Tyler Area Economic Overview

Transcription

1 Tyler Area Economic Overview Demographic Profile. 2 Unemployment Rate. 4 Wage Trends. 4 Cost of Living Index Industry Clusters. 5 Occupation Snapshot. 6 Education Levels 7 Gross Domestic Product 8 1

2 Demographic Profile The population in the Tyler Area was 721,030 per American Community Survey data for The region has a civilian labor force of 317,553 with a participation rate of 55.9%. Of individuals 25 to 64 in the Tyler Area, 18.6% have a bachelor s degree or higher which compares with 31.8% in the nation. The median household income in the Tyler Area is $46,462 and the median house value is $114,107. Summary 1 Percent Value Demographics Tyler Area Texas USA Tyler Area Texas USA Population (ACS) 721,030 26,956, ,558,162 Male 50.2% 49.6% 49.2% 361,874 13,379, ,765,322 Female 49.8% 50.4% 50.8% 359,156 13,577, ,792,840 Median Age Under 18 Years 23.8% 26.5% 23.1% 171,434 7,132,476 73,612, to 24 Years 9.3% 10.2% 9.8% 66,970 2,738,831 31,296, to 34 Years 12.5% 14.5% 13.6% 89,851 3,915,774 43,397, to 44 Years 12.1% 13.5% 12.7% 87,162 3,642,463 40,548, to 54 Years 12.8% 12.9% 13.6% 92,480 3,471,589 43,460, to 64 Years 12.8% 11.0% 12.6% 92,292 2,958,735 40,061, to 74 Years 9.5% 6.8% 8.3% 68,569 1,828,562 26,355, Years, and Over 7.2% 4.7% 6.2% 52,272 1,268,005 19,825,324 Race: White 80.3% 74.8% 73.3% 578,921 20,174, ,657,078 Race: Black or African American 14.6% 11.9% 12.6% 105,000 3,221,133 40,241,818 Race: American Indian and Alaska Native 0.5% 0.5% 0.8% 3, ,145 2,597,817 Race: Asian 1.0% 4.4% 5.2% 7,153 1,175,423 16,614,625 Race: Native Hawaiian and Other Pacific Islander 0.1% 0.1% 0.2% , ,021 Race: Some Other Race 1.8% 5.8% 4.8% 12,920 1,561,683 15,133,856 Race: Two or More Races 1.8% 2.5% 3.1% 13, ,400 9,752,947 Hispanic or Latino (of any race) 15.8% 38.6% 17.3% 114,202 10,413,150 55,199,107 Population Growth Population (Pop Estimates) 5 735,749 28,304, ,719,178 Population Annual Average Growth 5 0.7% 1.7% 0.8% 4, ,261 2,448,797 Economic Labor Force Participation Rate and Size (civilian population 16 years and over) 55.9% 64.5% 63.3% 317,553 13,219, ,807,099 Armed Forces Labor Force 0.1% 0.5% 0.4% ,754 1,011,641 Veterans, Age % 5.4% 5.1% 24, ,966 10,165,671 Veterans Labor Force Participation Rate and Size, Age % 77.5% 75.4% 16, ,733 7,664,089 Median Household Income 2 $46,462 $54,727 $55,322 Per Capita Income $23,622 $27,828 $29,829 Poverty Level (of all people) 17.2% 16.7% 15.1% 118,095 4,397,307 46,932,225 Households Receiving Food Stamps 13.0% 13.1% 13.0% 33,147 1,220,336 15,360,951 Mean Commute Time (minutes) Commute via Public Transportation 0.2% 1.5% 5.1% ,919 7,476,312 Educational Attainment, Age No High School Diploma 16.8% 16.5% 11.6% 60,841 2,303,492 19,478,050 High School Graduate 30.2% 24.7% 26.1% 109,383 3,452,488 43,788,541 Some College, No Degree 25.7% 22.7% 21.5% 93,094 3,174,603 36,025,193 Associate's Degree 8.6% 7.3% 8.9% 31,138 1,015,736 14,962,488 Bachelor's Degree 13.5% 19.4% 20.2% 48,916 2,710,069 33,845,524 Postgraduate Degree 5.1% 9.5% 11.6% 18,413 1,332,173 19,368,719 2

3 Summary 1 Percent Value Housing Tyler Area Texas USA Tyler Area Texas USA Total Housing Units 302,644 10,441, ,054,899 Median House Value (of owner-occupied units) 2 $114,107 $142,700 $184,700 Homeowner Vacancy 2.4% 1.6% 1.8% 4,397 94,289 1,395,797 Rental Vacancy 8.4% 7.6% 6.2% 7, ,244 2,855,844 Renter-Occupied Housing Units (% of Occupied Units) 30.5% 38.1% 36.4% 77,501 3,542,096 42,835,169 Occupied Housing Units with No Vehicle Available (% of Occupied Units) Social 4.9% 5.6% 9.0% 12, ,186 10,562,847 Enrolled in Grade 12 (% of total population) 1.4% 1.4% 1.4% 9, ,416 4,433,703 Disconnected Youth 4 3.5% 3.2% 2.8% 1,356 48, ,589 Children in Single Parent Families (% of all children) 35.4% 35.2% 34.7% 56,708 2,392,053 24,318,038 With a Disability, Age % 9.8% 10.3% 52,075 1,608,392 20,188,257 With a Disability, Age 18-64, Labor Force Participation Rate and Size 36.6% 44.2% 41.0% 19, ,611 8,278,834 Foreign Born 7.0% 16.7% 13.2% 50,722 4,494,345 42,194,354 Speak English Less Than Very Well (population 5 yrs and over) 5.8% 14.1% 8.5% 39,453 3,518,972 25,440,956 Union Membership Total 3 4.0% 4.3% 10.7% Private Sector 3 1.7% 2.3% 6.4% Manufacturing 3 2.8% 3.5% 8.7% Public Sector % 15.5% 35.1% Source: JobsEQ 1. American Community Survey , 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. 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. 5. Census 2017, annual average growth rate since

4 Unemployment Rate The seasonally adjusted unemployment rate for the Tyler Area was 3.6% as of November The regional unemployment rate was lower than the national rate of 3.9%. One year earlier, in November 2017, the unemployment rate in the Tyler Area was 4.0%. Unemployment rate data are from the Local Area Unemployment Statistics, provided by the Bureau of Labor Statistics and updated through Nov Wage Trends The average worker in the Tyler Area earned annual wages of $42,259 as of 2018Q3. Average annual wages per worker increased 4.0% in the region over the preceding four quarters. For comparison purposes, annual average wages were $55,994 in the nation as of 2018Q3. 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 2018Q1 with preliminary estimates updated to 2018Q3. 4

5 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 8.4% lower in Tyler Area than the U.S. average. Cost of Living Information Annual Average Salary Cost of Living Index (Base US) US Purchasing Power Tyler Area $42, $46,158 Texas $56, $59,419 USA $55, $55,994 Source: JobsEQ Data as of 2018Q3 Cost of Living per C2ER, data as of 2018q3, imputed by Chmura where necessary. Industry Clusters A cluster is a geographic concentration of interrelated industries or occupations. The industry cluster in the Tyler Area with the highest relative concentration is Coal/Oil/Power with a location quotient of This cluster employs 10,516 workers in the region with an average wage of $85,821. Employment in the Coal/Oil/Power cluster is projected to expand in the region about 1.3% 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 2018Q1 with preliminary estimates updated to 2018Q3. Forecast employment growth uses national projections from the Bureau of Labor Statistics adapted for regional growth patterns. 5

6 Occupation Snapshot The largest major occupation group in the Tyler Area is Office and Administrative Support Occupations, employing 43,130 workers. The next-largest occupation groups in the region are Sales and Related Occupations (30,780 workers) and Food Preparation and Serving Related Occupations (26,771). 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 Construction and Extraction Occupations (LQ = 1.41), Healthcare Support Occupations (1.32), and Healthcare Practitioners and Technical Occupations (1.17). Occupation groups in the Tyler Area with the highest average wages per worker are Management Occupations ($101,400), Architecture and Engineering Occupations ($78,100), and Healthcare Practitioners and Technical Occupations ($72,200). The unemployment rate in the region varied among the major groups from 1.3% among Legal Occupations to 6.6% among Food Preparation and Serving Related Occupations. Over the next 1 year, the fastest growing occupation group in the Tyler Area is expected to be Healthcare Support Occupations with a +2.2% year-over-year rate of growth. The strongest forecast by number of jobs over this period is expected for Healthcare Practitioners and Technical Occupations (+283 jobs) and Personal Care and Service Occupations (+256). Over the same period, the highest separation demand (occupation demand due to retirements and workers moving from one occupation to another) is expected in Office and Administrative Support Occupations (4,815 jobs) and Food Preparation and Serving Related Occupations (4,673). SOC Occupation Empl Four Quarters Ending with 2018q3 Occupation Snapshot in the Tyler Area, 2018q3 Wages 1 LQ Unempl Current 5-Year History 1-Year Forecast q Unempl Rate Total Change Online Job Ads 2 Empl Region % Chg in Empl --Separations-- ---Growth--- Total New Demand Exits Transfer Empl Management 18,739 $101, % % 1, % Business and Financial Operations 9,110 $68, % % % Computer and Mathematical 3,300 $69, % % % Architecture and Engineering 4,178 $78, % % % Life, Physical, and Social Science 1,602 $63, % % % Community and Social Service 4,940 $43, % % % Legal 2,284 $68, % % % Education, Training, and Library 18,643 $44, % % 1, % Arts, Design, Entertainment, Sports, and Media Healthcare Practitioners and Technical 3,714 $42, % % % 20,090 $72, % 1, % 1, % Healthcare Support 11,246 $29, % % 1, % Protective Service 6,424 $41, % % % Food Preparation and Serving Related 26,771 $22, , % 1,260 2, % 4,865 2,108 2, % Building and Grounds Cleaning and Maintenance 11,115 $23, % % 1, % Personal Care and Service 11,830 $21, % % 2, % Sales and Related 30,780 $34, , % 1,880 1, % 4,302 1,817 2, % Rate 6

7 SOC Occupation Empl Four Quarters Ending with 2018q3 Occupation Snapshot in the Tyler Area, 2018q3 Wages 1 LQ Unempl Current 5-Year History 1-Year Forecast q Unempl Rate Total Change Online Job Ads 2 Empl Region % Chg in Empl --Separations-- ---Growth--- Total New Demand Exits Transfer Empl Office and Administrative Support 43,130 $33, , % 1,244 1, % 4,867 2,255 2, % Farming, Fishing, and Forestry 2,066 $25, % % % Construction and Extraction 19,766 $40, % % 2, , % Installation, Maintenance, and Repair 13,020 $44, % % 1, % Production 19,113 $35, % % 1, , % Transportation and Material Moving 21,664 $35, , % 1,363 1, % 2,712 1,026 1, % Total - All Occupations 303,527 $41, n/a n/a 11,019 9, % 36,069 14,783 19,176 2, % Source: JobsEQ Data as of 2018Q3 unless noted otherwise. Note: Figures may not sum due to rounding. 1. Occupation wages are as of 2017 and should be taken as the average for all Covered Employment. 2. Data represent found online ads active within the last thirty days in the selected region; data represents a sampling rather than the complete universe of postings. Ads lacking zip code information but designating a place (city, town, etc.) may be assigned to the zip code with greatest employment in that place for queries in this analytic. Due to alternative county-assignment algorithms, ad counts in this analytic may not match that shown in RTI (nor in the popup window ad list). 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 2018Q1, imputed where necessary with preliminary estimates updated to 2018Q3. Wages by occupation are as of 2017 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. Rate Education Levels Expected growth rates for occupations vary by the education and training required. While all employment in the Tyler Area is projected to grow 0.7% over the next ten years, occupations typically requiring a postgraduate degree are expected to grow 1.3% per year, those requiring a bachelor s degree are forecast to grow 0.8% per year, and occupations typically needing a 2-year degree or certificate are expected to grow 1.0% per year. Employment by occupation data are estimates are as of 2018Q3. 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. 7

8 Gross Domestic Product Gross Domestic Product (GDP) is the total value of goods and services produced by a region. In 2017, nominal GDP in the Tyler Area expanded 3.9%. This follows a contraction of 4.6% in As of 2017, total GDP in the Tyler Area was $27,828,337,000. Gross Domestic Product data are provided by the Bureau of Economic Analysis, imputed by Chmura where necessary, updated through Of the sectors in the Tyler Area, Health Care and Social Assistance contributed the largest portion of GDP in 2017, $3,732,088,000 The next-largest contributions came from Manufacturing ($3,267,812,000); Retail Trade ($2,387,558,000); and Construction ($2,170,997,000). Gross Domestic Product data are provided by the Bureau of Economic Analysis, imputed by Chmura where necessary, updated through JobsEQ, Copyright 2018 Chmura Economics & Analytics, All Rights Reserved. 8