San Diego County’s GDP in 2024 rose 2.1% to $267 billion — bigger than 20 states and some nations, including Greece.
The U.S. Bureau of Economic Analysis said this week that San Diego County had the 10th-largest gross domestic product among counties in America. New York County (which is Manhattan) was first with $814 billion, followed by Los Angeles County at $811 billion.
San Diego County’s 2024 rise of 2.1% was bigger than the previous year and marks a return to a more measured rate of growth after pandemic swings. The region’s GDP fell 1.5% in 2020, jumped 7.4% the next year, grew 2.6% in 2022 and 1.8% in 2023.
GDP is the value of goods and services produced by the county’s economy less the value of goods and services used up in production. The bureau uses real values, which take inflation into account, and is part of the reason it takes longer to calculate data. This data set was even more delayed by last year’s federal government shutdown.
San Diego County had a higher GDP than 20 states, including Iowa, Nebraska, Mississippi, Kansas, and Washington, D.C. In 2023, the county’s GDP was greater than 25 states.
San Diego’s GDP also was bigger than many nations, according to the International Monetary Fund’s 2024 data, topping New Zealand ($258 billion), Greece ($257 billion), Hungary ($223 billion) and Qatar ($220 billion).
Ray Major, a San Diego-based economist, said there’s an incorrect perception that the region is a small economic player, which translates to local policies.
“We act like we are a small city, even though we are an economic power,” he said.
Major said the region benefits from a diverse economy — military, tourism, biotech, health care — that helps grow the region even if one area is having a down year.
Another large factor in San Diego County’s GDP in 2024 was major federal investment. The U.S. Navy was, and still is, the top employer in San Diego County and the most recent data shows the region has the fifth-highest share of federal investment by metro areas.
Daniel Enemark, chief economist of the San Diego Regional Policy and Innovation Center, said at an economic event this week at the University of San Diego that the county’s outsized share of federal dollars makes it especially vulnerable to Trump administration research funding cuts, which would not show up until GDP data for 2025 is released.
He noted San Diego County’s large GDP but said there is still a significant disparity in who benefits. Enemark said San Diego County has a GDP similar to Portugal ($309 billion in 2024) with around 7 million more people but not as many benefits.
Portugal often ranks high in quality of life reports, which note its universal health care for the majority of the population, high-speed rail and strong social welfare programs.
“I’m convinced that if the people of Portugal can have nice things, we can have them too,” he said.
Major said a key driver of San Diego County’s GDP growth is tech and biotech, mainly located in Sorrento Valley. He said the area lacks sufficient housing, infrastructure and transportation investment from regional players.
The San Diego Association of Governments recently scrapped plans for a heavy rail (separate tracks that don’t mix with car traffic) trolley extension, called the Purple Line, that would run from the border to Sorrento Valley. Major was previously the chief economist for the agency.
“San Diego should actually sit down and admit Sorrento Valley is the center of the city, not downtown,” Mayor said. “The entire regional plan should be centered around Sorrento Valley being the hub of economic activity.”
Biggest GDP by U.S. county
2024 numbers, in order by largest
1. New York, NY: $813.7 billion2. Los Angeles, CA: $810.8 billion3. Harris, TX: $458.7 billion4. Cook, IL: $432.5 billion5. King, WA: $409.2 billion6. Santa Clara, CA: $399.2 billion7. Maricopa, AZ: $329.8 billion8. Dallas, TX: $311.7 billion9. Orange, CA: $277.5 billion10. San Diego, CA: $266.9 billion
Source: U.S. Bureau of Economic Analysis