Pitkin County, CO Emsi Q4 2018 Data Set www.economicmodeling.com
Contents. Economy........ Overview......................................................................................... 1... Historic.......&.. Projected......... Trends............................................................................... 3... Popula on......... Characteris cs........................................................................................ 7... Industry....... Characteris cs.......................................................................................... 9... Business........ Characteris cs........................................................................................ 15... Workforce........... Characteris cs...................................................................................... 17... Educa onal........... Pipeline...................................................................................... 24... Emsi Q4 2018 Data Set www.economicmodeling.com
Economy Overview 18,044 18,655 $69.8K Popula on (2018) Jobs (2018) Median Household Income (2016) Popula on grew by 618 over the last 5 years and is projected to grow by 382 over the next 5 years. Jobs grew by 532 over the last 5 years and are projected to grow by 925 over the next 5 years. Median household income is $14.5K above the na onal median household income of $55.3K. As of 2018 the region's popula on increased by 3.5% since 2013, growing by 618. Popula on is expected to increase by 2.1% between 2018 and 2023, adding 382. From 2013 to 2018, jobs increased by 2.9% in Pitkin County, CO from 18,123 to 18,655. This change fell short of the na onal growth rate of 7.4% by 4.5%. As the number of jobs increased, the labor force par cipa on rate increased from 72.3% to 72.4% between 2013 and 2018. Concerning educa onal a ainment, 42.8% of Pitkin County, CO residents possess a Bachelor's Degree (24.1% above the na onal average), and 5.2% hold an Associate's Degree (2.8% below the na onal average). The top three industries in 2018 are Other Amusement and Recrea on Industries, Restaurants and Other Ea ng Places, and Traveler Accommoda on. Popula on (2018) Labor Force (2018) Jobs (2018) Cost of Living GRP Imports Exports Region 18,044 11,459 18,655 146.5 $1.92B $2.45B $2.19B State 5,688,190 3,126,240 2,986,351 110.7 $340.73B $236.94B $289.10B Emsi Q4 2018 Data Set www.economicmodeling.com 1
Economy Overview - Cont. 2018 Labor Force Breakdown Popula on A Total Working Age Popula on 15,830 A Not in Labor Force (15+) 4,371 18,044 Popula on A Labor Force 11,459 A Employed 11,154 A Unemployed 305 A Under 15 2,214 Educa onal A ainment Concerning educa onal a ainment, 42.8% of Pitkin County, CO residents possess a Bachelor's Degree (24.1% above the na onal average), and 5.2% hold an Associate's Degree (2.8% below the na onal average). % of Popula on Popula on A Less Than 9th Grade 2.8% 388 A 9th Grade to 12th Grade 1.5% 208 A High School Diploma 14.0% 1,969 A Some College 15.1% 2,125 A Associate's Degree 5.2% 733 A Bachelor's Degree 42.8% 6,022 A Graduate Degree and Higher 18.7% 2,638 Emsi Q4 2018 Data Set www.economicmodeling.com 2
Historic & Projected Trends Popula on Trends Economy Overview As of 2018 the region's popula on increased by 3.5% since 2013, growing by 618. Popula on is expected to increase by 2.1% between 2018 and 2023, adding 382. Timeframe Popula on 2013 17,426 2014 17,665 2015 17,863 2016 17,895 2017 17,891 2018 18,044 2019 18,135 2020 18,219 2021 18,295 2022 18,364 2023 18,426 Emsi Q4 2018 Data Set www.economicmodeling.com 3
Historic & Projected Trends - Cont. Job Trends Economy Overview From 2013 to 2018, jobs increased by 2.9% in Pitkin County, CO from 18,123 to 18,655. This change fell short of the na onal growth rate of 7.4% by 4.5%. Timeframe Jobs 2013 18,123 2014 18,818 2015 18,239 2016 18,486 2017 18,664 2018 18,655 2019 18,889 2020 19,095 2021 19,281 2022 19,452 2023 19,580 Emsi Q4 2018 Data Set www.economicmodeling.com 4
Historic & Projected Trends - Cont. Labor Force Par cipa on Rate Trends Timeframe Labor Force Par cipa on Rate 2013 71.57% 2014 71.78% 2015 68.74% 2016 68.50% 2017 70.25% January - April 2018 71.29% May 2018 69.48% June 2018 71.88% July 2018 72.39% Emsi Q4 2018 Data Set www.economicmodeling.com 5
Historic & Projected Trends - Cont. Unemployment Rate Trends Pitkin County, CO had a July 2018 unemployment rate of 2.66%, decreasing from 6.49% 5 years before. Timeframe Unemployment Rate 2013 6.49% 2014 4.89% 2015 3.88% 2016 3.38% 2017 3.11% January - April 2018 2.52% May 2018 6.06% June 2018 3.21% July 2018 2.66% Emsi Q4 2018 Data Set www.economicmodeling.com 6
Popula on Characteris cs 3,572 6,185 2,563 Millennials Re ring Soon Racial Diversity Pitkin County, CO has 3,572 millennials (ages 20-34). The na onal average for an area this size is 3,705. Re rement risk is high in Pitkin County, CO. The na onal average for an area this size is 5,100 people 55 or older, while there are 6,185 here. Racial diversity is low in Pitkin County, CO. The na onal average for an area this size is 7,026 racially diverse people, while there are 2,563 here. 879 0.56/1,000 22.67/1,000 Veterans Violent Crime Property Crime Pitkin County, CO has 879 veterans. The na onal average for an area this size is 1,081. Pitkin County, CO has 0.56 violent crimes per 1,000 people. The na onal rate is 3.75 per 1,000 people. Pitkin County, CO has 22.67 property crimes per 1,000 people. The na onal rate is 24.21 per 1,000 people. Emsi Q4 2018 Data Set www.economicmodeling.com 7
Popula on Characteris cs - Cont. Place of Work vs Place of Residence Understanding where talent in Pitkin County, CO currently works compared to where talent lives can help you op mize site decisions. High Inbound Commuters High Outbound Commuters Where Talent Works Where Talent Lives ZIP Name 2018 Employment ZIP Name 2018 Workers 81611 Aspen, CO (in Pitkin co 14,534 81615 Snowmass Village, CO ( 2,802 81654 Snowmass, CO (in Pitki 622 81612 Aspen, CO (in Pitkin co 507 81656 Woody Creek, CO (in P 141 81611 Aspen, CO (in Pitkin co 5,872 81612 Aspen, CO (in Pitkin co 2,081 81615 Snowmass Village, CO ( 1,069 81654 Snowmass, CO (in Pitki 520 81656 Woody Creek, CO (in P 141 Emsi Q4 2018 Data Set www.economicmodeling.com 8
Industry Characteris cs Largest Industries Industry Jobs Na onal Average Accommoda on and Food Services Government Arts, Entertainment, and Recrea on Other Services (except Public Administra on) Real Estate and Rental and Leasing Retail Trade Administra ve and Support and Waste Management and Remedia on Services Professional, Scien fic, and Technical Services Construc on Health Care and Social Assistance Educa onal Services Finance and Insurance Transporta on and Warehousing Informa on Agriculture, Forestry, Fishing and Hun ng Manufacturing Wholesale Trade Management of Companies and Enterprises U li es Mining, Quarrying, and Oil and Gas Extrac on 0 1,000 2,000 3,000 4,000 Emsi Q4 2018 Data Set www.economicmodeling.com 9
Industry Characteris cs - Cont. Top Growing Industries Industry Jobs Growth Government Arts, Entertainment, and Recrea on Retail Trade Construc on Agriculture, Forestry, Fishing and Hun ng Transporta on and Warehousing Accommoda on and Food Services Educa onal Services Professional, Scien fic, and Technical Services Health Care and Social Assistance Manufacturing Real Estate and Rental and Leasing Management of Companies and Enterprises Wholesale Trade Informa on 0 50 100 150 200 250 300 Emsi Q4 2018 Data Set www.economicmodeling.com 10
Industry Characteris cs - Cont. Top Industry LQ Industry LQ Arts, Entertainment, and Recrea on Real Estate and Rental and Leasing Accommoda on and Food Services Other Services (except Public Administra on) Construc on d Support and Waste Management and Remedia on Services Government Educa onal Services Professional, Scien fic, and Technical Services Agriculture, Forestry, Fishing and Hun ng Retail Trade Informa on Transporta on and Warehousing Finance and Insurance Management of Companies and Enterprises U li es Health Care and Social Assistance Wholesale Trade Mining, Quarrying, and Oil and Gas Extrac on Manufacturing 0.00 2.00 4.00 6.00 Emsi Q4 2018 Data Set www.economicmodeling.com 11
Industry Characteris cs - Cont. Top Industry GRP 2017 Gross Regional Product Accommoda on and Food Services Real Estate and Rental and Leasing Government Arts, Entertainment, and Recrea on Professional, Scien fic, and Technical Services Retail Trade Finance and Insurance Construc on Other Services (except Public Administra on) d Support and Waste Management and Remedia on Services Health Care and Social Assistance Informa on Wholesale Trade Educa onal Services Manufacturing Management of Companies and Enterprises Transporta on and Warehousing Agriculture, Forestry, Fishing and Hun ng U li es Mining, Quarrying, and Oil and Gas Extrac on $0.000 $50.00M $100.0M $150.0M $200.0M $250.0M Emsi Q4 2018 Data Set www.economicmodeling.com 12
Industry Characteris cs - Cont. Top Industry Earnings 2018 Earnings Per Worker Management of Companies and Enterprises Finance and Insurance Professional, Scien fic, and Technical Services Informa on Wholesale Trade Government Construc on Health Care and Social Assistance Manufacturing Real Estate and Rental and Leasing U li es Educa onal Services Retail Trade Arts, Entertainment, and Recrea on Mining, Quarrying, and Oil and Gas Extrac on d Support and Waste Management and Remedia on Services Accommoda on and Food Services Transporta on and Warehousing Agriculture, Forestry, Fishing and Hun ng Other Services (except Public Administra on) $0 $50,000 $100,000 $150,000 Emsi Q4 2018 Data Set www.economicmodeling.com 13
Industry Characteris cs - Cont. Industry 2013 Jobs 2018 Jobs Change in Jobs % Change in Jobs 2018 LQ 2018 Earnings Per Worker 2017 GRP Accommoda on and Food Services 4,230 4,302 72 +2% 2.69 $41,727 $296.56M Government 2,054 2,382 328 +16% 0.84 $76,108 $197.09M Arts, Entertainment, and Recrea on 2,096 2,357 261 +12% 7.32 $49,506 $152.72M Other Services (except Public Administra on) 1,700 1,651-49 -3% 1.84 $31,465 $65.07M Real Estate and Rental and Leasing 1,469 1,503 34 +2% 4.78 $61,975 $259.81M Retail Trade 1,307 1,400 93 +7% 0.74 $51,030 $121.24M Administra ve and Support and Waste Management and Remedia on Services Professional, Scien fic, and Technical Services 1,725 1,053-672 -39% 0.91 $43,076 $61.51M 922 979 57 +6% 0.81 $86,667 $125.23M Construc on 841 933 92 +11% 0.91 $70,184 $99.44M Health Care and Social Assistance 417 454 37 +9% 0.19 $65,489 $42.00M Educa onal Services 338 409 71 +21% 0.84 $55,699 $24.62M Finance and Insurance 291 276-15 -5% 0.37 $130,452 $113.17M Transporta on and Warehousing 183 264 81 +44% 0.40 $38,064 $17.14M Informa on 177 180 3 +2% 0.53 $83,985 $40.89M Agriculture, Forestry, Fishing and Hun ng 91 174 83 +91% 0.78 $38,026 $13.01M Manufacturing 103 137 34 +33% 0.09 $62,380 $20.18M Wholesale Trade 96 99 3 +3% 0.14 $81,579 $26.43M Management of Companies and Enterprises 47 78 31 +66% 0.29 $188,805 $17.17M U li es 14 13-1 -7% 0.20 $56,656 $6.71M Mining, Quarrying, and Oil and Gas Extrac on 19 10-9 -47% 0.14 $47,809 $5.62M Emsi Q4 2018 Data Set www.economicmodeling.com 14
Business Characteris cs 2,178 Companies Employ Your Workers Online profiles for your workers men on 2,178 companies as employers, with the top 10 appearing below. In the last 12 months, 795 companies in Pitkin County, CO posted job pos ngs, with the top 10 appearing below. Top Companies Profiles Top Companies Pos ng Unique Pos ngs Sotheby's 50 City of Aspen 47 Aspen Valley Hospital 46 The Li le Nest Inc 42 Aspen School District RE 1 39 The St Regis Aspen Resort 39 Aspen Valley Hospital District ( 33 Coldwell Banker Real Estate LLC 26 J Bar At The Hotel Jerome 24 Viceroy Snowmass 24 Aspen Skiing Company, L.L.C. 395 Marrio Interna onal, Inc. 252 Auberge Resorts LLC 141 Aspen Valley Hospital 134 Des na on Hotels and Resorts, 128 Vail Resorts, Inc. 115 The Li le Nest Inc 112 Aspen School District RE 1 98 Viceroy Hotel Group 79 Wes n, Inc. 77 Emsi Q4 2018 Data Set www.economicmodeling.com 15
Business Characteris cs - Cont. Business Size Percentage Business Count A 1 to 4 employees 45.6% 1,004 A 5 to 9 employees 20.9% 460 A 10 to 19 employees 17.5% 385 A 20 to 49 employees 11.9% 262 A 50 to 99 employees 2.9% 63 A 100 to 249 employees 1.1% 25 A 250 to 499 employees 0.1% 3 A 500+ employees 0.0% 1 *Business Data by DatabaseUSA.com is third-party data provided by Emsi to its customers as a convenience, and Emsi does not endorse or warrant its accuracy or consistency with other published Emsi data. In most cases, the Business Count will not match total companies with profiles on the summary tab. Emsi Q4 2018 Data Set www.economicmodeling.com 16
Workforce Characteris cs Largest Occupa ons Occupa on Jobs Na onal Average Food Prepara on and Serving Related Office and Administra ve Support Sales and Related Building and Grounds Cleaning and Maintenance Personal Care and Service Construc on and Extrac on Installa on, Maintenance, and Repair Management Business and Financial Opera ons Educa on, Training, and Library Arts, Design, Entertainment, Sports, and Media Healthcare Prac oners and Technical Transporta on and Material Moving Protec ve Service Produc on Architecture and Engineering Healthcare Support Computer and Mathema cal Community and Social Service Farming, Fishing, and Forestry Legal Life, Physical, and Social Science Military-only 0 500 1,000 1,500 2,000 2,500 Emsi Q4 2018 Data Set www.economicmodeling.com 17
Workforce Characteris cs - Cont. Top Growing Occupa ons Occupa on Jobs Growth Personal Care and Service Food Prepara on and Serving Related Management Installa on, Maintenance, and Repair Sales and Related Protec ve Service Educa on, Training, and Library Business and Financial Opera ons Farming, Fishing, and Forestry Construc on and Extrac on Arts, Design, Entertainment, Sports, and Media Architecture and Engineering Healthcare Support Healthcare Prac oners and Technical Community and Social Service Computer and Mathema cal Military-only 0 20 40 60 80 100 Emsi Q4 2018 Data Set www.economicmodeling.com 18
Workforce Characteris cs - Cont. Top Occupa on LQ Occupa on LQ Building and Grounds Cleaning and Maintenance Personal Care and Service Arts, Design, Entertainment, Sports, and Media Food Prepara on and Serving Related Installa on, Maintenance, and Repair Construc on and Extrac on Sales and Related Protec ve Service Farming, Fishing, and Forestry Life, Physical, and Social Science Legal Business and Financial Opera ons Management Office and Administra ve Support Architecture and Engineering Educa on, Training, and Library Healthcare Prac oners and Technical Community and Social Service Transporta on and Material Moving Healthcare Support Computer and Mathema cal Produc on Military-only 0.00 1.00 2.00 Emsi Q4 2018 Data Set www.economicmodeling.com 19
Workforce Characteris cs - Cont. Top Occupa on Earnings 2017 Avg. Hourly Earnings Legal Management Healthcare Prac oners and Technical Computer and Mathema cal Business and Financial Opera ons Architecture and Engineering Life, Physical, and Social Science Community and Social Service Protec ve Service Installa on, Maintenance, and Repair Educa on, Training, and Library Construc on and Extrac on Produc on Arts, Design, Entertainment, Sports, and Media Transporta on and Material Moving Office and Administra ve Support Sales and Related Farming, Fishing, and Forestry Healthcare Support Military-only Building and Grounds Cleaning and Maintenance Personal Care and Service Food Prepara on and Serving Related $0.00 $10.00 $20.00 $30.00 $40.00 Emsi Q4 2018 Data Set www.economicmodeling.com 20
Workforce Characteris cs - Cont. Top Posted Occupa ons Unique Average Monthly Pos ngs Office and Administra ve Support Food Prepara on and Serving Related Sales and Related Transporta on and Material Moving Management Building and Grounds Cleaning and Maintenance Healthcare Prac oners and Technical Personal Care and Service Installa on, Maintenance, and Repair Educa on, Training, and Library Business and Financial Opera ons Arts, Design, Entertainment, Sports, and Media Construc on and Extrac on Computer and Mathema cal Protec ve Service Healthcare Support Produc on Architecture and Engineering Life, Physical, and Social Science Community and Social Service Legal 0 20 40 60 80 100 120 140 Emsi Q4 2018 Data Set www.economicmodeling.com 21
Workforce Characteris cs - Cont. Occupa on 2013 Jobs 2018 Jobs Change in Jobs % Change in Jobs 2018 LQ 2017 Avg. Hourly Earnings Dec 2017 - Nov 2018 Unique Average Monthly Pos ngs Food Prepara on and Serving Related Office and Administra ve Support 2,527 2,628 101 +4% 1.68 $15.37 138 2,366 2,277-89 -4% 0.83 $21.35 157 Sales and Related 2,032 2,105 73 +4% 1.13 $21.23 117 Building and Grounds Cleaning and Maintenance Personal Care and Service Construc on and Extrac on Installa on, Maintenance, and Repair 2,134 2,000-134 -6% 2.90 $15.98 69 1,379 1,481 102 +7% 1.85 $15.67 58 1,031 1,077 46 +4% 1.27 $23.70 17 873 960 87 +10% 1.31 $24.90 45 Management 800 898 98 +12% 0.86 $45.12 78 Business and Financial Opera ons Educa on, Training, and Library Arts, Design, Entertainment, Sports, and Media Healthcare Prac oners and Technical Transporta on and Material Moving 782 844 62 +8% 0.87 $36.87 30 572 638 66 +12% 0.60 $24.17 37 543 576 33 +6% 1.68 $22.60 22 547 561 14 +3% 0.54 $43.40 63 594 556-38 -6% 0.44 $22.50 89 Protec ve Service 401 472 71 +18% 1.12 $25.12 12 Produc on 401 334-67 -17% 0.31 $22.99 7 Architecture and Engineering 227 256 29 +13% 0.82 $35.63 7 Emsi Q4 2018 Data Set www.economicmodeling.com 22
Workforce Characteris cs - Cont. Occupa on 2013 Jobs 2018 Jobs Change in Jobs % Change in Jobs 2018 LQ 2017 Avg. Hourly Earnings Dec 2017 - Nov 2018 Unique Average Monthly Pos ngs Healthcare Support Computer and Mathema cal Community and Social Service Farming, Fishing, and Forestry 191 206 15 +8% 0.41 $18.70 9 176 188 12 +7% 0.35 $40.65 14 149 162 13 +9% 0.52 $27.82 6 92 142 50 +54% 1.00 $19.38 0 Legal 141 137-4 -3% 0.88 $46.04 3 Life, Physical, and Social Science 145 135-10 -7% 0.90 $31.11 6 Military-only 19 21 2 +11% 0.21 $16.44 0 Emsi Q4 2018 Data Set www.economicmodeling.com 23
Educa onal Pipeline Over the last 5 years, no schools in Pitkin County, CO produced graduates. Emsi Q4 2018 Data Set www.economicmodeling.com 24