Job Growth Solid, Industrial Leasing Surges, but Layoffs Land Today
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San Diego added 13,400 jobs between May 2025 and May 2026, a 0.9 percent year-over-year gain led by health care — consistent with the region's structurally stable base in defense, biotech, and health services. The county's unemployment rate stood at 4.4 percent in June.
Commercial real estate data for the second quarter tells a bifurcated story. Overall commercial vacancy declined to 15 percent quarter over quarter, but industrial assets drove the headline. Industrial vacancy held at 7.2 percent, and industrial leasing reached 1.8 million square feet in Q2 — up 37 percent from the prior quarter and well above the five-year quarterly average of 1.3 million square feet. Manufacturing accounted for 30 percent of first-half leasing volume, a notable share in a market more often discussed through the lens of life sciences and technology.
Against that backdrop, ServiceNow's previously announced layoffs take effect today, eliminating 63 positions at the company's Eastgate Mall office. The Workforce Partnership has $4.22 million in talent-development grants circulating in the county, providing some support infrastructure for workers navigating such transitions.
On the community entrepreneurship side, nonprofit Kitchens for Good is spotlighting its support for culinary entrepreneurs, offering training, permitting assistance, and licensing pathways — services that address a gap the market does not naturally fill for small food businesses operating on narrow margins in a complex regulatory environment.