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

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

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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

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SLIDE 1

ECONOMIC UPDATE 2012

Nashville Area Chamber of Commerce Research and Information October 2012

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SLIDE 2

ECONOMIC UPDATE 2012

Economic Overview Local Employment Future Trends

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SLIDE 3

ECONOMIC RECOVERY

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SLIDE 4
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SLIDE 5
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SLIDE 6
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  • 6
  • 4
  • 2

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

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SLIDE 8

2 4 6 8 10 12 14 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Percentage of Turnover by Educational Attainment – Nashville MSA

Less than high school High school graduate or equivalent Some college or associate's degree Bachelor's degree or higher

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SLIDE 9

4.7% 3.7% 10.1% 9.0% 8.5% 7.3%

Nashville Charlotte Atlanta Memphis Louisville Raleigh Indianapolis Austin

2007 2008 2009 2010 2011 2012 Nashville unemployment rank (1 = lowest)

1 4 3 3 2 2

Unemployment Rate Comparison

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SLIDE 10

LOCAL EMPLOYMENT SECTORS

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SLIDE 11

Industry employment Total employment Nashville MSA Employment

(percentage change month vs same month previous year)

Annual employment gain/loss

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SLIDE 12
  • 25%
  • 20%
  • 15%
  • 10%
  • 5%

0% 5% 10% 15% 20% 2008 2009 2010 2011 2012

  • 5,817
  • 11,267
  • 3,350

2,533 2,250

Manufacturing

2008 2009 2010 2011 2012 YTD

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SLIDE 13
  • 450
  • 3,858
  • 350

1,425 1,167

  • 25%
  • 20%
  • 15%
  • 10%
  • 5%

0% 5% 10% 15% 20% 2008 2009 2010 2011 2012

Retail

2008 2009 2010 2011 2012 YTD

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SLIDE 14
  • 25%
  • 20%
  • 15%
  • 10%
  • 5%

0% 5% 10% 15% 20% 2008 2009 2010 2011 2012

Wholesale

1,133

  • 1,758
  • 442

508

  • 67

2008 2009 2010 2011 2012 YTD

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SLIDE 15

Transp, Warehousing, Utilities

  • 25%
  • 20%
  • 15%
  • 10%
  • 5%

0% 5% 10% 15% 20% 2008 2009 2010 2011 2012

  • 617
  • 1,950
  • 1,533

2,717

  • 25

2008 2009 2010 2011 2012 YTD

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SLIDE 16
  • 25%
  • 20%
  • 15%
  • 10%
  • 5%

0% 5% 10% 15% 20% 2008 2009 2010 2011 2012

Information

1,383

  • 783
  • 683
  • 850
  • 67

2008 2009 2010 2011 2012 YTD

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SLIDE 17
  • 25%
  • 20%
  • 15%
  • 10%
  • 5%

0% 5% 10% 15% 20% 2008 2009 2010 2011 2012

Finance

  • 342
  • 1,475
  • 892

2,983 692

2008 2009 2010 2011 2012 YTD

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SLIDE 18
  • 25%
  • 20%
  • 15%
  • 10%
  • 5%

0% 5% 10% 15% 20% 2008 2009 2010 2011 2012

Prof and Business Services

  • 1,308
  • 8,400

775 11,958 5,367

2008 2009 2010 2011 2012 YTD

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SLIDE 19
  • 25%
  • 20%
  • 15%
  • 10%
  • 5%

0% 5% 10% 15% 20% 2008 2009 2010 2011 2012

Education and Health Services

3,975 3,100 1,742 3,725 308

2008 2009 2010 2011 2012 YTD

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SLIDE 20
  • 25%
  • 20%
  • 15%
  • 10%
  • 5%

0% 5% 10% 15% 20% 2008 2009 2010 2011 2012

Leisure and Hospitality

  • 1,200
  • 3,283
  • 1,575

3,067 1,233

2008 2009 2010 2011 2012 YTD

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SLIDE 21
  • 25%
  • 20%
  • 15%
  • 10%
  • 5%

0% 5% 10% 15% 20% 2008 2009 2010 2011 2012

Government

3,133 1,483 608 275

  • 2,125

2008 2009 2010 2011 2012 YTD

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SLIDE 22
  • 25%
  • 20%
  • 15%
  • 10%
  • 5%

0% 5% 10% 15% 20% 2008 2009 2010 2011 2012

Construction

  • 2,383
  • 7,858
  • 2,408

3,092

  • 142

2008 2009 2010 2011 2012 YTD

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SLIDE 23

FUTURE TRENDS

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SLIDE 24
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SLIDE 26
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SLIDE 27
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Occupation 2011 Jobs 2021 Jobs Change Openings Median Wage Education Level 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

Top Job Openings - Nashville MSA

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SLIDE 30

Occupation 2011 Jobs 2021 Jobs Change Openings Median Wage Education Level 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

High skill, high wage job openings

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SLIDE 31
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SLIDE 32
  • 0.20

0.00 0.20 0.40 0.60 0.80 1.00 1.20 1.40 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Annual Rate of Change Age 20-65 Nashville MSA

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SLIDE 33

Balancing supply and demand of workforce

  • 40,000
  • 30,000
  • 20,000
  • 10,000

10,000 20,000 30,000 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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SLIDE 34

RESEARCH@NASHVILLECHAMBER.COM