Northern NM Regional Economic Development Initiative State of the Region Conference October 29, 2009 First Regional Econometric Report Barbara Deaux and.

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Presentation transcript:

Northern NM Regional Economic Development Initiative State of the Region Conference October 29, 2009 First Regional Econometric Report Barbara Deaux and Fred Brueggeman, NCNMEDD

A long-term plan requires long-term measures of accomplishments The REDI Region competes not only within New Mexico, but with surrounding states and the world To measure progress, REDI must know its starting point These measures only partly reflect the recession How do we measure progress? How do we measure progress?

Economic Indicators Economic Indicators ▲ REDI region outperforms both the U.S. and the Southwest Region. ► REDI region outperforms either the U.S. or the Southwest Region. ◄ REDI region is at or near the status quo ▼ REDI region shows little or no economic performance relative to the U.S. and the Southwest ◙ REDI region fails to take action on a known problem

REDI Report Performance Measures REDI Report Performance Measures 1.“Increase the percentage of private sector employment in northern NM to more than 80%.” 2.“Increase competitiveness by closing the gap between percentages of private sector employment in northern NM and the US in NAICS codes that represent REDI’s target industry clusters.” 3. “Close the gap between income and poverty levels in northern NM and the US by ensuring that the average wage of all jobs created exceeds $40,000 per year.” ▼ ◄ “I” Twenty-Five Year Goals

Private Sector Employment Private Sector Employment ▼ Regional private sector employment fell more than in the US or Southwest region.

Income and Poverty Levels Income and Poverty Levels ◄ The region has closed the gap with the US and Southwest with income levels, but its poverty rates are increasing. Earnings of new hires have yet to show progress toward the creation of higher- paying jobs.

Regional Gross Domestic Product Regional Gross Domestic Product ► GDP = total consumer spending + investment + total government spending + the value of exports – the value of imports. Regional GDP growth outperforms US and Southwest; total GDP per capita is still slightly below the US and Southwest.

Regional Employment Growth Regional Employment Growth ► Regional employment growth outperforms the US. +8,648 Jobs; 7.7% Growth +2,119,818 Jobs: +11.7% Growth +3,286,000 Jobs; 2.4% Growth

Regional Unemployment Rate Regional Unemployment Rate ► Regional unemployment is lower than the US or the Southwest region.

Regional GRT Growth Regional GRT Growth ► Regional GRT growth outperformed the State of New Mexico. No national or regional comparisons are available.

Regional Human Capital Status Regional Human Capital Status ◄ FUTURE WORKFORCE: The region falls below the US and the Southwest region for spending per student.

Regional Human Capital Status Regional Human Capital Status ◄ FUTURE WORKFORCE: The region outperforms the US in reading proficiency, but is status-quo or below in math proficiency.

EXISTING WORKFORCE: The region outperforms the US and the Southwest in percent of workforce with a HS degree and BS degree or more. Regional Human Capital Status Regional Human Capital Status ◄

EXISTING WORKFORCE: The region outperformed the US and the Southwest in median HH income growth. The region’s median HH income is now equal to the US. Regional Human Capital Status Regional Human Capital Status ◄

Where do we go from here? Where do we go from here? What measures of economic strength are most useful for charting long term progress? What measures should be added to an annual econometric report? How can REDI communities use these measures to set goals and determine strategies?