Aerospace and Defense Sector Department of Employment, Training - PowerPoint PPT Presentation

Aerospace and Defense Sector Department of Employment, Training & Rehabilitation Bill Anderson, Chief Economist Christopher Robison, Supervising Economist Prepared by the Research and Analysis Bureau The Nevada Department of Employment, Training and Rehabilitation is a proactive workforce & rehabilitation agency

Despite the Recent Uptick in the Jobless Rate; Underlying Trends Still Remain Positive NV vs. the U.S. unemployment rate (SA) 16% 14% 12% 10% 8% 6% 4% 2% 0% '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 Nevada U.S. Page 1 The Nevada Department of Employment, Training and Rehabilitation is a proactive workforce & rehabilitation agency

Including Discouraged Workers Adds 0.4 Point to the “Official” Rate Alternative Measures Of Labor Underutilization Alternative Measures of Labor Underutilization (Annual Average - 2015:IIIQ through 2016:IIQ) Measure Underutilization Concept Level jobless persons available to take a job Official Rate who have actively sought work in the 6.3% past four weeks U-1 jobless 15 weeks or longer 2.7% job losers and persons losing a U-2 3.5% temporary job U-3 similar to official rate 6.7% U-4 U-3 plus discouraged workers 7.1% U-4 plus others marginally attached to U-5 7.9% the labor force U-5 plus those employed part-time for U-6 13.1% economic reasons Offical Rate: annual average of 2015:IIIQ through 2016:IIQ Page 2 The Nevada Department of Employment, Training and Rehabilitation is a proactive workforce & rehabilitation agency

Initial Claims at Lowest Level in a Decade initial claims for unemployment insurance 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 Claims 12-Month Moving Average Page 3 The Nevada Department of Employment, Training and Rehabilitation is a proactive workforce & rehabilitation agency

Jobs Continue to Advance; Since 2011, Monthly Gains Recorded in all but 8 Months nonfarm jobs in Nevada (SA) 1,350,000 1,300,000 1,250,000 1,200,000 1,150,000 1,100,000 1,050,000 1,000,000 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 Page 4 The Nevada Department of Employment, Training and Rehabilitation is a proactive workforce & rehabilitation agency

Job Growth Holding Relatively Steady at an Annualized Rate of 30K-35K job growth (SA; year-over-year) 55,000 4.5% 50,000 4.0% 45,000 3.5% 40,000 3.0% 35,000 percent change 2.5% 30,000 jobs 25,000 2.0% 20,000 1.5% 15,000 1.0% 10,000 0.5% 5,000 0 0.0% A S O N D J F M A M J J A S O N D J F M A M J J '14 '15 '16 Jobs Pct. Change Page 5 The Nevada Department of Employment, Training and Rehabilitation is a proactive workforce & rehabilitation agency

Job Gains>Losses in 21 Straight Quarters; 2015:IVQ Net Gain Strongest in a Decade private sector gross job gains vs. gross job losses (SA) 120,000 100,000 80,000 60,000 40,000 20,000 0 -20,000 -40,000 -60,000 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 net jobs gross job gains gross job losses Page 6 The Nevada Department of Employment, Training and Rehabilitation is a proactive workforce & rehabilitation agency

Opening Gains>Closing Losses Last 17 Quarters; Net Gain=3,400 in 2015:IVQ gross job gains vs. gross job losses in opening & closing establishments (SA) 20,000 15,000 10,000 5,000 0 -5,000 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 net jobs gross job gains (openings) gross job losses (closings) Page 7 The Nevada Department of Employment, Training and Rehabilitation is a proactive workforce & rehabilitation agency

There are a Variety of STEM-Related Skills in Demand Based Upon On-Line Job Ads STEM skills in demand over past 12 months Structured Query Language (SQL) Budgeting Project Management Scheduling Customer Service Accounting Supervisory Skills Repair Technical Support Software Development 0 500 1,000 1,500 2,000 2,500 Job Postings Page 8 The Nevada Department of Employment, Training and Rehabilitation is a proactive workforce & rehabilitation agency

Nevada Job Growth Exceeds Nation in 48 Straight Months; 2.7% vs. 1.7% in June job growth (year-over-year) 6% 4% 2% 0% -2% -4% -6% -8% -10% -12% '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 Nevada U.S. Page 9 The Nevada Department of Employment, Training and Rehabilitation is a proactive workforce & rehabilitation agency

44% of Nevada’s Workforce is at Least 45 Years Old; 39% a Decade Ago 2015:IIIQ Nevada workforce by age 14-24 Years Old 55+ 12% 22% 25-34 22% 45-54 22% 35-44 22% Page 10 The Nevada Department of Employment, Training and Rehabilitation is a proactive workforce & rehabilitation agency

Nevada Wages at $875/Week in 2016:IQ; A Record-High for the Qtr.; Up 1.2% Over 2015 Nevada average weekly wages $1,000 8% $950 6% $900 4% Average Weekly Wage Percentage Change $850 2% $800 0% $750 -2% $700 -4% $650 $600 -6% '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 Percentage Change Average Weekly Wage Page 11 The Nevada Department of Employment, Training and Rehabilitation is a proactive workforce & rehabilitation agency

Personal Income Growth Hovering in the Mid- Single Digits in the Silver State Nevada personal income $140,000,000 10% 8% $120,000,000 6% $100,000,000 4% Percentage Change Personal Income 2% $80,000,000 0% $60,000,000 -2% -4% $40,000,000 -6% $20,000,000 -8% $0 -10% '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 Percentage Change Personal Income Page 12 The Nevada Department of Employment, Training and Rehabilitation is a proactive workforce & rehabilitation agency

Aerospace and Defense Sector Page 13 The Nevada Department of Employment, Training and Rehabilitation is a proactive workforce & rehabilitation agency

Employment Projection 16,200 jobs in 2016; 13,400 jobs projected by 2024 Source: Economic Modeling Specialists Intl. (EMSI) Page 14 The Nevada Department of Employment, Training and Rehabilitation is a proactive workforce & rehabilitation agency

Aerospace and Defense Industries 2016 employment Source: Economic Modeling Specialists Intl. (EMSI) Page 15 The Nevada Department of Employment, Training and Rehabilitation is a proactive workforce & rehabilitation agency

Regional Competitive Advantage aerospace and defense industries Source: Economic Modeling Specialists Intl. (EMSI) Page 16 The Nevada Department of Employment, Training and Rehabilitation is a proactive workforce & rehabilitation agency

Industries vs. Occupations Although the sector councils are designed to address employment needs in specific industries, this work can only be accomplished by examining and training individuals at the occupational level. Page 17 The Nevada Department of Employment, Training and Rehabilitation is a proactive workforce & rehabilitation agency

Aerospace and Defense Occupations 2016 employment and projected growth by 2024 Source: Economic Modeling Specialists Intl. (EMSI) Page 18 The Nevada Department of Employment, Training and Rehabilitation is a proactive workforce & rehabilitation agency

Regional Competitive Advantage aerospace and defense occupations Source: Economic Modeling Specialists Intl. (EMSI) Page 19 The Nevada Department of Employment, Training and Rehabilitation is a proactive workforce & rehabilitation agency

Largest Occupations by Ad Volume aerospace and defense online job postings Source: Labor Insight/Burning Glass Technologies Page 20 The Nevada Department of Employment, Training and Rehabilitation is a proactive workforce & rehabilitation agency

2016 Average Hourly Wages Source: Economic Modeling Specialists Intl. (EMSI) Page 21 The Nevada Department of Employment, Training and Rehabilitation is a proactive workforce & rehabilitation agency

O-NET Occupational Skills and Attributes Reports O*NET Occupation Profile - Civil Engineers Tools Skills Knowledge Anemometers Critical Thinking Mechanical Compasses Reading Comprehension Building and Construction Desktop computers Active Listening Design Digital cameras Complex Problem Solving Public Safety and Security Distance meters Mathematics Engineering and Technology Technologies Abilities Work Activities Analytical or scientific software Deductive Reasoning Making Decisions and Solving Problems Calendar and scheduling software Inductive Reasoning Getting Information Computer aided design CAD software Information ordering Communicating with Supervisors, Peers, or Subordinates Data base user interface and query software Oral Comprehension Interacting With Computers Development environment software Oral Expression Evaluating Information to Determine Compliance with Standards Source: Occupational Information Network (O-NET) Page 22 The Nevada Department of Employment, Training and Rehabilitation is a proactive workforce & rehabilitation agency