SAN DIEGO – A new report released Tuesday showed defense spending in San Diego was a big boost to the local economy last year and generated one out of every five local jobs.
Nearly $23 billion was spent on military bases, veterans and troops in San Diego County last year, according to the San Diego Military Advisory Council. The economic impact is the equivalent to spending more than $7,000 for each of the county’s residents.
Around 300,000 jobs were created from the funding. In the 2016 fiscal year, 53 navy ships were home ported in San Diego, according to the report. Two aircraft carriers brought in a combined $1.5 billion to the local economy.
“San Diego’s home-ported ship count is projected to climb to a total of 84 by calendar year 2023,” the report stated.
Point Loma Nazarene University partnered with San Diego Military Advisory Council in creating the annual report.
“San Diego’s military complex represents the region’s most important and largest economic catalyst,” said PLNU Chief Economist Dr. Lynn Reaser. “One fifth of San Diego County’s economy relies on this key sector.”