Keep a Job or Create a Job?
It is easier to keep jobs in a market or industry than it is to replace a job or industry lost.
A concept embraced by most businesses around the world is that it is easier to keep a customer than find a customer.
This same concept holds true for jobs. It is easier to keep jobs in a market or industry than it is to replace a job or industry lost.
Along the working waterfront in the San Diego region, industrial jobs are at risk of being lost as other uses are approved in predominately industrial zones. These skilled labor jobs are high paying, include benefits, and create a ripple effect of between 2 and 5 times throughout the region. By that, we mean that for every ONE working waterfront job, there are TWO to FIVE other jobs created to support that ONE job. The average Maritime related job has a 2.75 X ripple effect in San Diego. That is better than all local sectors except the biotech industry.
So what happens when that ONE job goes away?
It is replaced by a fraction of a home which equals no long term jobs.
Or, it is replaced with a service sector job (restaurant, convenience store or other retail service) that pays minimum wage, has 1.1X ripple effect and provides no benefits.
The risk is never to ONE job. The risk in the San Diego region is HUNDREDS of jobs lost-resulting in THOUSANDS of ripple jobs lost, and MILLIONS of dollars in LOST economic activity.
Next segment: What Bluetech Sectors are adding the most jobs in San Diego?