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San Diego North EDC: AI investment reshaping capital flows; Carlsbad faces housing shortfall that squeezes small businesses
Summary
Eric Breovold of the San Diego North EDC told the subcommittee that venture capital flows into AI are drawing funding away from biotechnology and that Carlsbad’s jobs-to-housing ratio rose from 1.58 to 1.68 between 2013 and 2023, leaving a shortfall of roughly 3,000 homes versus a 6,000-home target to maintain supply balance.
Eric Breovold, president and CEO of the San Diego North Economic Development Council, told the Carlsbad Economic Development Subcommittee the region faces a set of interacting challenges: slower job growth in key clusters, concentrated venture capital into AI, increasing competitive pressure on small businesses and a structural jobs-to-housing imbalance in Carlsbad.
Breovold summarized four headline findings: slowing job growth in key sectors; AI’s dominance of capital flows and the related contraction of venture investment in biotechnology; an especially competitive…
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