San Diego's life sciences industry lost jobs and companies last year but is still more than 10% larger than five years ago.

Why it matters: Life sciences/biotech remains one of the region's largest industries, and its $120,743 average wage last year outpaced the region's $99,000 median household income.

Driving the news: The world's largest biotech convention — the annual signature event of the Biotechnology Innovation Organization — is at San Diego Convention Center this week, with more than 20,000 attendees.

What he's saying: Mayor Todd Gloria kicked off the conference Tuesday with a history lesson familiar to many locals: Decades ago, the city donated hundreds of acres to a new University of California campus in San Diego, reserved the Torrey Pines Mesa for science and research, and an innovation economy flourished.

• Gloria said it was his job to nurture San Diego's place as the country's third-largest life sciences hub.
• "We do that by building more housing workers can afford, improving our infrastructure to boost economic development, [and] by making sure San Diego stays at the top of the list of America's safest big cities," he said.

Yes, but: The number of life sciences companies in San Diego declined from 2,215 in 2022 to 2,153 last year, according to a report by California Life Sciences.

• Local employment in the sector followed the same path, dipping to 75,458 from 76,983 in 2022.
• The region's decline is consistent with the national industry, where firms decreased by 6% last year, driven by scarce capital.

The big picture: Biocom California, a San Diego-based, industry-advocacy group, assessed the sector's local economic output last year at $56.6 billion.

• The Bay Area continues to outpace San Diego as a life sciences hotbed, with nearly twice as many jobs last year.

What we're watching: Developers are trying to establish a downtown life sciences hub; however, they are battling issues of few tenants and millions of square feet of space hitting the market.

Three big life sciences deals from 2023

California is home to 57 of America's most profitable companies, according to the 2024 Fortune 500 list released yesterday.

Why it matters: California boasts the most Fortune 500 companies of any state for the first time in a decade, beating out Texas and New York.

The big picture: Apple (No. 3) and Google's parent company, Alphabet (No. 8), are the state's top firms, with $383 billion and $307 billion in annual revenue, respectively.

Zoom in: Three San Diego companies made this year's list, led by tech giant Qualcomm at No. 117.

• Qualcomm, a wireless technology and software company, dropped 19 spots this year, reporting about $35.8 billion in revenue (down 19% from 2023).
• Sempra, a public utility company that owns one of the largest energy networks in North America, jumped 39 spots to 246 with $16.7 billion in annual earnings.
• LPL Financial Holdings, an investment and wealth-management company, rose 48 spots to No. 392 with $10 billion in revenue.

Reality check: Qualcomm laid off more than 1,700 local employees last year to reduce operating expenses, according to state filings.

The intrigue: Petco Health and Wellness regained some traction this year, climbing 20 spots to No. 551 with nearly $6.3 billion in revenue.

Zoom out: Five California-based companies dropped off the list, but nine new ones joined, including Doordash (443), Prologis (463) and Clorox (485).

What we're watching

✂️ Leaders of the movement to make La Jolla its own city have kicked off their signature-gathering effort to put the issue to a vote. (Union-Tribune)

🏛️ Ebony Shelton is the new top official in San Diego County government, after the County Board of Supervisors unanimously approved her selection Tuesday. (City News Service)

🇺🇳 Migrants entering the country through San Diego in April came from 98 countries. (New York Times)

Padres infielder Tucupita Marcano is banned for life from the MLB for betting on the sport, the league announced Tuesday.

Why it matters: Marcano's punishment is the latest chapter in professional sports' adjustment to legalized gambling, an $11 billion industry last year that has become a cash-cow partner of sports leagues and media.

Driving the news: The league banned Marcano and suspended four other players, including Padres minor leaguer Jay Groome, after a legal sports betting operator turned over information to the league.

• Marcano bet more than $150,000 on nearly 400 baseball games — including some that involved his team, then the Pittsburgh Pirates.
• He did not play in any of those games, due to a knee injury.

Catch up quick: The Padres signed Marcano out of Venezuela in 2016 and traded him to the Pirates in 2021.

• He made 50 plate appearances for the Padres.

This summer, San Diego will have Cool Zones at dozens of libraries, community centers and other locations around the county.

Why it matters: The program offers free, safe, air-conditioned shelters for residents to escape extreme heat — San Diego's most prevalent climate risk.

Zoom in: The county's list of Cool Zone sites, open now through Oct. 31, provides hours and locations.

• Use this map to find nearby locations.
• Call 211 to find a location and get free transportation.

Plus, the county and San Diego Gas & Electric provide free electric fans to eligible elderly residents or people with disabilities or low income with limited transportation.

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