Greater Peninsula: 2016 State of the Workforce Update September 22, 2016

Greater Peninsula Total Employment Total employment grew by 2,562 over the five-year period between 2010:Q4 and 2015:Q4 1.1% vs 6.3% at state level Data Source: Bureau of Labor Statistics

Total Employment Growth by Locality: 2010:Q4 to 2015:Q4 Data Source: Virginia Employment Commission

Total Employment Growth by Locality: 2014:Q4 to 2015:Q4 Data Source: Virginia Employment Commission

Greater Peninsula Employment by Major Industry Sector: 2015:Q4 Healthcare 13.8% Manufacturing 13.3% (vs 6.4%) Retail Trade 12.7% (vs.11.6%) Accommodation and Food Services 11.1% (vs. 8.9%) Other differences Professional and Technical Services 5.7% (vs. 10.9%) Arts. Entertainment, and Recreation 3.5% (vs. 1.7%) Finance and Insurance 1.5% (vs 3.5%) Data Source: Virginia Employment Commission

Greater Peninsula Wages: 2015:Q4 Mgmt. of Companies and Enterprises $2,371 Professional and Technical Services $1,427 Manufacturing $1,386 (vs $1,168) Other differences Retail Trade $491 (3rd largest) Accommodation and Food Services $342 (4th largest) Data Source: Virginia Employment Commission

Total Employment Growth by Key Sector: 2010:Q4 to 2015:Q4 Important to recall that Manufacturing suffered a 1,556 loss in employment in the last year Data Source: Virginia Employment Commission

Total Employment Growth by Key Sector: 2014:Q4 to 2015:Q4 Important to recall that Manufacturing suffered a 1,556 loss in employment in the last year Data Source: Virginia Employment Commission

Total Employment Growth by Key Sector: 2010:Q4 to 2015:Q4 Data Source: Virginia Employment Commission

Total Employment Growth by Key Sector: 2014:Q4 to 2015:Q4 Data Source: Virginia Employment Commission

Industry Performance Metrics Employment Location Quotient (LQ Employment): Measures the degree to which a region has an employment concentration within a specific industry relative to the statewide norm. Establishment Location Quotient (LQ Establishments): Measures the degree to which a region concentrates within a specific industry based on number of local establishments relative to the statewide norm. Relative Earnings Ratio (REratio): Measures average pay within the industry relative to average pay within the region. Growth in Industry Pay Relative to Region Pay (RREratio): Measures growth in industry pay between 2006 and 2011 relative to growth in region pay between 2006 and 2011. Change in Importance of Industry ( Indust): Measures change in the proportion of regional employment accounted for by the industry between 2006 and 2011. Ten metrics

Industry Performance Metrics Proportion of Industry Output Exported (% Output Exp): Measures the proportion of an industry’s output that is exported out of the region. Industry Exports as a Proportion of Regional Exports (% Reg Exp): Measures the industry’s exports as a proportion of total regional exports. Type 1 Multiplier Ratio (Multiplier): Measure the industry’s Type 1 Multiplier relative to the regional average, which in this case is 1.238. Type 1 Multipliers measure the economic ripple, or Keynesian multiplier, effects that an industry has on the regional economy. Employment Growth Ratio ( Nat. Emp): The industry’s nationally projected annual employment growth between 2010 and 2020 as a proportion of projected total annual employment growth.

Industry Performance Metrics Output Growth Ratio ( Nat. Output): The industry’s nationally projected annual output growth between 2010 and 2020 as a proportion of projected total annual output growth.

Aggregate Industry Performance: Major Sectors Important to recall that Manufacturing suffered a 1,556 loss in employment in the last year

Aggregate Industry Performance: Key Sector Drill Down Healthcare 13.8% Manufacturing 13.3% (vs 6.4%) Retail Trade 12.7% (vs.11.6%) Accommodation and Food Services 11.1% (vs. 8.9%) Other differences Professional and Technical Services 5.7% (vs. 10.9%) Arts. Entertainment, and Recreation 3.5% (vs. 1.7%) Finance and Insurance 1.5% (vs 3.5%)

Training Gaps Compares the occupation-driven demand for graduates in the Greater Peninsula with the pipeline of graduates from regional postsecondary education institutions to identify areas of potential unmet need. Demand for graduates is based on VEC’s current 2012 to 2022 occupational employment projection for the Greater Peninsula. Supply of graduates is based on 2013-14 completions data from the National Center for Education Statistics’ IPEDS Data Center for all colleges and universities within the Greater Peninsula and Norfolk. Ten metrics

Training Gaps Occupation Avg. Annual Open. Annual Wage Degree Req. % of Need Met Bill and Account Collectors 7 $32,327 HS 0% Cooks, Institution and Cafeteria 27 $24,441 <HS Environmental Engineers 8 $81,342 MA Executive Secretaries and Executive Administrative Assistants 12 $47,989 Some College Loan Interviewers and Clerks 2 $30,240 Assoc New Accounts Clerks 3 $34,471 Ten metrics

Training Gaps Occupation Avg. Annual Open. Annual Wage Degree Req. % of Need Met Secretaries and Administrative Assistants, Except Legal, Medical, and Executive 64 $31,050 HS 0% Tellers 32 $27,646 Career/Technical Education Teachers, Secondary School 8 $57,470 BA 5% Bookkeeping, Accounting, and Auditing Clerks 59 $34,262 21% Payroll and Timekeeping Clerks 9 $39,044 Nursing Assistants 135 $23,323 22% Ten metrics

Training Gaps Occupation Avg. Annual Open. Annual Wage Degree Req. % of Need Met Nurse Practitioners 11 $93,782 MA 27% Correctional Officers and Jailers 22 $36,307 HS 30% Human Resources Managers 3 $93,644 BA 32% Training and Development Specialists $57,120 Compensation, Benefits, and Job Analysis Specialists 5 $50,013 Teacher Assistants 75 $23,975 Some College Ten metrics

Thank You Dr. A. Fletcher Mangum President 804-346-8446 fletcher@mangumeconomics.com