Kings Employee Wages Lost Will Hurt Sacramento Region
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SACRAMENTO (CBS13) – New figures have emerged showing how much money Kings employees alone bring the Sacramento region.
A Kings move could have a ripple effect on the region’s money trouble, just from the 150 full-time Kings employees that would be out of work.
As Sacramento State Economics Dean Sanjay Varshney explains, the math is very simple.
“If you wanted to be conservative, the ripple effect could be as large as 1.5 times,” says Varshney.
So, the estimated $7.5 million in salaries going to Kings employees in Sacramento would be gone, and no longer spent on mortgages, clothing or food, and add Varshney’s multipler, and it would put a $10 million dent into the real Sacramento economy.
“Because the money no longer exists, these people no longer have a paycheck to take home, they’re spending less in the local economy,” says Varshney.
The Maloof ‘s are nowhere near the top employers in the region. That list includes Kaiser, Raley’s and Intel, each with a thousand full-time positions. The Kings have 150 full-time jobs that are supplemented by about a thousand part-time workers. But, Varshney believes if the Kings leave the real economic loss to Sacramento might not be felt for years.
“The real loss in my mind with the Kings moving to another city will be the psychological loss that will eventually translate into economic damage,” explains Varshney.