Yellow jackets?

So, we have some of these guys living in the siding under the window on the second floor. From my brief reading on the web, if they're not going to be a danger due to the chance of stinging (which was no doubt worst as I stuck my head out the window to get this picture), "do nothing, they'll die off in the winter and they don't come back to the same nest" seems to be a feasible option. But if they're actually going to be causing damage by nibbling holes in the house, then presumably I should worry more. (For a while, I thought they were bees, which would have been more of a problem, because they don't leave and then you have wax and honey stuffed into your walls...). Does anyone have more authoritative-sounding opinions than "stuff I just read on the internet"? :)