TedxAlbany | November 14, 2013

Cara LongCenter for Women in Government & Civil Society

Rockefeller College of Public Affairs & PolicyUniversity at Albanycwgcs@albany.edu

Women & Economic Development in the Capital Region

Economic Development Defined

The focus of economic development should be on supporting innovation, increasing prosperity for American businesses and ensuring American workers have the skills to remain the most productive workforce in the world.

- David A. Sampson, former US Deputy Secretary of Commerce

Innovation is the only sustainable source of regional prosperity. Talent is the key asset in fostering innovations (its about human

capital). Building a cultural environment that supports entrepreneurial

activity is critical. To build an innovation region requires more collaboration than ever. Culturally vital communities will be accessible, affordable,

applauded, diverse, distinctive, and dynamic. - From the US Council on Competiveness

What Is Innovation?

1:  the introduction of something new 2:  a new idea, method, or device :  novelty

The Innovation Index – a tool that compares a region or county of your choice to the U.S. for assessing innovation capacity - consists of 5 Components:1. Human Capital (30%)2. Economic Dynamics (30%)3. Productivity & Employment (30%)4. Economic Well-Being (10%)5. State Context (for reference only)

Scores for the Capital Region (78.7% overall):• a 63.8% in Human Capital;• a 77.1% in Economic Dynamics• an 87.9% in Productivity & Employment• a 100.8% in Economic Well-Being • and a 71.3% in State Context

Human Capital

Human capital inputs are those characteristics that describe the ability of the population and labor force to innovate.• Educational Attainment• Population Growth Rates• High-Tech Employment Share• Technology-Based Knowledge Occupations

• Our region is very educated. 29.8% of adults have some college or an associates degree. Research shows that the some college/ associate's degree indicator has a significant effect on GDP per worker growth. 30% of adults in our region hold a bachelor’s degree or higher – that national average is 26.5%

Problems in Our Region• The firms located in our region require a skilled and

specialized (high-tech) workforce: 10.5% share of total employment. Nat’l average is 8.4%.

Economic Dynamics

This component measures local resources available to regional entrepreneurs and businesses that encourage innovation close to home. • Average Venture Capital • Broadband Density and Penetration• Establishment Churn • Establishment Sizes

Problems in Our Region• Our average venture capital investment per $10,000 GDP is

$5.06; national average is $52.45• The number of small establishments (<20 employees) and

large establishments (500> employees) is lower in our region than the for the US, 355.4 and .95 vs 373 and 1.10 respectively* Research shows that the average share of small establishments has a significant effect on GDP per worker growth.

Productivity & Employment

This component measures economic improvement, regional desirability, or are the direct outcomes of innovation.

Change in High Tech Employment Job Growth Gross Domestic Product per Worker Average Patents per 1,000 Workers

• Our job growth to population ratio is 1.95; the national average is .69 suggesting that jobs are being created faster than people are moving to the region.

• In our region, the rate of change in high-tech employment has grown by .1% while the rest of the US has decreased by .3%. Growth in this sector suggests the increasing presence of innovation.

• Our GDP per worker is higher than the nat’l average: $86,291 vs $79,554 as is our patents per workers, .68 to .45 with Albany County having the highest concentration at 1.94; the other 7 counties were lower than the US average

Economic Well-Being

Innovative economies improve economic well-being for residents because they earn more and have in increasing standard of living.

Average Poverty Rate Average Unemployment Rates Average Net Migration Average PCPI (per capita personal income) Growth Compensation

• The average poverty rate in our region is less than the US average, 10.3% vs 13.2%, but the number of those living in poverty has increased each year

• Unemployment is also lower, 5.4% vs 6.6%, though that too has increased each year

• The counties of Albany, Columbia and Rensselaer are all losing residents, while the remaining counties have gained residents with Saratoga County having a rate of 52.6 per 10,000 residents

• Our average change in annual wage in salary earnings is slightly lower than the US average, 3.5% vs 3.8%

State Context

While not part of the calculation of the overall index itself, this section measures state resources available to entrepreneurs and businesses. These resources may not necessarily be used by all businesses, but their proximity and availability provide resources and capacity to innovate. Research and development investment yields product innovations, adds to the knowledge base of industry, and is a key economic growth driver.

Science and Engineering Graduates from All Institutions R&D Intensity Industry R&D per $1,000 Compensation

*Regional data not available. NYS data will be used.• Overall, NYS has more science and engineering grads than the US

average: 4.5 out of every 1,000 vs 4.2• R&D intensity is 1.4% of the state GDP• Industry funded R&D falls a little lower than the nat’l average at

$0.02 vs. $0.03 per $1000

Human Capital: Women in the NYS Workforce

Of women 16 and up, 44% are employed |49% of men ages 16 & up are employed

In NYS, women comprise the following %’s of the high tech workforce: IT & Mathematics: 27% Healthcare & Medical Science: 78% (accounted for in the

Health Support Occupations – Nurse, Medical Transcriptionist, Dental Assistant, etc…)

Engineering & Architecture: 15% Sciences: 48% Post-secondary education: 47%

Human Capital: Educational Attainment of Women in NYS

Economic Dynamics: Women-Owned Businesses Per County

Albany = 24,798, # of women owned = 7408 | 30%Columbia = 7,644, # of women owned = 1947 | 25%Greene = 5,192, # of women owned = 1448 | 28%Rensselaer = 10,659, # of women owned = 3,246 | 30%Saratoga = 18,851, # of women owned = 5,377 | 29%Schenectady = 11,967, # of women owned = 3,841 | 32%Warren = 7,410, % of women owned = 1980 | 27%Washington = 5,205, % of women owned = 1,674 | 32%

Economic Well-Being: Poverty

The overall poverty rate for women in NYS is 17.4% as opposed to 14.5% for men. In our region, Greene County has the highest poverty rate at 16% and Saratoga County has the lowest at 7.1%. The other counties fall between the 10-14% range.

Poverty rates in the Capital Region vary widely by race.

In the metropolitan area that comprises Albany, Schenectady, Rensselaer, Saratoga and Schoharie counties, for example, the poverty rate among whites was 9% last year, while it was 28.9% for blacks.

State Context: STEM Educational Attainment of Women

What is New York State Doing?

Regional Economic Development Councils: In 2011, Governor Cuomo created 10 Regional Councils to develop long-term strategic plans for economic growth for their regions. A key component of Governor Cuomo's transformative approach to economic development, these councils are public-private partnerships made up of local experts and stakeholders from business, academia, local government, and non-governmental organizations.

Capital Region Economic Development Council: At the region's core is strategic investment in the emerging New Economy which encompasses the area's industry clusters: bio life sciences, nanotechnology, chemical manufacturing, semiconductor development and clean energy production. Goals are to: leverage and collaborate; open new doors; prepare for tomorrow; build a superhighway; bring cities to life; celebrate and optimize our surroundings; showcase our beauty and spotlight our strengths.

Strategies from the CREDC Plan &The Need to Ensure Women’s Inclusion

Strategies: • Encourage learning opportunities in STEM

• Fund start-up and early stage companies through the collective efforts of our Regional business incubators, Chambers of Commerce, and regional economic growth organizations.

• Facilitate internship/employment experiences as a service both for students/graduates and employers in the area.

• Coalesce school, business, non-profit organizations and civic leaders in joint efforts to help all students realize their potential.

Ways You Can Get Involved

• Attend The Capital Region Economic Development Council meetings http://regionalcouncils.ny.gov/content/capital-region

• Support existing programs and initiatives

• Become familiar with research concerning women and economic development issues.

• Ask questions! If a new policy, program or project is introduced, ask about women’s inclusion.

• Become a donor: The staff of the Community Foundation for the Greater Capital Region can serve as philanthropic advisors (at no charge!) to help you target your donation to interest areas or causes that mean the most to you.

• Volunteer. Many Capital Region organizations need the help of volunteers in many capacities. The Stakeholders Institute is a great regional resource. http://stakeholders.force.com/

About CWGCS & CFGCR

Mission: CWGCS seeks to deepen and broaden political access and economic opportunities for women by strengthening the capacity of government, nonprofit and business sectors to implement gender-responsive, inclusive and equitable policies, practices and services

The Center for Women in Government & Civil Society is part of the Rockefeller College of Public Affairs & Policy, University at Albany.

Mission: The mission of The Community Foundation for the Greater Capital Region is to strengthen our community by attracting charitable endowments both large and small, maximizing benefits to donors, making effective grants, and providing leadership to address community needs.

Thank You for Attending

www.albany.edu/womeningovwww.facebook.com/womeningov

http://www.cfgcr.org/index.phphttps://www.facebook.com/CFGCR