with the housing bubble itself. And while much of economy suffered, the bubble sectors took the brunt of it. In this article I will take a closer look at how much these three sectors contributed to the region's multi-year job loss trend in comparison to the rest of the region's industries. Just for kicks, I am also going to break out the government sector because it accounts for a big chunk of local employment (19 percent as of June 2010) and, unlike the private sector, its ups and downs are not strongly affected by the business cycle.
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