Construction Sector Department of Employment, Training & - PowerPoint PPT Presentation

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

Following 3 Months of Increases, Jobless Rate Heads Down in August 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

The Jobless Rate for Vets has been Lower than the Total Rate During the Recovery unemployment rate for Nevada Vets vs. total (12-month moving average) 16% 14% 12% 10% 8% 6% 4% 2% 0% '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 Total Rate Veterans' Rate Page 2 The Nevada Department of Employment, Training and Rehabilitation is a proactive workforce & rehabilitation agency

Vast Majority of Employment Growth Concentrated in Full-Time Positions FT vs. PT employment; (12-month moving average) 1,200,000 1,000,000 800,000 600,000 400,000 200,000 0 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 Full-Time Part-Time Page 3 The Nevada Department of Employment, Training and Rehabilitation is a proactive workforce & rehabilitation agency

Initial Claims Remain at Lowest Levels 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 4 The Nevada Department of Employment, Training and Rehabilitation is a proactive workforce & rehabilitation agency

Jobs Surge in Past Few Months; Stand 37K+ Above Year Ago 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 5 The Nevada Department of Employment, Training and Rehabilitation is a proactive workforce & rehabilitation agency

Job Growth at Strongest Pace in Nearly a Year 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% S O N D J F M A M J J A S O N D J F M A M J J A '14 '15 '16 Jobs Pct. Change Page 6 The Nevada Department of Employment, Training and Rehabilitation is a proactive workforce & rehabilitation agency

Small Biz Jobs at All-Time High for IQ; Gains Recorded in Each of Past 21 Quarters employment in establishments with less than 100 workers 610,000 590,000 570,000 550,000 530,000 510,000 490,000 470,000 450,000 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 Page 7 The Nevada Department of Employment, Training and Rehabilitation is a proactive workforce & rehabilitation agency

Nevada Job Growth Exceeds Nation in 49 Straight Months; 2.9% vs. 1.7% in August 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 8 The Nevada Department of Employment, Training and Rehabilitation is a proactive workforce & rehabilitation agency

Silver State Job Growth Stronger than in 40 Other States in IQ job growth rankings (# of states with slower private sector job growth than NV) 50 49 50 48 46 40 40 38 30 24 20 14 14 10 2 0 0 0 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 YTD Page 9 The Nevada Department of Employment, Training and Rehabilitation is a proactive workforce & rehabilitation agency

44% of Workforce at Least 45 Years Old; 50%+ in Educ., Govt., & Trans./Warehousing 2015:IIIQ Nevada workforce by age Educational Services Public Administration Transportation/Warehousing Agriculture/Forestry/Fishing/Hunting Manufacturing Wholesale Trade Real Estate/Rental/Leasing Professional/Scientific/Technical Services Management of Companies/Enterprises Construction Mining/Quarrying/Oil/Gas Extraction Statewide Administrative/Support/Waste… Health Care/Social Assistance Other Services Arts/Entertainment/Recreation Accommodation/Food Services Finance/Insurance Information Retail Trade 0% 10% 20% 30% 40% 50% 60% Page 10 The Nevada Department of Employment, Training and Rehabilitation is a proactive workforce & rehabilitation agency

At Nearly 68K, # of Employers at Record High; Up vs. Yr.-Ago in 20 Straight Qtrs. number of Nevada employers 70,000 68,000 66,000 64,000 62,000 60,000 58,000 56,000 54,000 52,000 50,000 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 Page 13 Page 11 The Nevada Department of Employment, Training and Rehabilitation is a proactive workforce & rehabilitation agency

New-Hire Earnings Approximately 2/3rds of Overall Average…a Consistent Relationship new-hire monthly earnings vs. total average earnings $4,500 $4,000 $3,500 $3,000 $2,500 $2,000 $1,500 $1,000 $500 $0 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 Total Average Earnings New-Hire Earnings Page 12 The Nevada Department of Employment, Training and Rehabilitation is a proactive workforce & rehabilitation agency

Earnings for Jobs Lost are Just Slightly Higher than Those for New Hires average monthly earnings for jobs lost vs. new-hire earnings $3,500 $3,000 $2,500 $2,000 $1,500 $1,000 $500 $0 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 New-Hire Earnings Earnings for Jobs Lost Page 13 The Nevada Department of Employment, Training and Rehabilitation is a proactive workforce & rehabilitation agency

Construction Sector Page 14 The Nevada Department of Employment, Training and Rehabilitation is a proactive workforce & rehabilitation agency

Employment Projection 74,389 jobs in 2016; 73,968 jobs projected by 2024 Source: Economic Modeling Specialists Intl. (EMSI) Page 15 The Nevada Department of Employment, Training and Rehabilitation is a proactive workforce & rehabilitation agency

Largest Construction Industries 2016 employment Source: Economic Modeling Specialists Intl. (EMSI) Page 16 The Nevada Department of Employment, Training and Rehabilitation is a proactive workforce & rehabilitation agency

Regional Competitive Advantage construction industries Source: Economic Modeling Specialists Intl. (EMSI) Page 17 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 18 The Nevada Department of Employment, Training and Rehabilitation is a proactive workforce & rehabilitation agency

Construction Occupations 2016 employment and projected growth by 2024 Source: Economic Modeling Specialists Intl. (EMSI) Page 19 The Nevada Department of Employment, Training and Rehabilitation is a proactive workforce & rehabilitation agency

Regional Competitive Advantage construction occupations Source: Economic Modeling Specialists Intl. (EMSI) 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

Largest Occupations by Ad Volume construction online job postings Source: Labor Insight/Burning Glass Technologies Page 22 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 - Construction Carpenters Tools Skills Knowledge Biscuit jointers Active Listening Building and Construction Guide jig Monitoring Mathematics Jacks Speaking English Language Ladders Active Learning Mechanical Levels Complex Problem Solving Design Technologies Abilities Work Activities Accounting software Manual Dexterity Getting Information Computer aided design CAD software Problem Sensitivity Inspecting Equipment, Structures, or Material Information retrieval or search software Trunk Strength Performing General Physical Activities Internet browser software Visualization Handling and Moving Objects Office suite software Information Ordering Organizing, Planning, and Prioritizing Work Source: Occupational Information Network (O*NET) Page 23 The Nevada Department of Employment, Training and Rehabilitation is a proactive workforce & rehabilitation agency