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ECONOMIC DEVELOPMENT OVERVIEW Presentation to the Garrett County Chamber of Commerce September 19, 2017
Transcript
Page 1: ECONOMIC DEVELOPMENT OVERVIEW · (Population Trends) Historical Population Historical Median Age Sources: U.S. Dept. of Commerce, Bureau of Census; MD Dept. of Planning, Historical

ECONOMIC DEVELOPMENT OVERVIEW

Presentation to the Garrett County Chamber of Commerce

September 19, 2017

Page 2: ECONOMIC DEVELOPMENT OVERVIEW · (Population Trends) Historical Population Historical Median Age Sources: U.S. Dept. of Commerce, Bureau of Census; MD Dept. of Planning, Historical

BRIEFING OUTLINE

• Business Base

• Employment

• Economic Indicators

• Challenges

• Opportunities

• Planning Considerations

• Questions & Answers

Page 3: ECONOMIC DEVELOPMENT OVERVIEW · (Population Trends) Historical Population Historical Median Age Sources: U.S. Dept. of Commerce, Bureau of Census; MD Dept. of Planning, Historical

BUSINESS BASE

Number of Businesses: 908*

Total Workforce: 15,245

*Average 63 new businesses per year 2014-2016

Page 4: ECONOMIC DEVELOPMENT OVERVIEW · (Population Trends) Historical Population Historical Median Age Sources: U.S. Dept. of Commerce, Bureau of Census; MD Dept. of Planning, Historical

BUSINESS CAPITAL INVESTMENTS (2013-2017)

New Businesses: $9.6 million

Existing Businesses: $9.2 million

Page 5: ECONOMIC DEVELOPMENT OVERVIEW · (Population Trends) Historical Population Historical Median Age Sources: U.S. Dept. of Commerce, Bureau of Census; MD Dept. of Planning, Historical

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

Page 6: ECONOMIC DEVELOPMENT OVERVIEW · (Population Trends) Historical Population Historical Median Age Sources: U.S. Dept. of Commerce, Bureau of Census; MD Dept. of Planning, Historical

EMPLOYMENT BY INDUSTRY SECTOR

Source: Maryland Department of Labor, Licensing & Regulation, Employment & Payrolls, First Quarter 2017 Report (farm wages not available)

Page 7: ECONOMIC DEVELOPMENT OVERVIEW · (Population Trends) Historical Population Historical Median Age Sources: U.S. Dept. of Commerce, Bureau of Census; MD Dept. of Planning, Historical

EMPLOYMENT BY INDUSTRY SECTOR

Source: Maryland Department of Labor, Licensing & Regulation, Employment & Payrolls, First Quarter 2017 Report (farm wages not available)

Page 8: ECONOMIC DEVELOPMENT OVERVIEW · (Population Trends) Historical Population Historical Median Age Sources: U.S. Dept. of Commerce, Bureau of Census; MD Dept. of Planning, Historical

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$

Page 9: ECONOMIC DEVELOPMENT OVERVIEW · (Population Trends) Historical Population Historical Median Age Sources: U.S. Dept. of Commerce, Bureau of Census; MD Dept. of Planning, Historical

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$

Page 10: ECONOMIC DEVELOPMENT OVERVIEW · (Population Trends) Historical Population Historical Median Age Sources: U.S. Dept. of Commerce, Bureau of Census; MD Dept. of Planning, Historical

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)

Page 11: ECONOMIC DEVELOPMENT OVERVIEW · (Population Trends) Historical Population Historical Median Age Sources: U.S. Dept. of Commerce, Bureau of Census; MD Dept. of Planning, Historical

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%

Page 12: ECONOMIC DEVELOPMENT OVERVIEW · (Population Trends) Historical Population Historical Median Age Sources: U.S. Dept. of Commerce, Bureau of Census; MD Dept. of Planning, Historical

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%

Page 13: ECONOMIC DEVELOPMENT OVERVIEW · (Population Trends) Historical Population Historical Median Age Sources: U.S. Dept. of Commerce, Bureau of Census; MD Dept. of Planning, Historical

ANNUAL UNEMPLOYMENT

Source: Maryland Department of Labor, Licensing & Regulation, June 2017 LAUS

Page 14: ECONOMIC DEVELOPMENT OVERVIEW · (Population Trends) Historical Population Historical Median Age Sources: U.S. Dept. of Commerce, Bureau of Census; MD Dept. of Planning, Historical

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

Page 15: ECONOMIC DEVELOPMENT OVERVIEW · (Population Trends) Historical Population Historical Median Age Sources: U.S. Dept. of Commerce, Bureau of Census; MD Dept. of Planning, Historical

EDUCATIONAL ATTAINMENT

Source: U..S. Department of Commerce, Bureau of Census

Page 16: ECONOMIC DEVELOPMENT OVERVIEW · (Population Trends) Historical Population Historical Median Age Sources: U.S. Dept. of Commerce, Bureau of Census; MD Dept. of Planning, Historical

TRI-STATE COUNTY MAP

Page 17: ECONOMIC DEVELOPMENT OVERVIEW · (Population Trends) Historical Population Historical Median Age Sources: U.S. Dept. of Commerce, Bureau of Census; MD Dept. of Planning, Historical

CHALLENGES TO GROWTH

• Demographics

• Infrastructure

• Broadband Access

• Educational Attainment/Skill Base

• Amenities

• Housing Availability/Cost

Page 18: ECONOMIC DEVELOPMENT OVERVIEW · (Population Trends) Historical Population Historical Median Age Sources: U.S. Dept. of Commerce, Bureau of Census; MD Dept. of Planning, Historical

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

Page 19: ECONOMIC DEVELOPMENT OVERVIEW · (Population Trends) Historical Population Historical Median Age Sources: U.S. Dept. of Commerce, Bureau of Census; MD Dept. of Planning, Historical

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

Page 20: ECONOMIC DEVELOPMENT OVERVIEW · (Population Trends) Historical Population Historical Median Age Sources: U.S. Dept. of Commerce, Bureau of Census; MD Dept. of Planning, Historical

OPPORTUNITIES FOR GROWTH

• Health Services

• Light Manufacturing

• Technology-Based Businesses

• Small/Micro Businesses

• Internet-Based Businesses

• Robotics

• Tourism

• Retirees

Page 21: ECONOMIC DEVELOPMENT OVERVIEW · (Population Trends) Historical Population Historical Median Age Sources: U.S. Dept. of Commerce, Bureau of Census; MD Dept. of Planning, Historical

COUNTY INITIATIVES

• Scholarship Program

• Infrastructure Investments

• Pathway to Home Ownership

• Broadband Expansion

• Tax Credits/Incentives

• Robotics

• Partnership with Chamber

• Garrett Regional Medical Center Initiative

Page 22: ECONOMIC DEVELOPMENT OVERVIEW · (Population Trends) Historical Population Historical Median Age Sources: U.S. Dept. of Commerce, Bureau of Census; MD Dept. of Planning, Historical

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

Page 23: ECONOMIC DEVELOPMENT OVERVIEW · (Population Trends) Historical Population Historical Median Age Sources: U.S. Dept. of Commerce, Bureau of Census; MD Dept. of Planning, Historical

QUESTIONS & ANSWERS


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