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KPBS Midday Edition

Taking stock of San Diego's economy amidst 'the great resignation'

San Diego's skyline is shown in this undated photo.
Milan Kovacevic
San Diego's skyline is shown in this undated photo.

As San Diego's economy is impacted by the latest coronavirus wave, the region is also feeling the effects of what many are calling "the great resignation," as recent jobs reports highlight.

Alan Gin, economics professor at the University of San Diego, joined KPBS Midday Edition on Tuesday to talk about how San Diego's economy is faring in the latest coronavirus surge, as well as his impressions on Governor Gavin Newsom's California budget blueprint announcement Monday.

“I think the proposals then to boost construction of housing will help, and also I think we have a serious homelessness problem, and so I think the proposal then to deal with homelessness are going to be significant,” Gin said.

But the biggest news as of late has been the large number of workers leaving the workforce.

"My estimate is that we've had more than 4 million people" leave the labor market, Gin said.

Though Gin mentioned a number of factors driving workers from the labor force, the most dominant was retirement.

"I think that this big retirement wave that we saw is going to have lasting impacts at least for several more years down the line," he said.