Economic Overview 45-Minute Commute From Airport Park. June 6, 2017

Transcription

1 Economic Overview 45-Minute Commute From Airport Park June 6, 2017

2 DEMOGRAPHIC PROFILE... 3 EMPLOYMENT TRENDS... 5 WAGE TRENDS... 5 COST OF LIVING INDEX... 6 INDUSTRY SNAPSHOT... 7 OCCUPATION SNAPSHOT... 9 INDUSTRY CLUSTERS EDUCATION LEVELS REGION DEFINITION FAQ

3 Demographic Profile In 2010, the population in the 45-Minute Commute From Airport Park * was 1,142,930. The region has a civilian labor force of 513,133 with a participation rate of 50.2%. Of individuals 25 to 64 in the 45- Minute Commute From Airport Park *, 24.1% have a bachelor s degree or higher which compares with 28.2% in the nation. The median household income in the 45-Minute Commute From Airport Park * is $50,534 and the median house value is $178,557. Summary 1 Percent Value Proxy for 45- Minute Commute From Airport Park* Proxy for 30- minute commute from airport* Charlotte County, Florida Proxy for 45- Minute Commute From Airport Park* Proxy for 30- minute commute from airport* Charlotte County, Florida Demographics Population 4 1,142, , ,978 Median Age 2, Under 18 Years % 20.3% 14.3% 209, ,681 22, to 24 Years 4 6.8% 7.4% 5.4% 78,112 39,459 8, to 34 Years 4 9.4% 10.3% 7.0% 107,980 54,760 11, to 44 Years % 11.5% 8.8% 122,906 60,828 14, to 54 Years % 13.2% 13.3% 151,730 70,034 21, to 64 Years % 13.8% 17.1% 168,115 73,257 27, to 74 Years % 12.8% 18.1% 164,258 67,924 28, Years, and Over % 10.5% 16.0% 140,514 55,799 25,654 Race: White % 81.5% 90.0% 981, , ,059 Race: Black or African American 4 6.4% 9.8% 5.7% 72,858 52,083 9,089 Race: American Indian and Alaska Native 4 0.3% 0.4% 0.3% 3,527 1, Race: Asian 4 1.3% 1.3% 1.2% 14,801 7,022 1,912 Race: Native Hawaiian and Other Pacific Islander 4 0.0% 0.1% 0.0% Race: Some Other Race 4 4.3% 4.7% 1.1% 48,957 25,054 1,767 Race: Two or More Races 4 1.9% 2.2% 1.7% 21,211 11,486 2,675 Hispanic or Latino (of any race) % 15.4% 5.8% 167,277 81,580 9,213 Economic Labor Force Participation Rate and Size (civilian population 16 years and over) 50.2% 50.2% 43.4% 513, ,668 63,570 Armed Forces Labor Force 0.0% 0.0% 0.0% Veterans, Age % 7.1% 8.5% 42,181 21,919 7,009 Median Household Income 2 $50,534 $45,975 $44,244 Per Capita Income $29,017 $24,448 $26,984 Poverty Level (of all people) 14.4% 16.8% 12.2% 170,614 92,392 19,760 3

4 Summary 1 Percent Value Proxy for 45- Minute Commute From Airport Park* Proxy for 30- minute commute from airport* Charlotte County, Florida Proxy for 45- Minute Commute From Airport Park* Proxy for 30- minute commute from airport* Charlotte County, Florida Households Receiving Food Stamps 10.5% 13.4% 10.4% 50,602 28,603 7,465 Mean Commute Time (minutes) Commute via Public Transportation 1.0% 1.1% 0.3% 4,748 2, Union Membership 3 4.2% 5.2% 7.4% Educational Attainment, Age No High School Diploma 12.4% 13.9% 10.4% 70,147 37,366 7,596 High School Graduate 32.1% 34.7% 33.8% 180,787 93,467 24,710 Some College, No Degree 21.5% 22.3% 26.1% 121,050 60,168 19,104 Associate's Degree 9.9% 9.5% 11.4% 55,724 25,687 8,317 Bachelor's Degree 15.8% 13.1% 12.7% 88,900 35,262 9,294 Postgraduate Degree 8.4% 6.4% 5.6% 47,175 17,353 4,089 Housing Housing Units 671, , ,195 Median House Value (of owner-occupied units) 2 $178,557 $140,196 $145,700 Homeowner Vacancy 3.3% 3.1% 3.9% 12,265 4,957 2,318 Rental Vacancy 9.3% 10.0% 14.4% 13,696 7,074 2,738 Renter-Occupied Housing Units (% of Occupied Units) 27.2% 29.1% 22.0% 130,756 62,248 15,837 Occupied Housing Units with No Vehicle Available (% of Occupied Units) 5.0% 5.5% 5.2% 23,924 11,721 3,702 Social Enrolled in Grade 12 (% of total population) 1.1% 1.2% 1.0% 13,404 6,862 1,672 Disconnected Youth 5 3.9% 4.3% 3.2% 1,849 1, Children in Single Parent Families (% of all children) 39.1% 41.0% 36.7% 78,368 41,466 7,498 With a Disability, Age % 12.4% 16.2% 71,012 37,669 13,018 With a Disability, Age 18-64, Labor Force Participation Rate and Size 34.9% 33.4% 35.5% 24,765 12,592 4,621 Foreign Born 13.9% 13.9% 10.5% 167,768 78,250 17,404 Speak English Less Than Very Well (population 5 yrs and over) 7.9% 8.4% 3.5% 91,328 45,020 5,674 Source: JobsEQ 1. ACS , unless noted otherwise 2. Median values for certain aggregate regions (such as MSAs) may be estimated as the weighted averages of the median values from the composing counties ; Current Population Survey, unionstats.com, and Chmura; county- and zip-level data are best estimates based upon industry-, MSA-, and state-level data 4. Census Disconnected Youth are year olds who are (1) not in school, (2) not high school graduates, and (3) either unemployed or not in the labor force. 6. Census 2016, annual average growth rate since 2006 * This user-defined region contains one or more partial ZCTA areas. Any such partial ZCTA within this region definition has been replaced by the full ZCTA for purposes of being described via the above data. 4

5 Employment Trends As of 2017Q1, total employment for the 45-Minute Commute From Airport Park was 452,758 (based on a fourquarter moving average). Over the year ending 2017Q1, employment increased 2.7% in the region. Employment data are derived from the Quarterly Census of Employment and Wages, provided by the Bureau of Labor Statistics and imputed where necessary. Data are updated through 2016Q3 with preliminary estimates updated to 2017Q1. Wage Trends The average worker in the 45-Minute Commute From Airport Park earned annual wages of $42,566 as of 2017Q1. Average annual wages per worker increased 3.6% in the region during the preceding four quarters. For comparison purposes, annual average wages were $54,289 in the nation as of 2017Q1. Annual average wages per worker data are derived from the Quarterly Census of Employment and Wages, provided by the Bureau of Labor Statistics and imputed where necessary. Data are updated through 2016Q3 with preliminary estimates updated to 2017Q1. 5

6 Cost of Living Index The Cost of Living Index estimates the relative price levels for consumer goods and services. When applied to wages and salaries, the result is a measure of relative purchasing power. The cost of living is 0.8% lower in 45-Minute Commute From Airport Park than the U.S. average. Cost of Living Information Annual Average Salary Cost of Living Index (Base US) US Purchasing Power 45-Minute Commute From Airport Park $42, $42, minute commute from airport $41, $42,389 Charlotte County, Florida $37, $37,687 USA $53, $53,246 Source: JobsEQ Data as of 2017Q1 Cost of Living per C2ER, data as of 2016q4, imputed by Chmura where necessary. 6

7 Industry Snapshot The largest sector in the 45-Minute Commute From Airport Park is Health Care and Social Assistance, employing 71,408 workers. The next-largest sectors in the region are Retail Trade (70,338 workers) and Construction (47,637). High location quotients (LQs) indicate sectors in which a region has high concentrations of employment compared to the national average. The sectors with the largest LQs in the region are Construction (LQ = 1.92), Arts, Entertainment, and Recreation (1.65), and Real Estate and Rental and Leasing (1.61). Employment data are derived from the Quarterly Census of Employment and Wages, provided by the Bureau of Labor Statistics and imputed where necessary. Data are updated through 2016Q3 with preliminary estimates updated to 2017Q1. Sectors in the 45-Minute Commute From Airport Park with the highest average wages per worker are Management of Companies and Enterprises ($108,053), Utilities ($83,009), and Finance and Insurance ($71,305). Regional sectors with the best job growth (or most moderate job losses) over the last 5 years are Construction (+15,512 jobs), Health Care and Social Assistance (+11,611), and Accommodation and Food Services (+11,281). Over the next 10 years, employment in the 45-Minute Commute From Airport Park is projected to expand by 66,303 jobs. The fastest growing sector in the region is expected to be Health Care and Social Assistance with a +2.5% year-over-year rate of growth. The strongest forecast by number of jobs over this period is expected for Health Care and Social Assistance (+20,088 jobs), Construction (+8,780), and Retail Trade (+8,335). 7

8 Current Historical Forecast Four Quarters Ending with 2017q1 Change over the Last 5 Years Average Annual % Change in Employment 2012q1-2017q1 Over the Next 10 Years NAICS Industry Empl Avg. Annual Wages Location Quotient Empl Minute Commute From Airport Park minute commute from airport Charlotte County, Florida Approx Repl Demand Growth Demand Avg. Annual Growth Percent Agriculture, Forestry, Fishing and Hunting Mining, Quarrying, and Oil and Gas Extraction 9,197 $34, % 0.3% -4.4% 3, % 469 $47, % 10.4% 0.6% % 22 Utilities 1,156 $83, % -0.2% -4.9% % 23 Construction 47,637 $43, , % 8.2% 7.2% 10,100 8, % 31 Manufacturing 14,440 $50, , % 5.3% 6.6% 3, % 42 Wholesale Trade 11,412 $57, , % 4.3% 3.0% 2,641 1, % 44 Retail Trade 70,338 $30, , % 3.3% 2.0% 22,915 8, % 48 Transportation and Warehousing 11,153 $46, , % 8.3% 9.5% 2, % 51 Information 5,133 $53, % 0.0% 2.7% 1, % 52 Finance and Insurance 11,578 $71, % 1.8% 1.2% 2,889 1, % Real Estate and Rental and Leasing Professional, Scientific, and Technical Services Management of Companies and Enterprises Administrative and Support and Waste Management and Remediation Services 12,308 $53, , % 6.5% 6.2% 2, % 25,706 $69, , % 4.3% 4.1% 5,739 4, % 3,562 $108, % 0.7% 1.0% % 33,930 $32, , % 7.2% 3.2% 8,049 4, % 61 Educational Services 21,709 $44, , % 2.0% -0.6% 4,907 3, % Health Care and Social Assistance Arts, Entertainment, and Recreation Accommodation and Food Services Other Services (except Public Administration) 71,408 $53, , % 3.2% 1.9% 15,387 20, % 14,734 $29, % 0.4% -0.2% 4,732 1, % 47,619 $22, , % 5.2% 3.9% 17,503 5, % 21,402 $31, , % 2.7% -0.6% 5,627 2, % 92 Public Administration 17,619 $51, % 0.4% 0.4% 4,431 1, % 99 Unclassified 249 $51, % 39.2% 105.5% % - All Industries 452,758 $42, , % 3.9% 2.6% 117,244 66, % Source: JobsEQ Employment data are derived from the Quarterly Census of Employment and Wages, provided by the Bureau of Labor Statistics and imputed where necessary. Data are updated through 2016Q3 with preliminary estimates updated to 2017Q1. Forecast employment growth uses national projections adapted for regional growth patterns. 8

9 Occupation Snapshot The largest major occupation group in the 45-Minute Commute From Airport Park is Office and Administrative Support, employing 64,436 workers. The next-largest occupation groups in the region are Sales and Related (58,019 workers) and Food Preparation and Serving Related (48,579). High location quotients (LQs) indicate occupation groups in which a region has high concentrations of employment compared to the national average. The major groups with the largest LQs in the region are Farming, Fishing, and Forestry (LQ = 1.89), Construction and Extraction (1.72), and Building and Grounds Cleaning and Maintenance (1.59). Occupation groups in the 45-Minute Commute From Airport Park with the highest average wages per worker are Management ($110,100), Legal ($91,100), and Healthcare Practitioners and Technical ($80,700). The unemployment rate in the region varied among the major groups from 1.4% among Healthcare Practitioners and Technical to 11.6% among Farming, Fishing, and Forestry. Over the next 10 years, the fastest growing occupation group in the 45-Minute Commute From Airport Park is expected to be Healthcare Support with a +2.9% year-over-year rate of growth. The strongest forecast by number of jobs over this period is expected for Healthcare Practitioners and Technical (+6,695 jobs) and Sales and Related (+6,629). Over the same period, the highest replacement demand (occupation demand due to retirements and workers moving from one occupation to another) is expected in Food Preparation and Serving Related (20,117 jobs) and Sales and Related (19,974). Occupation Snapshot in 45-Minute Commute From Airport Park Current Historical Forecast Four Quarters Ending with 2017q1 2017q1 Change over the Last 5 Avg Ann % Chg in Empl 2012q1-2017q1 Over the Next 10 Years Years SOC Title Empl Avg. Annual Wages 1 LQ Unempl Unempl Rate Empl 45- Minute Commut e From Airport Park 30- minute commut e from airport Charlott e County, Florida Current Online Job Ads 2 Repl Demand Growth Demand Avg. Annual Growth Percent 11- Management Business and Financial Operations Computer and Mathematical Architecture and Engineering Life, Physical, and Social Science Community and Social Service 25,051 $110, % 3, % 3.5% 2.5% 1,452 8,776 3, % 17,585 $65, % 3, % 3.5% 2.5% 849 4,281 3, % 6,859 $66, % 1, % 4.0% 4.1% 957 1,103 1, % 4,690 $72, % 1, % 5.4% 3.1% 149 1, % 1,976 $56, % % 2.9% 1.0% % 5,366 $44, % % 3.0% 0.0% 258 1,267 1, % Legal 3,196 $91, % % 0.8% 1.7% % 9

10 Occupation Snapshot in 45-Minute Commute From Airport Park Current Historical Forecast Four Quarters Ending with 2017q1 2017q1 Change over the Last 5 Years Avg Ann % Chg in Empl 2012q1-2017q1 Over the Next 10 Years SOC Title Empl Avg. Annual Wages 1 LQ Unempl Unempl Rate Empl Minute Commut e From Airport Park minute commut e from airport Charlott e County, Florida Current Online Job Ads 2 Repl Demand Growth Demand Avg. Annual Growth Percent Education, Training, and Library Arts, Design, Entertainment, Sports, and Media Healthcare Practitioners and Technical Healthcare Support Protective Service Food Preparation and Serving Related Building and Grounds Cleaning and Maintenance Personal Care and Service Sales and Related Office and Administrative Support Farming, Fishing, and Forestry Construction and Extraction Installation, Maintenance, and Repair 51- Production Transportation and Material Moving 15,976 $49, % 1, % 1.9% -0.4% 307 3,687 3, % 7,079 $45, % % 1.8% 0.9% 251 2, % 29,646 $80, % 4, % 3.0% 1.6% 2,101 7,027 6, % 15,985 $30, % 2, % 2.8% 2.4% 761 3,804 5, % 8,143 $40, % % 0.1% 1.0% 314 1, % 48,579 $24, , % 10, % 4.5% 3.2% 2,492 20,117 6, % 25,433 $26, , % 5, % 5.2% 3.9% 843 6,178 3, % 17,648 $26, , % 2, % 2.8% 1.8% 755 5,447 4, % 58,019 $34, , % 8, % 3.5% 2.0% 5,598 19,974 6, % 64,436 $33, , % 11, % 3.8% 2.4% 2,843 14,928 6, % 5,539 $22, % % 0.8% -4.7% 33 1, % 34,362 $37, , % 10, % 7.7% 6.4% 556 6,747 6, % 18,476 $40, % 3, % 4.7% 4.5% 1,097 4,836 2, % 15,055 $33, , % 3, % 4.7% 1.4% 374 4, % 23,660 $31, , % 6, % 6.6% 4.0% 1,041 6,571 2, % - All 452,758 $42, n/a n/a 82, % 3.9% 2.6% 23, ,553 66, % Source: JobsEQ Data as of 2017Q1 unless noted otherwise Note: Figures may not sum due to rounding. 1. Occupation wages are as of 2016 and should be taken as the average for all Covered Employment 2. Data represent found online ads active within the last thirty days in any zip code intersecting or within the selected region; data represents a sampling rather than the complete universe of postings. 10

11 Occupation employment data are estimated via industry employment data and the estimated industry/occupation mix. Industry employment data are derived from the Quarterly Census of Employment and Wages, provided by the Bureau of Labor Statistics and currently updated through 2016Q3, imputed where necessary with preliminary estimates updated to 2017Q1. Wages by occupation are as of 2016 provided by the BLS and imputed where necessary. Forecast employment growth uses national projections from the Bureau of Labor Statistics adapted for regional growth patterns. 11

12 Industry Clusters A cluster is a geographic concentration of interrelated industries or occupations. The industry cluster in the 45-Minute Commute From Airport Park with the highest relative concentration is Construction with a location quotient of This cluster employs 48,478 workers in the region with an average wage of $43,807. Employment in the Construction cluster is projected to expand in the region about 1.7% per year over the next ten years. Location quotient and average wage data are derived from the Quarterly Census of Employment and Wages, provided by the Bureau of Labor Statistics, imputed where necessary, and updated through 2016Q3 with preliminary estimates updated to 2017Q1. Forecast employment growth uses national projections from the Bureau of Labor Statistics adapted for regional growth patterns. Education Levels Expected growth rates for occupations vary by the education and training required. While all employment in the 45- Minute Commute From Airport Park is projected to grow 1.4% over the next ten years, occupations typically requiring a postgraduate degree are expected to grow 2.1% per year, those requiring a bachelor s degree are forecast to grow 1.6% per year, and occupations typically needing a 2-year degree or certificate are expected to grow 1.8% per year. Employment by occupation data are estimates are as of 2017Q1. Education levels of occupations are based on BLS assignments. Forecast employment growth uses national projections from the Bureau of Labor Statistics adapted for regional growth patterns. 12

13 Region Definition 45-Minute Commute From Airport Park is defined as the following zip code tabulation areas: ZCTA 33865; ZCTA 33890; ZCTA 33901; ZCTA 33903; ZCTA 33904; ZCTA 33905; ZCTA 33907; ZCTA 33908; ZCTA 33909; ZCTA 33912; ZCTA 33913; ZCTA 33914; ZCTA 33916; ZCTA (Charlotte County, FL portion); ZCTA (Lee County, FL portion); ZCTA 33919; ZCTA 33920; ZCTA (Charlotte County, FL portion); ZCTA 33922; ZCTA 33928; ZCTA 33930; ZCTA 33931; ZCTA (Glades County, FL portion); ZCTA (Hendry County, FL portion); ZCTA (Hendry County, FL portion); ZCTA (Lee County, FL portion); ZCTA 33946; ZCTA 33947; ZCTA 33948; ZCTA 33950; ZCTA 33952; ZCTA 33953; ZCTA 33954; ZCTA (Charlotte County, FL portion); ZCTA (Lee County, FL portion); ZCTA 33956; ZCTA (Glades County, FL portion); ZCTA 33965; ZCTA 33966; ZCTA 33967; ZCTA 33971; ZCTA 33972; ZCTA 33973; ZCTA 33974; ZCTA 33976; ZCTA 33980; ZCTA 33981; ZCTA 33982; ZCTA 33983; ZCTA 33990; ZCTA 33991; ZCTA 33993; ZCTA (Collier County, FL portion); ZCTA (Collier County, FL portion); ZCTA (Lee County, FL portion); ZCTA 34135; ZCTA (Charlotte County, FL portion); ZCTA (Sarasota County, FL portion); ZCTA (Charlotte County, FL portion); ZCTA (Sarasota County, FL portion); ZCTA 34229; ZCTA 34232; ZCTA 34233; ZCTA 34238; ZCTA 34240; ZCTA 34241; ZCTA (Manatee County, FL portion); ZCTA (De Soto County, FL portion); ZCTA (Sarasota County, FL portion); ZCTA 34268; ZCTA 34269; ZCTA 34275; ZCTA 34285; ZCTA 34286; ZCTA 34287; ZCTA 34288; ZCTA 34289; ZCTA 34291; ZCTA 34292; ZCTA minute commute from airport is defined as the following zip code tabulation areas: ZCTA 33901; ZCTA 33903; ZCTA 33905; ZCTA 33909; ZCTA 33912; ZCTA 33913; ZCTA 33916; ZCTA (Charlotte County, FL portion); ZCTA (Lee County, FL portion); ZCTA 33920; ZCTA 33948; ZCTA 33950; ZCTA 33952; ZCTA 33953; ZCTA 33954; ZCTA (Charlotte County, FL portion); ZCTA (Lee County, FL portion); ZCTA 33966; ZCTA 33971; ZCTA 33973; ZCTA 33980; ZCTA 33981; ZCTA 33982; ZCTA 33983; ZCTA 33990; ZCTA 33991; ZCTA 33993; ZCTA (De Soto County, FL portion); ZCTA (Sarasota County, FL portion); ZCTA 34268; ZCTA 34269; ZCTA 34286; ZCTA 34287; ZCTA 34288; ZCTA 34289; ZCTA 34291; ZCTA

14 FAQ What is a location quotient? A location quotient (LQ) is a measurement of concentration in comparison to the nation. An LQ of 1.00 indicates a region has the same concentration of an industry (or occupation) as the nation. An LQ of 2.00 would mean the region has twice the expected employment compared to the nation and an LQ of 0.50 would mean the region has half the expected employment in comparison to the nation. What is replacement demand? Replacement demand is the number of jobs required due to replacements retirements and turnover resulting from workers moving from one occupation into another. Note that replacement demand does not include all turnover it does not include when workers stay in the same occupation but switch employers. The replacement demand shown in this report may also be understated; thus, it can be taken to be a minimum measure of the number of workers who will need to be trained for the occupation due to replacements. The total projected demand for an occupation is the sum of the replacement demand and the growth demand (which is the increase or decrease of jobs in an occupation expected due to expansion or contraction of the overall number of jobs in that occupation). What is a cluster? A cluster is a geographic concentration of interrelated industries or occupations. If a regional cluster has a location quotient of 1.25 or greater, the region is considered to possess a competitive advantage in that cluster. What is the difference between industry wages and occupation wages? Industry wages and occupation wages are estimated via separate data sets, often the time periods being reported do not align, and wages are defined slightly differently in the two systems (for example, certain bonuses are included in the industry wages but not the occupation wages). It is therefore common that estimates of the average industry wages and average occupation wages in a region do not match exactly. What is NAICS? The North American Industry Classification System (NAICS) is used to classify business establishments according to the type of economic activity. The NAICS Code comprises six levels, from the all industry level to the 6-digit level. The first two digits define the top level category, known as the sector, which is the level examined in this report. What is SOC? The Standard Occupational Classification system (SOC) is used to classify workers into occupational categories. All workers are classified into one of over 820 occupations according to their occupational definition. To facilitate classification, occupations are combined to form 23 major groups, 96 minor groups, and 449 occupation groups. Each occupation group includes detailed occupations requiring similar job duties, skills, education, or experience. About This Report This report and all data herein were produced by JobsEQ, a product of Chmura Economics & Analytics. The information contained herein was obtained from sources we believe to be reliable. However, we cannot guarantee its accuracy and completeness. 14