SAN DIEGO MILITARY ADVISORY COUNCIL's 10th ANNUAL MILITARY ECONOMIC IMPACT STUDY
SAN DIEGO, CA, November 8, 2018 – The San Diego Military Advisory Council (SDMAC) today unveiled its 10th Annual SDMAC Military Economic Impact Study (MEIS) at a press conference and luncheon at the Admiral Kidd Catering & Conference Center located at Naval Base Point Loma. This 10th annual study tracks a decade of research. Commissioned by SDMAC and produced by the Fermanian Business and Economic Institute at Point Loma Nazarene University, the annual study solidifies the significant and tremendous impact the military and defense communities bring to the San Diego region, while highlighting the change since the inaugural study in 2008. The 2018 MEIS includes the U.S. Coast Guard and Veterans Administration for the second year running, and shows the increase from 2017.
“On behalf of the SDMAC Board of Directors, I am proud to present the 10th Annual Economic Impact Study” said Terry MaGee, President of SDMAC Board of Directors. “The study once again shows a comprehensive, incredible picture of the military’s impact in our region. San Diego is home to the largest concentration of military in the world. SDMAC’s mission is to support our local military and their families through advocacy and education. Today our focus is on the significant economic impact the military brings to the San Diego Region. This is SDMAC’s 10th annual report and our goal from the outset continues today: To quantify and document the military’s economic impact to our region and show the increasing value it brings.”
Supporting this event with their participation in the press conference and luncheon were Congresswoman Susan Davis representing the 53rd Congresional District; the Honorable Kevin Faulconer, Mayor of San Diego; Chairman Rocky Chavez from the Governor’s Military Council; Brigadier General Kevin Killea, Commanding General, Marine Corps Installations West; Rear Admiral Yancy Lindsey, Commander, Navy Region Southwest; Captain Don Montoro, Deputy Commander Coast Guard Sector San Diego; and Dr. Lynn Reaser, Chief Economist, Fermanian Business and Economic Institute, Point Loma Nazarene University, the author of the study.
Following a short press conference Dr. Lynn Reaser, Chief Economist at Point Loma Nazarene University gave a thorough presentation during a luncheon. In her presentation she highlighted some key points, followed by a Q & A session.
Highlights of the 2018 SDMAC Military Economic Impact Study include the following:
The key findings – Areas of increase from FY 2017
San Diego’s Military economic impact from ten years ago
Dark Blue is 2008 Red is 2018
The military’s mega cluster in San Diego and the synergies it creates
Defense and economic outlook and constraints
The 2019e FORECAST: Total spending funded by the DOD, Coast Guard, and VA is expected to advance by close to 4% in FY2019f, adding to the similar advance estimated for FY 2018. Increases in military personnel, pay raises, and a projected double-digit rise in total defense contracts are expected to lead the advance, resulting in a projected $26.7 billion in direct spending, equating to $51 billion GRP and344,000 jobs.
ABC 10 News San Diego states, “There could be more in the coming few years. President Trump recently announced a pay raise for military enlistees. He also signed a $717 billion defense budget for 2019, the largest ever. The Navy plans to homeport 20 more ships and approximately 15,000 more sailors to San Diego by 2025. And the Army has listed San Diego as a possible location for it's new "Future Command" post researching emerging technology”
SDMAC appreciates the support of Bank of America Merrill Lynch as the Lead Presenting Sponsor of the 10th Annual SDMAC Military Economic Impact Study. Merrill Lynch is a private wealth management division of Bank of America.
It was SDMAC’s privilege to partner with Raindrop Marketing in producing this year’s study. Raindrop has been a supportive partner since 2017.
SDMAC Interim President, Terry MaGee, has been part of the Military Economic Impact Studies from the very beginning. This entire process would not be possible if not for his dedication.
Thank you to all those who helped make this valuable study a sucess. Visit the SDAMC website frequenlty to view other impact studies.