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San Diego North EDC: High mortgage rates, slower life-science leasing and tight labor market shaping Carlsbad outlook
Summary
Eric Buevold of the San Diego North Economic Development Council briefed Carlsbad officials on 2025 trends: persistently elevated mortgage rates and inflation, slower life-science expansion, rising office vacancy in local business parks, and risks tied to federal policy including NIH indirect-cost changes and tariffs.
Eric Buevold, president and CEO of the San Diego North Economic Development Council, told a Carlsbad economic development subcommittee that several regional trends — elevated interest rates, slower life-science expansion, rising vacancy in local business parks and an ongoing housing–jobs imbalance — are likely to shape the city’s economy in 2025.
"Inflation's likely to remain modestly elevated, and consequently, we're not gonna see a rate cut," Buevold said, adding that mortgage rates have tracked the Federal Reserve and have recently been "well above 6%" and at times above 7 percent. He said that high mortgage rates and higher borrowing costs have reduced home turnover and suppressed nonresidential construction.
Those mortgage-rate dynamics have curtailed home sales in…
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