Report: Growing SD small business sector faces hurdles, can be boosted by inclusive development

Downtown San Diego File photo by Chris Stone Times of San Diego San Diego County in recent weeks ranked third for the most of new business applications in California according to a new document by the San Diego Regional Economic Growth Corporation The figures point from is part of the Inclusive Upsurge Goals Annual Update distributed this week The authors noted increased job quality in small businesses with more positions than ever before paying at least per hour accompanied by benefits for workers However they warned the gap between small businesses and their larger counterparts continues to grow Despite this uptick and importance to the regional market small businesses are challenged to keep up in an increasingly expensive territory the description stated In particular small businesses struggle to offer competitive wages compared to larger firms The EDC statement called businesses with fewer than employees critical to the region s commercial sector saying they represent of all firms and account for of total employment Key takeaways from the account The number of San Diegans completing degrees and credentials each year has increased by over a third along with the total of Latinos with a bachelor s degree which has increased by more than half Households are experiencing rising incomes by over with Latino household income up by in the last five years Sharp increases in the median housing price by almost however have offset those gains In addition plenty of San Diego households businesses and workers continue to face an increasingly competitive market that has widened economic inequity across class and racial lines the document states According to the description goals for the San Diego region over the next five years are new quality jobs additional skilled workers and new thriving households Part of that advancement the record concludes requires inclusive economic progress a concept under attack by a White House that has repeatedly targeted diversity equity and inclusion programs both in administration and private institutions The San Diego region demands inclusive economic advancement so that all San Diegans can live work and do business here the EDC summary stated It is a business and economic imperative EDC communicated that employers are already making a difference in San Diego and suggested how others can take part Shift a percentage of existing procurements to small local and diverse businesses for new job creation End unnecessary and exclusionary degree requirements for entry-level jobs while making on-the-job training and better skills a priority Build relationships with local educators such as neighborhood colleges and other nontraditional training programs as a way to build bridges in hiring Grow incentives seek out new financing mechanisms and streamline permits for middle-income housing evolution Use records to understand the rise landscape and where workforce concentrations exist in terms of site-selection In the next five years EDC administrators stated they will continue to measure against these goals while incorporating new statistics refining methodologies and updating strategies to reflect the latest trends and economic realities in the general and private sectors and in community-based endeavors