How will Qualcomm layoffs affect SD area?
Economists talk about the ripple effect
Don Bauder, SAN DIEGO READER
Wednesday, August 26, 2015
Says Kelly Cunningham, economist for the National University System Institute for Policy Research, “Given the ripple effect, I would say the effect [of Qualcomm layoffs] could be substantial. Tech jobs on average are paying $114,000 [a year]. The per-job overall pay for San Diego is $56,500 annually. If you subtract tech jobs from that figure, it is $49,300.”
Big bucks in telecom
Average pay for telecom jobs is $133,500, says Cunningham. Should some of those jobs be lost, “that money would not be spent on cars, houses,” he says. There could be layoffs in other industries, such as restaurants. “For every job lost at Qualcomm, at least one job would be lost [elsewhere in the economy], and perhaps two.”