1. The Industry Perspective
Industry ConcentrationThe first step for Frazier and Owen is almost always to gather location quotient (LQ) data to find the relative regional concentration of the specific industry that best captures the business activity of the prospective employer. This provides context beyond raw job numbers for employers looking to relocate or expand in the area, and it shows how unique (or specialized) the industry is in Dayton or the broader region. “Our region is pretty big,” Frazier says, “so we might look at counties where an industry is more concentrated.”If particular counties — or even clusters of counties — have higher concentrations of a specific industry, they may create a different “region” to highlight the industry strength, the existing workforce, and the potential supply chain that exists within that sub-region.Job GrowthIs the industry growing or shrinking in the area? That’s an important question Frazier and Owen ask when filling out a site selector’s data request. If EMSI data shows the sector is declining, they usually move on and won’t include the job change, unless the industry is shrinking at a slower rate than the national average. But if there’s good growth in the area — either by total volume of new jobs or by percentage growth — they’ll make sure to highlight it.Unemployment by IndustryEMSI provides the number and percentage of the unemployed by industry super-sector. This information has proven valuable, Owen says, to prospective employers who want to get a sense of the available workforce in the sector (or sectors) that relate to their work.Looking at Other IndustriesExpanding the labor market data search beyond the specific industry that the business is in can be enlightening, Owen says. This indicates if the labor pool for an occupation reaches more than just the targeted industry. “Knowledge spillovers in related industries or industries with similar staffing patterns may also be beneficial to a company’s selecting our region,” Owen notes.Further, this expanded look allows the Coalition to give site selectors a sense if local businesses in another industry with a similar staffing pattern could provide some sort of service (e.g., IT work, project management, etc.) to the prospective firm.
2. The Occupation Perspective
Completers from Related Educational ProgramsAfter Frazier and Owen have summarized the industry and occupation perspective, there’s one final step: looking at the educational completers in the region that relate to the relevant occupation or occupations. This data gives site selectors the historic (back to 2003) and recent supply of graduates from local colleges who could be good candidates for the jobs that the employer needs to fill.To access a PDF version of this best practice, click here.For more on how economic developers use Analyst, see this page or read our economic-development-focused case studies here. For further information or questions, contact Josh Wright at email@example.com or (208) 883-3500.