Finding The Openings
WORKFORCE: Many Sectors Are Looking to Hire as Gains in Employment Are Made in Most Major Industries
Michael Lipkin, SAN DIEGO BUSINESS JOURNAL
Thursday, October 8, 2015
"It is a significant blow, made worse particularly by Qualcomm jobs being economic drivers that pay well and have a multiplier impact on other jobs in the region," said Kelly Cunningham, an economist at the National University System Institute for Policy Research. "For every Qualcomm job lost, another one to two jobs will be lost in the region as well."
Cunningham explained that Qualcomm has a so-called employment multiplier of 2.3 which means that on average, every job created by the company will add 1.3 other jobs in San Diego County. Qualcomm's higher wage jobs mean worker spending can buoy other businesses, such as clothing stores, and the technology giant's worldwide business brings money into San Diego from around the world. That helps create work for power companies and others Qualcomm works with.
"It works both ways," Cunningham said. "Though it will take a while for the ripple effect, up to a year or more. We'll see it in real estate, housing, groceries and department stores."