10 News San Diego: Study shows military poured $26 billion into San Diego's economy in 2018
SAN DIEGO (KGTV): A new study from the San Diego Military Advisory Council says the military industry in the area is the top economic driver.
The SDMAC's "Military Economic Impact Study" says the armed forces spent $26 billion in San Diego in 2018. That includes compensation for military employees (43%), procurement and other spending like defense contracts (38%) and retirement and veterans' benefits (19%).
Additionally, the ripple effect of all that money creates $50 billion worth of San Diego's Gross Regional Product. That's 22% and accounts for more than tourism or tech industries.
The military also helps support 340,000 jobs in the county. That's 22% of the jobs across San Diego. It includes members of the Navy, Marines, Coast Guard, Reserves and civilians employed by the DOD, DHS or VA. It's the largest concentration of military employees anywhere in the world.
There are also over 241,000 retirees or military veterans in the area, according to the study.
Meanwhile, the study says the military's impact should grow in the future. It anticipated 4% growth next year. READ MORE.