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North County EDC quarterly report: hiring softens, manufacturing job losses continue while health care grows
Summary
North County EDC presented a quarterly economic indicators report showing slowing hiring and manufacturing job losses in North County, growth in health care and education sectors, softer home sales tied to elevated mortgage rates, and plans for a new North County stock index.
North County Economic Development Corporation (North County EDC) presented its quarterly North County Now indicators to the San Marcos City Council on July 22, reporting a broadly slower economy over the prior six to nine months, sectoral shifts, and local implications.
Presenter Eric Bridal told the council that the region has lost roughly 3,800 manufacturing jobs and that while hiring has softened, layoffs have been relatively low: "Companies are really very much in a kind of a wait and see mode," Bridal said. He noted health care ("Eds and Meds") remains a growth sector for San Marcos and that major local employers, including the new Kaiser hospital and community health providers, are actively recruiting.
Bridal reviewed housing-market indicators: spring residential sales had ticked up but dipped in May, and building permits were down year over year. He highlighted mortgage-rate dynamics and their effect on inventory: "60% of people have a mortgage that's under 3%" and many homeowners are reluctant to sell and take on higher-rate mortgages, freezing parts of the market.
On labor-market composition, Bridal said growth in employment participation is visible but that job postings and hiring activity declined through May and June. He singled out continuing concerns for manufacturing and information-technology clusters and said defense procurement shifts have also affected parts of the regional industrial base. Bridal said the EDC will add new features to the quarterly report, including a North County stock index tracking publicly traded firms and major lease and building sales.
Council members thanked Bridal for the report and asked follow-up questions about manufacturing trends and defense procurement; Bridal attributed manufacturing declines to long-term automation and recent uncertainty around tariffs, and he said some defense-related procurement slowdowns have influenced local suppliers.
No formal action was taken; the presentation was informational and staff will return with subsequent quarterly reports.
