New Report Shows Military Spending Supported 22 Percent Of San Diego Jobs
Monday, October 30, 2017
Credit: Associated Press / Lenny Ignelzi
The military sector accounted for an estimated $25.2 billion in direct spending in San Diego County during the fiscal year that ended June 30, the San Diego Military Advisory Council announced Friday.
That amount is equal to about $7,600 for each of the county's residents, according to SDMAC.
The organization's ninth annual military economic impact report also found that defense-related activities and spending generated an estimated $50.1 billion of gross regional product the region in the most recent fiscal year, representing 22 percent of the region's total GRP.
According to the report, military spending supported 22 percent of the area's jobs, or a total of around 338,00 positions. The military directly employs about 140,000 people locally.
"San Diego is home to the largest concentration of military in the world," said SDMAC President Dennis Dubard. "Its network of Navy, Marine Corps, and Coast Guard bases, intricate supply chain serving major defense contractors, and population of veterans and retirees bring exceptional value to the region."
The report, compiled by the Fermanian Business & Economic Institute at Point Loma Nazarene University, determined that 42 percent of the spending was for compensation, 20 percent on retirement and veterans benefits, and the rest on procurement and other types of spending.
The Navy based 59 ships in San Diego during the fiscal year. The two aircraft carriers tied up at Coronado added $1.6 billion to the region's economy.
The report forecast a 3.8 percent defense spending increase in San Diego for the current fiscal year.
To view PDF documents, Download Acrobat Reader.