Military Economic Impact Study Highlights U.S. Military Contribution to San Diego

SAN DIEGO - Oct. 15, 2019 - PRLog -- The San Diego Military Advisory Council (SDMAC) unveiled the 11^th annual Military Economic Impact Study (MEIS) at the Navy Harbor Drive Annex alongside Mayor Kevin Faulconer and Navy, Marine Corps, and Coast Guard leadership October 10.  This year's report provides an expanded focus on the Naval Information Warfare Systems Command (NAVWAR), which is anticipated to introduce an additional $3.2 billion into San Diego's economy.

"The 2019 San Diego Military Advisory Council's Military Economic Impact Study really reveals what we already know," said Faulconer.  "America's finest city thrives in large part because of our men and women in uniform.  The study solidifies the significance and the tremendous impact the military and defense communities bring to our San Diego region."

The report, authored by Dr. Lynn Reaser from Point Loma Nazarene University's Fermanian Business and Economic Institute (FBEI), highlights the value of the synergistic partnership that exists between San Diego and the military.  According to the MEIS, the military economic sector contributes more than $51 billion to San Diego's gross regional product through 350,000 jobs tied directly to Department of Defense spending.  The redevelopment of NAVWAR is anticipated to bring another 29,000 jobs to the region in 2019.  This growth reflects a focus on innovation to meet national defense challenges as countries like China and North Korea oppose U.S. interests.

"Defense spending has increased in San Diego as the Navy has rebalanced the fleet toward the Indo-Asia-Pacific Region," said Mark Balmert, Executive Director of SDMAC.  "This could be very significant in the year ahead should we see slowing of the economy on a national or global scale."

A National Association of Business Economics report showed that 72% of economists surveyed believe that a recession is likely before the end of 2021.

"Increased military spending in the sector will be significant to helping San Diego weather the recession if it does happen," Balmert said.

Links for More Information

Photos:

https://drive.google.com/drive/folders/1mT7c2ebw814CHoW_lsRDYb0xg99XhfS2?usp=sharing

SDMAC web site:

www.sdmac.org

11^th Annual MEIS Executive Summary:

https://www.sdmac.org/impact-study/meis-2019/

Note:  For a complete copy of the report, contact admin@sdmac.org.

About SDMAC

SDMAC was founded in 2004 with the mission to facilitate and advance the partnership between the military, elected officials, civic leaders, and the business community in order to enhance the understanding of the military's many contributions to the San Diego region. Annually, SDMAC commissions an economic impact study showing the considerable benefits from defense-related spending and presence of the military in San Diego.