The San Diego Regional Economic Development Corporation announced Wednesday its endorsement of a goal to create 50,000 new, well-paying small business jobs throughout the county by 2030.
The goal is a result of a recent study from the EDC, which found that small businesses — those with fewer than 100 employees — face challenges competing for customers and sales.
The study also found that only 26 percent of small business jobs currently pay enough for economic security — at least $19.49 per hour, or $40,529 per year.
“If you care about the future of San Diego — economic competitiveness and mobility — then you need to pay attention to small businesses,” said EDC Board Chair Janice Brown. “From large employers to elected officials, it’s everyone’s responsibility to make sure that small businesses have the tools to succeed.”
The EDC plans to focus on so-called opportunity industries like construction and transportation to increase small business jobs because those industries are often accessible to people without a bachelor’s degree and pay more than other sectors.
The organization’s Inclusive Growth Steering Committee recommended that San Diego’s large employers step up their work with small businesses, using them as suppliers, developing partnerships and making investments.
Organizations like Kaiser Permanente, the San Diego Padres and the San Diego County Regional Airport Authority have agreed to work toward the EDC’s goals and the committee’s recommendations.
“When small businesses succeed, it leads to more quality jobs, better local economies, and healthier communities,” said Jane Finley, senior vice president and area manager for Kaiser. “We support this goal and invest in programs like Inner City Capital Connections because Kaiser Permanente believes that investing in small businesses and creating more quality jobs leads to improved health and well-being for every San Diego resident.”
Kim Becker, president and CEO of the airport authority, said her staff was especially committed to ensuring that small, minority-owned, women-owned, veteran-owned and other underrepresented businesses in San Diego have every opportunity to do business with the airport.
Local businesses and companies can contact the EDC at bl@sandiegobusiness.org to join the effort to increase job growth.
