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HomeMy WebLinkAboutPRESENTATION re 2026 Economic Dev Framework - Addl info 1 USING DATA TO INFORM ECONOMIC DEVELOPMENT INITIATIVES RAY SPARROWE, PH.D. Secretary, Board of Directors Team Jefferson Economic Development Council 2 PURPOSES: ▪ To introduce several of the principal ways data are used in economic development – that is, how are numbers used to tell a (economic development) story? ▪ To suggest when data are more or less reliable for drawing inferences or formulating policy, and how to tell the difference PRELIMINARIES ▪ In many applications, data are treated as a “proxy” for underlying economic factors (examples to follow) ▪ Using “data” as the singular form is widely accepted, except in academia where it is the plural form (datum is the singular form). I promise not to ‘correct’ you, but please forgive me as I slip into old habits. ▪ (I am) not an applied economist. But my professional life was spent as a writer, editor, and reviewer of quantitative research as a faculty member in the Olin Business School at Washington University in St. Louis. ▪ Where feasible, in this presentation data will appear in charts and graphs rather than lists or sequences of numbers. 3 Demographic (Age) Data as a Proxy for other Factors Source: Washington State Office of Financial Management, Forecasting and Research Division 30.00 35.00 40.00 45.00 50.00 55.00 60.00 65.00 2010 2020 2021 2022 2023 Median Age of Population Clallam Jefferson Kitsap Mason 4 Data on Housing Affordability as an Indicator of Economic Vitality Source: University of Washington Center for Real Estate Research 0 50 100 150 200 250 Q1 2014 Q3 2014 Q1 2015 Q3 2015 Q1 2016 Q3 2016 Q1 2017 Q3 2017 Q1 2018 Q3 2018 Q1 2019 Q3 2019 Q1 2020 Q3 2020 Q1 2021 Q3 2021 Q1 2022 Q3 2022 Q1 2023 Q3 2023 Housing Affordability Index Median Buyer Clallam Jefferson Mason 5 Data on Relative Income as an Indicator of Economic Vitality Source: Census Bureau/St. Louis Federal Reserve (FRED) 10.00 11.00 12.00 13.00 14.00 15.00 16.00 17.00 18.00 Income Inequality Ratio (top 20% to bottom 20% of earners) Clallam Jefferson Mason King 6 INDUSTRIES AND OCCUPATIONS Two of the ways in which government agencies divvy up the economic landscape are by industry and by occupation. Both are organized (“coded”) into hierarchical classification systems. Industries are organized in the North American Industry Classification System (NAICS): 7 Industry Data often reflect Establishments Source: JobsEQ Search 0 50 100 150 200 250 Establishments in Jefferson Clounty, 2019 -2023 by 2-digit NAICS code 2019 2020 2021 2022 2023 8 Industry Data often reflect Employment Source: JobsEQ Search 0 200 400 600 800 1000 1200 Employment in Jefferson County 2019-2023 by 2-digit NAICS Code 2019 2020 2021 2022 2023 9 Industry Data often reflect Taxable Wages Source: JobsEQ Search $0 $10,000,000 $20,000,000 $30,000,000 $40,000,000 $50,000,000 $60,000,000 $70,000,000 Taxable Wages Paid in Jefferson County 2019-2023 by 2-digit NAICS code (11 & 21 Omitted) 2019 2020 2021 2022 2023 10 Sales Tax Generated by 2-Digit NAICS in Jefferson County Source: Department of Revenue, Washington State 0 50000 100000 150000 200000 250000 2018 2019 2020 2021 2022 2023 11 OCCUPATIONS As with INDUSTRY, Government agencies use a hierarchical classification system to organize data on occupations – Standard Ocupational Codes (SOC). For example: Data about occupations can inform workforce development initiatives by identifying high demand, well-paying jobs. 12 Occupations (High-level) Source: JobsEQ 0 200 400 600 800 1,000 1,200 Transportation and Material Moving Production Installation, Maintenance, and Repair Construction and Extraction Farming, Fishing, and Forestry Office and Administrative Support Sales Personal Care and Service Building and Grounds Cleaning and Maintenance Food Preparation and Serving Protective Service Healthcare Support Healthcare Practitioners and Technical Arts, Design, Entertainment, Sports, and Media Educational Instruction and Library Legal Community and Social Service Life, Physical, and Social Science Architecture and Engineering Computer and Mathematical Business and Financial Management Employment within Occupations 2023 JeffCO 13 Wages within Occupations (High Level) Source: JobsEQ $0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 Transportation and Material Moving Production Installation, Maintenance, and Repair Construction and Extraction Farming, Fishing, and Forestry Office and Administrative Support Sales Personal Care and Service Building and Grounds Cleaning and Maintenance Food Preparation and Serving Protective Service Healthcare Support Healthcare Practitioners and Technical Arts, Design, Entertainment, Sports, and Media Educational Instruction and Library Legal Community and Social Service Life, Physical, and Social Science Architecture and Engineering Computer and Mathematical Business and Financial Management Median Annual Wages (Rural Western WA) 14 Leading Indicators – Attempting to Glimpse the Future Surveys of Consumers, University of Michigan, University of Michigan: Consumer Sentiment © [UMCSENT], retrieved from FRED, Federal Reserve Bank of St. Louis, (Accessed on 09/08/2024) 15 Leading Indicators – Attempting to Glimpse the Future Source: Employment Security Department, Washington State 0 50 100 150 200 250 2021 2022 2023 2024 Initial Unemployment Claims (Weekly Data) for Clallam, Jefferson, & Mason Counties Clallam Jefferson Mason