Annual Study Reveals Military Responsible for 350,000 Jobs in San Diego County with another 29,000 on the Way
San Diego CA—The San Diego Military Advisory Council (SDMAC) unveiled the 11th annual Military Economic Impact Study (MEIS) at the Navy Harbor Drive Annex alongside Mayor Kevin Faulconer and Navy, Marine Corps, and Coast Guard leadership October 10. This year’s report provides an expanded focus on the Naval Information Warfare Systems Command (NAVWAR), which is anticipated to introduce an additional $3.2 billion into San Diego’s economy.
“The 2019 San Diego Military Advisory Council’s Military Economic Impact Study really reveals what we already know,” said Faulconer. “America’s finest city thrives in large part because of our men and women in uniform. The study solidifies the significance and the tremendous impact the military and defense communities bring to our San Diego region.”
The report, authored by Dr. Lynn Reaser from Point Loma Nazarene University’s Fermanian Business and Economic Institute (FBEI), highlights the value of the synergistic partnership that exists between San Diego and the military. According to the MEIS, the military economic sector contributes more than $51 billion to San Diego’s gross regional product through 350,000 jobs tied directly to Department of Defense spending. The redevelopment of NAVWAR is anticipated to bring another 29,000 jobs to the region in 2019. This growth reflects a focus on innovation to meet national defense challenges as countries like China and North Korea oppose U.S. interests.
“Defense spending has increased in San Diego as the Navy has rebalanced the fleet toward the Indo-Asia-Pacific Region,” said Mark Balmert, Executive Director of SDMAC. “This could be very significant in the year ahead should we see slowing of the economy on a national or global scale.”
A National Association of Business Economics report showed that 72% of economists surveyed believe that a recession is likely before the end of 2021.
“Increased military spending in the sector will be significant to helping San Diego weather the recession if it does happen,” Balmert said.
For More Information
- SDMAC web site: www.sdmac.org
- 11th Annual MEIS Executive Summary: https://www.sdmac.org/impact-study/meis-2019/
Note: For a complete copy of the report, contact email@example.com.
SDMAC was founded in 2004 with the mission to facilitate and advance the partnership between the military, elected officials, civic leaders, and the business community in order to enhance the understanding of the military’s many contributions to the San Diego region. Annually, SDMAC commissions an economic impact study showing the considerable benefits from defense-related spending and presence of the military in San Diego.
The FBEI specializes in providing a variety of business and economic consulting services to employers, for profit and nonprofit companies, individuals, organizations, government entities, and others throughout the San Diego Region, as well as nationally and internationally. Consulting services include economic analysis and forecasting, economic impact studies, business plans, customer and consumer trends, market research, feasibility studies, expert opinion, and many other contemporary needs of the business and economic community, public and private, for-profit and non-profit. The Institute also has extensive experience in presenting materials to government officials at all levels and in conducting interviews with local and national media outlets.