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I'm no expert in the SD job market, but my feeling is that there are many tech jobs but not the kind HN people are thinking of. There are large bio and defense industries there, along with some hardware companies like Qualcomm. It's definitely not a software haven though. I actually worked in SD in defense at graduation - I wouldn't say the pay was worse than the Bay, unless you were a rockstar Ruby ninja.

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I interned at Qualcomm once, and they are a pretty great place to work if you are a software engineer with experience in mobile, embedded systems, or even .NET. Plus their mobile computing division is growing incredibly quickly. Over the course of my 3 month internship, my team almost doubled in size.

There is also a great web/javascript community that is growing in the area called sandiego.js (http://sandiegojs.org/). I attended most of their talks this summer and there were always people looking to hire people to do work for them.

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