GO Virginia Purpose Statement Create more higher paying jobs through - - PowerPoint PPT Presentation

A BUSINESS-LED STATEWIDE INITIATIVE

TO GROW AND DIVERSIFY THE PRIVATE SECTOR IN EACH VIRGINIA REGION

“Create more higher paying jobs through incentivized collaboration, primarily from out-of- state revenue, which diversify and strengthen the economy in every region”

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GO Virginia Purpose Statement

2 4 6 8 10 12

5.7 – D.C. 4.7 – U.S. 4.2 – MD 3.9 – VA

Commonwealth of Virginia Unemployment Rates, 2010-2017

Sources: U.S. Bureau of Labor Statistics (Seasonally Adjusted), The Stephen S. Fuller Institute at the Schar School, GMU

(%)

• 4
• 3
• 2
• 1

1 2 3 4 5 6 Virginia U.S.

U.S. GDP and Virginia GSP 2002 – 2015

(Annual % Change)

(%)

Sources: U.S. Bureau of Economic Analysis, The Stephen S. Fuller Institute at the Schar School, GMU

168.2 170.4 171.0 163.4 160.9 152.4 140.7 139.5 120.0 130.0 140.0 150.0 160.0 170.0 180.0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Commonwealth of Virginia Military Employment, 2000-2015

Sources: U.S. Bureau of Economic Analysis, The Stephen S. Fuller Institute at the Schar School, GMU

(in 000s)

38.6 41.9 45.4 53.9 81.8 58.3 60.2 55.2 51.1 51.9 48.7 50.5

• 10.0

20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Non-DOD DOD

Commonwealth of Virginia Federal Procurement Outlays, FY 2005-2015

Billions of $s

Sources: Consolidated Federal Funds Report (2005-2010), USAspending.gov (2011-2016), The Stephen S. Fuller Institute at the Schar School, GMU

Year U.S. Maryland D.C. Virginia N.C. 2010 2.5 3.2 3.3 2.4 1.1 2011 1.6 2.0 1.8 0.7 1.2 2012 2.2 0.4 0.2 0.6 (0.3) 2013 1.7 0.0 (0.2) 0.1 1.5 Ranking 39th 40th 38th 20th 2014 2.4 1.0 1.6 0.2 1.9 Ranking 38th 28th 44th 20th 2015 2.6 2.0 2.2 2.0 2.0 Ranking 19th 17th 21st 20th

State Growth Rates and Rankings 2010-2015 (annual percent change)

Sources: U.S. Bureau of Economic Analysis, The Stephen S. Fuller Institute at the Schar School, GMU

• 1.5
• 19.1
• 12.2
• 8.7
• 75.4
• 6.1
• 18.2
• 69.4
• 18.9
• 35.0
• 4.1
• 24.5
• 100
• 75
• 50
• 25

Mining and Logging Information Wholesale Trade Transportation & Utilities Construction Other Services Financial Activities Manufacturing Leisure and Hospitality Retail Trade Education & Health Services

• Prof. & Business Services

Virginia Payroll Job Change: Private Sector

The Great Recession and Recovery To Feb 2017

2.7 24.2 9.0 17.4 27.2 3.2 72.3 29.3 85.1 91.9 25 50 75 100 Peak through Trough Total -293 Trough to Feb 2017 Total +362

Sources: U.S. Bureau of Labor Statistics (Not Seasonally Adjusted), The Stephen S. Fuller Institute at the Schar School, GMU

(ranked by Size in 2016)

Commonwealth of Virginia, Average Job Contribution to Gross State Product

( in 2016 $s)

Sector Average Job Contribution to GSP Leisure & Hospitality Services $38,706 Retail Trade $60,007 Other Services $63,769 Education & Health Services $67,186 State and Local Government $78,380 Transport/Warehousing $107,779 Construction $111,944 Professional & Business Service $130,342 Military $138,647 Federal Government $170,031 Manufacturing $179,968 Wholesale Trade $183,983 Information Services $252,140 Financial Services $484,860 All Private Sectors Average $125,281 All Government Average $128,522

Sources: IHS Economics (Feb 2017), The Stephen S. Fuller Institute at the Schar School, GMU

Job Change Average GSP* Value Total GSP* Value

• 293,100

$132,697

• $38,893,540,000

+362,300 $90,392 +$32,945,718,000 +69,200

• $5,947,822,000

The GSP* Effects of Private Sector Job Change in the Commonwealth of Virginia

~2007 to Feb 2017 (in 2016 $s)

*Gross State Produce Source: The Stephen S. Fuller Institute at the Schar School, GMU

Headwinds Facing Virginia’s Economy

John Accordino, VCU Wilder School of Government Qian Cai, Weldon Cooper Center for Public Service Stephen Moret, Virginia Economic Development Partnership