ECONOMIC DEVELOPMENT OVERVIEW
Presentation to the Garrett County Chamber of Commerce
September 19, 2017
BRIEFING OUTLINE
• Business Base
• Employment
• Economic Indicators
• Challenges
• Opportunities
• Planning Considerations
• Questions & Answers
BUSINESS BASE
Number of Businesses: 908*
Total Workforce: 15,245
*Average 63 new businesses per year 2014-2016
BUSINESS CAPITAL INVESTMENTS (2013-2017)
New Businesses: $9.6 million
Existing Businesses: $9.2 million
LARGEST BUSINESSES
• Garrett Regional Medical Center: 456
• Wisp Resort: 220 (600+ during ski season)
• Beitzel/Pillar: 286
• First United Corporation: 180
• ClosetMaid: 180
• Garrett Container Systems: 110
• Phenix Technologies: 95
EMPLOYMENT BY INDUSTRY SECTOR
Source: Maryland Department of Labor, Licensing & Regulation, Employment & Payrolls, First Quarter 2017 Report (farm wages not available)
EMPLOYMENT BY INDUSTRY SECTOR
Source: Maryland Department of Labor, Licensing & Regulation, Employment & Payrolls, First Quarter 2017 Report (farm wages not available)
PAY BY INDUSTRY SECTOR
Source: Maryland Department of Labor, Licensing & Regulation, Employment & Payrolls, First Quarter 2017 Report (farm wages not available)
Industry Sector Garrett County Maryland
Mining 1,262$ 820$
Federal Government 1,004$ 1,942$
Construction 817$ 1,222$
Professional/Business Services 769$ 1,534$
State Government 744$ 1,051$
Local Government 717$ 1,069$
Manufacturing 699$ 1,593$
Educational/Health Services 696$ 991$
Information 609$ 1,875$
Financial Activities 607$ 1,990$
Other Services 589$ 783$
Trade, Transportation & Utilities 569$ 907$
Leisure/Hospitality 275$ 443$
TOTAL WAGES BY INDUSTRY SECTOR Industry Sector Total Wages
Trade, Transportation & Utilities 18,234,965$
Educational/Health Services 15,785,924$
Local Government 12,889,072$
Construction 8,474,005$
Manufacturing 8,190,492$
Professional/Business Services 7,467,311$
Leisure/Hospitality 6,320,659$
Natural Resources/Mining 5,789,890$
Financial Activities 3,737,481$
State Government 2,506,489$
Other Services 2,365,169$
Information 1,329,453$
Federal Government 848,186$
PERCENT OF WAGES BY SECTOR
Service Providing 59% Goods-Producing
24%
Government 17%
Source: Maryland Department of Labor, Licensing & Regulation, Employment & Payrolls, First Quarter 2017 Report (farm wages not available)
TOTAL WAGES Federal
Government 1.0%
Information 1.4%
Other Services
2.5%
State Government
2.7% Financial Activities
4.0%
Natural Resources & Mining 6.2%
Leisure/Hospitality 6.7%
Professional/Business Services
8.0%
Manufacturing 8.7%
Construction 9.0%
Local Government
13.7%
Educational/Health Services
16.8%
Trade, Trans. & Utilities 19.4%
UNEMPLOYMENT RATES
Source: Maryland Department of Labor, Licensing & Regulation, July 2017 LAUS
GARRETT
COUNTY
MARYLAND UNITED
STATES
July 2017 4.5% 4.2% 4.3%
July 2016 5.0% 4.4% 4.9%
YTD 2017 5.7% 4.2% 4.5%
YTD 2016 6.2% 4.4% 4.9%
ANNUAL UNEMPLOYMENT
Source: Maryland Department of Labor, Licensing & Regulation, June 2017 LAUS
MEDIAN HOUSEHOLD INCOME
Year Garrett County Maryland
1990 Census $ 22,692 $ 39,426
2000 Census $ 32,164 $ 53,350
2011-2015 ACS $ 45,432 $ 74,551
Sources: U.S. Dept. of Commerce, Bureau of Census, Decennial Census - 1990 & 2000;
2011-2015 American Community Survey 5-Year Estimates
EDUCATIONAL ATTAINMENT
Source: U..S. Department of Commerce, Bureau of Census
TRI-STATE COUNTY MAP
CHALLENGES TO GROWTH
• Demographics
• Infrastructure
• Broadband Access
• Educational Attainment/Skill Base
• Amenities
• Housing Availability/Cost
DEMOGRAPHICS (Population Trends)
Historical Population
Historical Median Age
Sources: U.S. Dept. of Commerce, Bureau of Census; MD Dept. of Planning, Historical & Projected Total Population for Maryland’s Jurisdictions
POPULATION BY AGE GROUP ACS
AGE GROUP 1970 1980 1990 2000 2010 2011-15
Under 5 1,945 2,045 1,951 1,810 1,553 1,454
5 to 9 2,228 2,167 2,225 2,149 1,718 1,731
10 to 14 2,361 2,434 2,109 2,142 1,957 1,676
15 to 19 1,958 2,556 2,170 2,210 2,281 1,898
20 to 24 1,199 2,143 1,787 1,512 1,598 1,770
25 to 34 2,455 3,921 4,414 3,618 3,026 3,066
35 to 44 2,348 3,005 3,978 4,615 3,809 3,553
45 to 54 2,434 2,561 3,052 4,066 4,683 4,399
55 to 59 1,142 1,322 1,280 1,762 2,188 2,336
60 to 64 940 1,184 1,305 1,501 2,053 2,106
65 to 74 1,450 1,885 2,243 2,389 2,988 3,369
75 to 84 777 949 1,236 1,514 1,596 1,803
85+ 239 326 388 558 647 652
TOTAL 21,476 26,498 28,138 29,846 30,097 29,813
CENSUS
Source: U..S. Department of Commerce, Bureau of Census
OPPORTUNITIES FOR GROWTH
• Health Services
• Light Manufacturing
• Technology-Based Businesses
• Small/Micro Businesses
• Internet-Based Businesses
• Robotics
• Tourism
• Retirees
COUNTY INITIATIVES
• Scholarship Program
• Infrastructure Investments
• Pathway to Home Ownership
• Broadband Expansion
• Tax Credits/Incentives
• Robotics
• Partnership with Chamber
• Garrett Regional Medical Center Initiative
PLANNING CONSIDERATIONS • 7 Million People Unemployed – 6.2 Million Jobs Available
Businesses say they can’t find qualified workers Workers Complain They Aren’t Getting Paid Enough
• 18% of people 25-54 are not working • 50% of Small Business Owners Say There Are Few or No
Qualified Applicants • 10,000 Baby Boomers Leaving the Workforce Every Day
(Expected to Continue for Next 12 Years) • 70% of Jobs Require Some Education/Training Beyond HS • Low Skilled Jobs Will Be Replaced by Robots/AI • ½ Jobs in the US Pay Less Than $18/Hour • Median Household Income Peaked in 1999 • Deaths Exceeded Births in GC Last Year
QUESTIONS & ANSWERS