I work for one of the non-profits that get money from the DoL to help the unemployed.
Many biotechs are working off VC capital. A lot of other biotechs cant find people willing to move to San Diego for the pay because of the high cost of living here. One thing that many people don’t realize is the the high housing costs have hurt many business that need skilled labor. It is hard for many business, to attrach skilled labor from outside of San Diego. Many business will not move here because of the high costs, in fact many are cutting back or moving out. The biggest employers for SD are UCSD, SD County and The Military. None of these are know for high pay.
It will be interesting to see what the effect of the real estate “correction” will have on the employment market. I already know a few real estate agents that are getting out of real estate.
