To jump or not to jump?

My husband has a really good paying job...considering. He is a welder and makes good overtime pay. Problem is, his factory is about to lay off a lot of people because of a downturn in the market. He is on the edge of the layoff...he might escape it all together but if so, just barely.

There is a new kid in town. A big expensive and popular new kid on the block who is set to hire almost 2000 people. It is an hour away. The pay is the same but first he will have to take a cut for a year.

Should he jump?