I would think so
17 replies (most recent on top)
Note that the realignment plan calls for transferring jobs to lower cost countries. Now I expect 7000+ jobs to disappear in the western hemisphere come Sep.
In this competitive job market, why do we need all these indians to infest this market?
Since I'm assuming most of the people who work at QUALCOMM that will be laid off are going to be techies. The job market will not be able to absorb 4000 to 5000 techies. Management and HR probably won't see the type of layoffs that the engineers will say. Management is also a very general profession as his HR. If you can manage at QUALCOMM or are RN HR person at QUALCOMM, you can probably be a manager or an HR person any slaughterhouse or a cat food factory. People in the technology field will not have that luxury, we will have to spread out across the country
Anonymous140232, San Diego on average did not drop 40-50%. It dropped 40-50% in tier 2-3 like chula vista and el cajon and oceanside. But not so west of 5.. Maybe 20-25%.... On the other hand, in the Bay Area, home prices did drop 40-50% in tier 2-3 places too, like on east bay and east palo alto, and even some parts of San Jose and Santa Clara. Also, when the housing did crash in 2006-8, the tech bubble just started, so of course the bay area was the first to recover.. When the tech bubble bursts, it will be the first to collapse and collapse the hardest...
I've live in San Diego and Silicon Valley for many years.
WHen San Diego house prices dropped 40% to 50% in 2008 recession, Silicon Valley dropped 20%.
Wages, stock grants, etc are much higher in SV.
Many of you folks I'm guessing are younger folks that never lived through a real tech correction like the dotcom burst of the early 2001/2....It's actually kind of funny, because when I was younger and your age, I felt the same way...There's so much tech opportunity in the Bay Area, it can't possibly go away so fast....Uh,, yes it can....
Anonymous140222, well...Let's see how many of those jobs you get responses from given another month or two of a tech correction. When the dotcom bubble bursted, there were a lot of job listings on monster.com too...And when my company was a hiring position, we had 200+ resumes for 1 position in the Bay Area...A lot of my colleagues ended up moving out of the Bay Area because it was easier to find a job in SoCal than it was to compete with so many out of job tech workers in the bay area...
All the software companies in Silicon Valley still are hiring.
Probably 40 times as many jobs there as San Diego. Austin has 20 times a many jobs as San Diego.
Just go to Monster and type "software engineer"
Yes, SGS Thompson closed doors in San Diego (university city) 2 years ago.
Most never found work in San Diego.
Those big bay area unicorns are private (uber, Airbnb). So they must be counting on ez credit to find their lavish lifestyles, or private market sales of illiquid phantom stock options. Can't wait for their next fundraising rounds to hear their valuation is greater than qc mkt cap.
Should have read: Bay area is diverse, but not so is the wealth.
For example, most tech worker's wealth has very little to do with the base pay or even the cash bonus. The bulk of it has to do with RSU stock grants and/or stock options, a good portion of it that hasn't vested and won't vest for another quarter (some every month). That nice core dump in the stock market that just happened the past few weeks clearly is going to affect tech workers that were factoring company stock/option grants into their total compensation versus other professionals that are not nearly dependent to stock/option grants (sales for example anywhere is more tied to sales commission, lawyers to their ridiculous fees, doctors/dentists to their expensive bills...When the stock market was good, those unvested RSU/options created a wealth effect in the Bay Area that pushed up housing cost and general costs there. Take that away, and the majority of the people who got there late and aren't well established won't have that extra compensation, and will still have to deal with the ridiculous higher cost up there. (Things like home prices, and general utility aren't completely price elastic downward...Prices tend to rise quickly, but tend to be stickier on the way down, just like gas prices)..
Anonymous140171, Bay Area is diversified, but so is the wealth. The majority of the wealth is concentrated in tech.. In SD and SoCal in general, that's not the case. And let's face it, the wealthier people do the bulk of the spending when it comes to discretionary items. So any slowdown in the wealthier's net worth is bad news for the local economy. If tech takes a huge beating in the coming months (which I hope I'm wrong and it doesn't), the majority of that wealth concentration in the Bay Area will evaporate. If you have a tech correction in SoCal, it will hurt for the tech workers, but they are just a fraction of the high net worth individuals in SoCal. In SoCal, I'd say the majority of the tech people are not considered wealthy relative to the other professions. They are middle class.
Also dogs equivalent of uber fitbit gopro. Dogs are the future growth man. Dog marriages divorces honeymoons are gonna be big.
Bay Area is diversified. On demand cabs, On demand dog walkers, On demand diapers...need I go on? Those dogs don't walk themselves.
In a few months, if things keep going the way it is going, it's going to be way worse in the Bay Area. At least in San Diego, the local economy is way more diversified than just tech.
depends. if only one type of people with the same skill set, it will saturate. if different people with different skill sets, it will not