The Role of LMI in the Development of Sector Strategies: Nevada’s Experience Presented to the Workforce Information in Regional Economic Development Conference April 2008 Department of Employment, Training and Rehabilitation Larry J. Mosley, Director Research and Analysis Bureau Bill Anderson, Chief Economist Nevada's Population 3,000,000 8% 7% 2,500,000 6% 2,000,000 5% 1,500,000 4% 1,000,000 3% 2% 500,000 1% 0 0% 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 pop % growth Nevada Job Growth (2008 YTD through February) 7% 6% 5% 4% 3% 2% 1% 0% 99 00 01 02 03 04 05 06 07 08 YTD Nevada Unemployment Rate (seasonally adjusted) 7% 6% 5% 4% 3% 2% 1% 0% 99 00 01 02 03 04 05 06 07 08 Nevada Initial Claims for Unemployment Insurance: 2008 vs. 2007 25,000 20,000 15,000 10,000 5,000 0 J F M A M 2007 J J 2008 A S O N D Nevada Gaming Win Growth: 2008 vs. 2007 15% 10% 5% 0% -5% -10% -15% J F M A M 2007 J J 2008 A S O N D Nevada Taxable Sales Growth: 2008 vs. 2007 6% 4% 2% 0% -2% -4% -6% J F M A M J 2007 J 2008 A S O N D Southern Nevada New Home Closings Growth: 2008 vs. 2007 0% -10% -20% -30% -40% -50% -60% J F M A M 2007 J J 2008 A S O N D Southern Nevada New Home Median Price Growth: 2008 vs. 2007 15% 10% 5% 0% -5% -10% -15% -20% J F M A M 2007 J J 2008 A S O N D Southern Nevada Recorded Resales Growth: 2008 vs. 2007 0% -10% -20% -30% -40% -50% J F M A M 2007 J J 2008 A S O N D Time Magazine Article: “Snake Eyes in Las Vegas” There’s not enough “suckers” for casinos in Las Vegas 1938 Los Angeles Times Headline: “Boom Town Expired with a Sob and Groan” 1905 Nevada Job Growth vs. Megaresort Openings 100,000 Luxor, TI, MGM 80,000 Monte Carlo, NY/NY Bellagio, Mandalay Bay, Venetian, Paris, Alladin The Wynn 60,000 40,000 20,000 0 91 -20,000 -40,000 98 05 Major New Properties • • • • • • • Palazzo…January 2008 (4,600 jobs) Encore…December 2008 (5,100 jobs) Fontainebleau…Fall 2009 (5,800 jobs) City Center…November 2009 (12,700 jobs) Cosmopolitan…Late-2009 (4,500 jobs) Echelon Place…2010:IVQ (9,500 jobs) Plaza Hotel…2012 (6,300 jobs) Nevada Job Growth: History and Forecast 7% 6% 5% 4% 3% 2% 1% 0% 99 00 01 02 03 04 05 06 07 08 09 10 Forecast Highlights • 145,000 new jobs through 2010 • Leisure and hospitality growth peaks at 8.5% (surpasses 400,000) • Construction job growth approaches 5% by end of forecast period • Financial services job growth surpasses 3% in 2010 • 1,500 new mining jobs Team Nevada… • Vision—A prepared workforce with skills, education, and training to fulfill businesses’ demands • Mission Statement—Develop a holistic workforce development system that improves job training and prepared participants to fill demand-driven occupations Team Nevada… • Focus—Strategically develop and implement a network of businesses, educational institutions, government, and community organizations that will work together to accommodate workforce demands • Members—DETR, SWIB, local WIBs, Governor’s Office, University System, Legislators, Economic Development Commission, Dept. of Health and Human Services, gaming industry, manufacturing sector, etc. LMI SWIB Industry Sector Strategies Demand-Driven Worker Pipeline Special Population Strategies Community/ Faith-Based Srv. Prov. Business & Employer Services Partners & Stakeholders Worker & Jobseeker Services Targeted Demand-Driven Industry Sectors • • • • • • Gaming and Hospitality (340,000 jobs) Healthcare Services (85,000 jobs) Retail and Support Services (140,000 jobs) Manufacturing (50,000 jobs) Construction (135,000 jobs) Mining (12,000 jobs) Team Nevada LMI Needs (General) • Workforce Demographics…easy • Goods and Service Producing Industries…easy • Available Labor Force…somewhat difficult for Nevada • Current and Future Economic Impact Data…requires impact modeling capabilities Team Nevada LMI Products/Services… • Regional/Sectoral Periodic Briefing Books • Sector and Occupational Profiles – better incorporate occupational information into analyses • Sector/Industry Research Projects • A More Timely and Useful Projections Cycle • Economic Impact Analyses using REMI (also useful for profiles and research) • Survey Products (vacancies, identification of sector issues, etc.)…requires funding Team Nevada LMI Products/Services… • Support for Business Advisory Groups • Support for Roundtable-Type Meetings • Public Relations Contact Information Nevada Dept. of Employment, Training and Rehabilitation Research and Analysis Bureau (775) 684-0450 Bill Anderson, Chief Economist (775) 684-0387 http://www.nevadaworkforce.com
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