Daily Business Report-July 22, 2019
Despite the large drop in VC funding at the beginning of the year, things appear to be turning around early in the second quarter of 2019.
Life sciences venture capital funding
off to healthy start in San Diego
After record-high venture capital funding in 2018, the San Diego life sciences cluster generated 320,896 square feet of total leasing activity during the first quarter of the year, according to the most recent JLL Life Sciences Report. This leasing is 9 percent higher than the first-quarter average over the previous five years, pushing 2019 off to a healthy start.
Despite the large drop in VC funding at the beginning of the year, things appear to be turning around early in the second quarter of 2019, the report said. Poseida Therapeutics secured $142 million through a Series C round of financing in mid-April and Vividion Therapeutics pulled in an $82 million Series B round during the last week of April.
The San Diego life sciences cluster generated 320,896 square feet of total leasing activity during the first quarter of the year. Leases signed during the quarter produced only 77,656 square feet of positive net occupancy growth, a sharp decrease from the same period in 2018. The reduced growth was driven by a combination of multiple renewal transactions and two companies (Pathway Genomics and Regulus Therapeutics) that downsized operations — each decreasing its footprint by more than 30,000 square feet during the quarter.
Click here for the full report.
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San Diego County jobless rate
climbs to 3.3 percent in June
Nonfarm employment up 7,100 over the month; up 25,700 over the year
The unemployment rate in the San Diego County was 3.3 percent in June 2019, up from a revised 2.7 percent in May 2019, and below the year-ago estimate of 3.6 percent, according to the state Employment Development Department. The state jobless rate was 4.1 percent and the nation’s jobless rate was 3.8 percent for the same period.
Between May 2019 and June 2019, total nonfarm employment increased from 1,510,200 to 1,517,300, a gain of 7,100 jobs. Total farm employment remained unchanged.
Between June 2018 and June 2019, total nonfarm employment increased from 1,491,600 to 1,517,300, adding 25,700 jobs. Agricultural employment decreased by 700, from 9,700 to 9,000.
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Marty Gorsich named new CEO
of Century Club of San Diego
Marty Gorsich has been named the new chief executive officer for the Century Club of San Diego, host organization for the PGA Tour’s Farmers Insurance Open.
Gorsich joined the Century Club in April 2012 and has served as its chief operating officer since 2016. He has a long and distinguished career in the sports industry, including 13 years with the San Diego Padres and positions with the San Diego Sports Commission and the NBA’s Portland Trail Blazers.
Gorsich replaces Peter Ripa, who will leave Century Club at the end of July after eight years as the organization’s CEO to take on the same role with a new LPGA tournament in his hometown of Tampa, Fla.
Gorsich is a San Diego native and a graduate of University High School and UC Santa Barbara. He lives in Clairemont. He has served in various business and sales capacities with the Padres from 1997-2010 — a period that saw the team successfully transition from Qualcomm Stadium to Petco Park.
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Junior League to break ground Aug. 2
on renovation of historic Bankers Hill house
The Junior League of San Diego will break ground Aug. 2 on “The 210 Maple Restoration Project” – a multi-year, multi-phase initiative to provide an inclusive, safe and functional space at an historic Bankers Hill house to serve its 1,000 volunteer members, 120 community partners and 1,200 youth exiting foster care.
Led by Martin Architecture and Irwin Building Company, the renovation project will create a place to connect, train, mentor and develop exceptional San Diego leaders and community partners. In recognition of Junior League’s 90th anniversary, the renovations celebrate the organization’s history of service while bringing its members and community together, through:
- A new training kitchen, offering community programming such as healthy cooking classes, meal assembly, outreach for the homeless and chef-led cooking programs for transition-age foster youth
- Improved access and disability inclusion
- Flexible seating for trainings and meetings, and an outdoor veranda for community events
- Community access to high-tech multimedia tools
- A revised office space to serve as a hub for information, providing the tools and technology to make strides toward achieving a vision for an improved San Diego community
- A new lounge to serve as a warm and inviting retreat for volunteers and community guests to recharge
- A new records room to provide an archival history of the hard work dedicated League members have performed over the past nine decades
- Potential house rentals for events
In 1981, Junior League acquired the house at 210 Maple St. in hopes that it would support the community for generations to come. The house was designed by famed architects Louis and Irving Gill in 1916 for San Diego Zoo founder Dr. Harry Wegeforth and his family. The property was originally landscaped by “Mother of Balboa Park” Kate Sessions.
To date, Junior League has raised over $300,000 of its $750,000 goal from its members and community partners.
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Felena Hanson named president
of NAWBO San Diego chapter
The National Association of Women Business Owners (NAWBO) San Diego Chapter has appointed Felena Hanson as its new president. Hanson is best known for founding Hera Hub, the first female-focused international coworking space.
“I am excited for the opportunity to lead San Diego’s chapter of this world-class organization serving women business owners and the broader business community,” said Hanson. “NAWBO presents a great opportunity to help effect legislation to encourage female business owners.”
NAWBO is a nonprofit organization of more than 5,000 members that represents women business owners across all industries. NAWBO San Diego is one of about 60 chapters across the U.S.
Hanson founded Hera Hub, a coworking space and business accelerator where entrepreneurial women create and collaborate in a professional, productive, spa-like environment. The platform provides its members with connections to other business experts, access to educational workshops, and visibility within the community, giving them the support they need to be prosperous.
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USS Stethem arrives at new San Diego homeport
after 14 years’ service in Indo-Pacific region
The guided-missile destroyer USS Stethem arrived at its new homeport, Naval Base San Diego, July 18, following 14 years of forward-deployed service in the Indo-Pacific region operating from Japan.
While in San Diego, Stethem will undergo a planned maintenance and modernization period. Stethem will be fitted with the latest combat system suite, which includes state of the art air defense, ballistic missile defense, surface warfare and undersea warfare capabilities. Cmdr. John Rummel is Stethem’s commanding officer.
As part of the U.S. 7th Fleet’s Forward Deployed Naval Forces in Japan, Stethem worked alongside allies and partners to provide security and stability throughout a free and open Indo-Pacific. Stethem arrived in Yokosuka, Japan, in June of 2005 while under the command of Cmdr. Robert Gonzales and operated alongside the now decommissioned aircraft carrier USS Kitty Hawk as part of the Kitty Hawk Strike Group.
Stethem, commissioned in 1995 at Port Hueneme, is named in honor of Navy Seabee Petty Officer Robert Dean Stethem, who was killed in 1985 during the hijacking of TWA Flight 847. Stethem, a passenger on the flight, was singled out by the terrorists because of his military status. Stethem was badly beaten and ultimately executed.
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County to hold public forums
on Community Choice energy
The public can give input on whether the county should buy and sell electricity during four informational forums set for coming weeks.
A program called community choice aggregation would allow the county to buy, and/or generate, and sell electricity to residents and business, providing another choice to consumers who currently must use San Diego Gas & Electric.
Using a similar program called Direct Access, the county buys electricity and natural gas for its own facilities on the open market instead of directly from SDG&E. During the last three years, the direct access program has saved the county an average of about $3 million a year.
County supervisors are looking into whether the county should provide community choice energy to residents in the unincorporated areas.
