Issue link: http://www.insightdigital.biz/i/906229
5 2 017 R E P O R T T O T H E C O M M U N I T Y "Given the tightness of the current labor market and lack of foreseeable downturns, this moderate growth is expected to continue on both the regional and national levels. One factor that will have a major impact on future economic growth here in the New North will be the ability of local firms to attract and keep a talented workforce." "As the economy at large continues to grow at a steady rate, businesses and households are looking to this sector to finance their expenditures. Employment in this sector is increasing as a result." "Employment in the New North's manufacturing sector has flattened in recent years after experiencing a post-recessionary recovery. With that being said, manufacturing employment is still below levels experienced just before the recession." "Due to the continuing aging of the baby boomer generation, the demand for health care and related services has increased at an accelerated rate in recent years." New North Economy Overview Source: EMSI Comments provided by Ryan Long, Office of Economic Advisors 54000 52000 50000 48000 46000 44000 42000 40000 38000 2011 2012 2013 New North GDP Approximation (millions of current dollars) 2014 2015 2016 Population grew by 13,225 over the last 5 years and is projected to grow by 13,306 over the next 5 years. Population (2016) 1,246,918 Jobs grew by 25,282 over the last 5 years and are projected to grow by 16,576 over the next 5 years. Jobs (2016) 664,818 Avg. Region 2011 Jobs 2016 Jobs Change 130,260 135,984 5,724 11,701,497 12,295,670 594,173 4.4% 5.1% % Change Region United States 2001 Percentage Change 0 -10 -20 -30 -40 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 2027 159% above National average Jobs (2016) 135,984 Nation +5.1% % Change (2011-2016) +4.4% Nation: Avg. Earnings $67.207 Region 2011 Jobs 2016 Jobs 2016 Jobs Change 25,488 26,943 1,455 5,506,638 5,826,802 320,164 5.7% 5.8% % Change Region United States 2001 Percentage Change 30 20 10 0 -10 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 2027 Region 2011 Jobs 2016 Jobs 2016 Jobs Change 70,721 74,358 3,637 16,489,393 18,885,581 2,396,188 5.1% 14.5% % Change Region United States 2001 Percentage Change 90 20 30 40 50 60 70 80 10 0 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 2027 Population grew by 13,225 over the last 5 years and is projected to grow by 13,306 over the next 5 years. Population (2016) 1,246,918 Jobs grew by 25,282 over the last 5 years and are projected to grow by 16,576 over the next 5 years. Jobs (2016) 664,818 Regional average earnings per job are $9.5K below the national average earnings of $62.1K per job. Avg. Earnings Per Job (2016) $52.6K 159% above National average Jobs (2016) 135,984 Nation +5.1% % Change (2011-2016) +4.4% Nation: $80,588 Avg. Earnings Per Job (2016) $67.207 2011 Jobs 2016 Jobs 2016 Jobs Change 25,488 26,943 1,455 5,506,638 5,826,802 320,164 5.7% 5.8% % Change States 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 2027 8% above National average Jobs (2016) 26,943 Nation +5.8% % Change (2011-2016) +5.7% Nation: $118,513 Avg. Earnings Per Job (2016) $72,958 2011 Jobs 2016 Jobs 2016 Jobs Change 70,721 74,358 3,637 16,489,393 18,885,581 2,396,188 5.1% 14.5% % Change States 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 2027 8% below National average Jobs (2016) 74,358 Nation +14.5% % Change (2011-2016) +5.1% Nation: $58,010 Avg. Earnings Per Job (2016) $57,592 Manufacturing Industry Regional Trends Finance & Insurance Regional Trends Health Care Industry Regional Trends New North Regional GDP (2011 to 2016)