ECONOMIC UPDATE 2012 Nashville Area Chamber of Commerce Research - PowerPoint PPT Presentation

ECONOMIC UPDATE 2012 Nashville Area Chamber of Commerce Research and Information October 2012

ECONOMIC UPDATE 2012 Economic Overview Local Employment Future Trends

ECONOMIC RECOVERY

8 6 4 2 0 2008 2009 2010 2011 2012 -2 -4 -6 Employment Labor Force

Percentage of Turnover by Educational Attainment – Nashville MSA 14 12 10 8 6 4 2 0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Less than high school High school graduate or equivalent Some college or associate's degree Bachelor's degree or higher

Unemployment Rate Comparison Nashville Charlotte Atlanta Memphis Louisville Raleigh Indianapolis Austin 10.1% 9.0% 8.5% 7.3% 4.7% 3.7% 2007 2008 2010 2011 2012 2009 Nashville unemployment rank (1 = lowest) 2 3 3 2 4 1

LOCAL EMPLOYMENT SECTORS

Nashville MSA Employment (percentage change month vs same month previous year) Industry employment Total employment Annual employment gain/loss

Manufacturing 20% 15% 10% 5% 0% 2008 2009 2010 2011 2012 -5% -10% -15% -20% -25% 2,533 2,250 -3,350 -5,817 -11,267 2009 2010 2011 2012 YTD 2008

Retail 20% 15% 10% 5% 0% 2008 2009 2010 2011 2012 -5% -10% -15% -20% -25% 1,425 1,167 -450 -350 -3,858 2009 2010 2011 2012 YTD 2008

Wholesale 20% 15% 10% 5% 0% 2008 2009 2010 2011 2012 -5% -10% -15% -20% -25% 1,133 508 -67 -442 -1,758 2009 2010 2011 2012 YTD 2008

Transp, Warehousing, Utilities 20% 15% 10% 5% 0% 2008 2009 2010 2011 2012 -5% -10% -15% -20% -25% 2,717 -25 -617 -1,533 -1,950 2009 2010 2011 2012 YTD 2008

Information 20% 15% 10% 5% 0% 2008 2009 2010 2011 2012 -5% -10% -15% -20% -25% 1,383 -67 -683 -783 -850 2009 2010 2011 2012 YTD 2008

Finance 20% 15% 10% 5% 0% 2008 2009 2010 2011 2012 -5% -10% -15% -20% -25% 2,983 692 -342 -892 -1,475 2009 2010 2011 2012 YTD 2008

Prof and Business Services 20% 15% 10% 5% 0% 2008 2009 2010 2011 2012 -5% -10% -15% -20% -25% 11,958 5,367 775 -1,308 -8,400 2009 2010 2011 2012 YTD 2008

Education and Health Services 20% 15% 10% 5% 0% 2008 2009 2010 2011 2012 -5% -10% -15% -20% -25% 3,975 3,725 3,100 1,742 308 2009 2010 2011 2012 YTD 2008

Leisure and Hospitality 20% 15% 10% 5% 0% 2008 2009 2010 2011 2012 -5% -10% -15% -20% -25% 3,067 1,233 -1,200 -1,575 -3,283 2009 2010 2011 2012 YTD 2008

Government 20% 15% 10% 5% 0% 2008 2009 2010 2011 2012 -5% -10% -15% -20% -25% 3,133 1,483 608 275 -2,125 2009 2010 2011 2012 YTD 2008

Construction 20% 15% 10% 5% 0% 2008 2009 2010 2011 2012 -5% -10% -15% -20% -25% 3,092 -142 -2,383 -2,408 -7,858 2009 2010 2011 2012 YTD 2008

FUTURE TRENDS

Top Job Openings - Nashville MSA 2011 2021 Change Openings Median Occupation Education Level Jobs Jobs Wage Retail Salespersons 30,054 34,284 4,230 13,008 $9.97 Short-term on-the-job training Waiters and Waitresses 16,337 19,066 2,729 12,315 $8.39 Short-term on-the-job training Cashiers 16,080 18,053 1,973 9,424 $8.50 Short-term on-the-job training Customer Service Representatives 18,082 20,994 2,912 8,759 $14.65 Moderate-term on-the-job training Combined Food Prep / Serving Workers 16,476 20,860 4,384 8,082 $8.00 Short-term on-the-job training Laborers, Freight, Stock /Material Movers 19,570 19,150 (420) 7,389 $10.82 Short-term on-the-job training Real Estate Sales Agents 18,304 22,220 3,916 6,964 $18.03 Postsecondary vocational award Registered Nurses 16,503 20,054 3,551 6,518 $29.20 Associate's degree Truck Drivers, Heavy and Tractor-Trailer 15,320 18,453 3,133 5,941 $17.62 Short-term on-the-job training Office Clerks, General 21,003 23,638 2,635 5,546 $13.29 Short-term on-the-job training Managers, All Other 10,141 12,676 2,535 5,227 $22.53 Work experience in related occ Child Care Workers 10,330 12,233 1,903 4,991 $7.57 Short-term on-the-job training Accountants and Auditors 9,612 12,754 3,142 4,881 $27.80 Bachelor's degree Stock Clerks and Order Fillers 14,353 15,492 1,139 4,790 $10.69 Short-term on-the-job training Maids and Housekeeping Cleaners 14,219 16,215 1,996 4,586 $9.61 Short-term on-the-job training

High skill, high wage job openings 2011 2021 Change Openings Median Occupation Education Level Jobs Jobs Wage Registered Nurses 16299 19803 3504 6439 29.25 Associate's degree Accountants and Auditors 6682 9200 2518 3748 27.76 Bachelor's degree Elementary School Teachers, Except Special Education 7086 9217 2131 3810 21.99 Bachelor's degree Supervisors/Managers of Office and Admin Support Workers 10051 11131 1080 3391 21.34 Work experience Postsecondary teachers 6704 8112 1408 2923 25.74 Doctoral degree General and Operations Managers 12125 12121 -4 3939 40.64 Bachelor's or higher , plus work exp Licensed Practical and Licensed Vocational Nurses 5692 6616 924 2744 19.06 Postsecondary vocational award Secondary School Teachers, Except Special and Vocational 3675 4661 986 2098 21.12 Bachelor's degree Middle School Teachers, Except Special and Vocational 2917 3799 882 1573 20.76 Bachelor's degree Business Operations Specialists, All Other 4147 4676 529 1470 22.04 Bachelor's degree Computer Support Specialists 3125 3606 481 1375 19.69 Associate's degree Management Analysts 2493 3189 696 1143 31.22 Bachelor's or higher, plus work exp Computer Software Engineers, Applications 1924 2685 761 930 35.78 Bachelor's degree Computer Systems Analysts 2392 2958 566 1096 27.59 Bachelor's degree Network and Computer Systems Administrators 2684 3198 514 977 30.33 Bachelor's degree

Annual Rate of Change Age 20-65 Nashville MSA 1.40 1.20 1.00 0.80 0.60 0.40 0.20 0.00 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 -0.20

Balancing supply and demand of workforce 30,000 20,000 10,000 0 -10,000 -20,000 -30,000 -40,000 Added Employment Added Population 20-64 Change Unemployed Balance for Supply (10 counties) 2012 2016 2021 2012 2016 2021 Added Employment 16,700 7,600 9,000 Added Population 20-64 11,400 5,200 -1,300 Change Unemployed -9,400 -900 -100 Balance for Supply (10 counties) 23,900 -17,800 -34,800

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