Impacts heavily concentrated in hospitality and retail sectors
The San Diego North Economic Development Council released a report outlining economic impacts of COVID-19 on the SR 78 Corridor. The council estimates that compared to 1 year ago, employment has fallen in the five SR 78 cities (Oceanside, Vista, Carlsbad, San Marcos, Escondido) by an estimated 36,343 jobs.
Most of these impacts (66%) are concentrated within four industries: hospitality (-11,700), retailing (-5,000), arts and entertainment (-3,900) and education (-3.500).
The report also highlights recently reported declines in taxable sales along the Corridor, comparing the months of April, May and June 2020 with those same months in 2019. The impacts range from a 10% decline in Vista to more than 28% decline in Carlsbad.
Said W. Erik Bruvold, Chief Executive Officer of the San Diego North EDC, “It is clear from this data just how painful the pandemic has been and how these impacts are most acutely felt by certain segments of North County’s economy.” He went on to add, “Recovery plans need to focus efforts at thinking about how we help drive tourism and help retailers and restaurants survive and recover.”
Read the full report.
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About the San Diego North Economic Development Council (SDNEDC).
The SDNEDC is the only economic development organization working exclusively in North County. A public-private partnership, its mission is to promote the area north of SR 56 for inward investment, working with existing employers to retain and expand employment and connecting businesses and educators to strengthen the area’s workforce pipeline. More information about the council can be found at www.sdnedc.org.