Economic Futures Workshop Rice County October 14, 2009 Brigid Tuck, David Nelson and Bruce Schwartau...
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Transcript of Economic Futures Workshop Rice County October 14, 2009 Brigid Tuck, David Nelson and Bruce Schwartau...
Economic Futures Workshop
Rice County
October 14, 2009Brigid Tuck, David Nelson and Bruce Schwartau
University of Minnesota Extension
©2009 Regents of the University of Minnesota. All rights reserved.
Rice County Economy
Population: 61,955
Employment: 31,294
Households: 22,003
Industries: 179 out of a possible 440
Note: This data is based on IMPLAN (Minnesota IMPLAN Group, Inc) data.
©2009 Regents of the University of Minnesota. All rights reserved.
Rice County Economy
Total Output by Major Industry Category 2007
Manufacturing47%
Construction8%
Government6%
All Other30%
Real Estate/Rental
5%
Educational Services
4%
Total Output: $4.4 billion
©2009 Regents of the University of Minnesota. All rights reserved.
Rice County Economy
Total Employment by Major Industry Category 2007 Manufacturing
15%
Government14%
Retail Trade11%
All Other42%
Health and Social Services
10%
Educational Services
8%
Total Employment:31,295
©2009 Regents of the University of Minnesota. All rights reserved.
Rice County Economy
Total Labor Income by Major Industry Category 2007
Manufacturing24%
Government18%
Educational Services
9%
All Other33%
Construction9%
Retail Trade7%
Total Labor Income:$1,142 million©2009 Regents of the University of Minnesota. All
rights reserved.
Rice County Economy
Top 10 Industries (Output)
Breakfast Cereal Manufacturing
Air Conditioning – Refrigeration – and Warm Air Heating Equipment Manufacturing
Fruit and Vegetable Canning – Pickling – and Drying
Wholesale Trade Businesses
Imputed Rental Activity for Owner-Occupied Dwellings
Private Junior Colleges – Colleges – Universities and Professional Schools
Poultry Processing
State and Local Government – Non-Education
Construction – New Residential
State and Local Government – Education
Top Ten Total
All Industries Total
2007 Total Output
$ 537,883,000
$ 352,876,000
$ 271,630,000
$ 176,879,000
$ 169,331,000
$ 166,521,000
$ 132,849,000
$ 109,161,000
$ 99,700,000
$ 95,260,000
$ 2,112,090,000
$ 4,385,940,000
% of Total Output
12.3%
8.0%
6.2%
4.0%
3.9%
3.8%
3.0%
2.5%
2.3%
2.2%
48.2%
100.0%
©2009 Regents of the University of Minnesota. All rights reserved.
Rice County Economy
Top 10 Industries (Employment)
Private Junior Colleges – Colleges – Universities and Professional Schools
State and Local Government – Non-Education
State and Local Government – Education
Food Services and Drinking Places
Nursing and Residential Care Facilities
Wholesale Trade Businesses
Construction – New Non-residential, Commercial
Offices of Physicians, Dentists, and Other Health Practitioners
Breakfast Cereal Manufacturing
Civic – Social – Professional and Other Similar Organizations
Top Ten Total
All Industries Total
2007 Employment
2,026
1,952
1,782
1,778
1,293
1,124
821
755
713
711
12,955
31,294
% of Employment
6.5%
6.2%
5.7%
5.7%
4.1%
3.6%
2.6%
2.4%
2.3%
2.3%
41.4%
100.0%©2009 Regents of the University of Minnesota. All
rights reserved.
Grain Agriculture
Output: $6,700,000
Labor Income: $1,000,000
Grain agriculture payments are typically not directly to labor. Output value can vary
widely by year.
Economic Impact of 100 Jobs
7 15
100 122
0
20
40
60
80
100
120
140
Direct Indirect Induced Total
Job
s
Balance Retail Trade Real Estate Ag/Forestry/Fish
Industry Employment
100 574
0 200 400 600 800
New Jobs Current Employment
©2009 Regents of the University of Minnesota. All rights reserved.
Glass Manufacturing
Output: $24,900,000
Labor Income: $6,900,000
Glass manufacturing is highly capital-intensive.
Economic Impact of 100 Jobs
39 45 100
184
0
50
100
150
200
250
Direct Indirect Induced Total
Job
s
Balance Wholesale Trade Retail Trade Manufacturing
Industry Employment
100 283
0 200 400 600
New Jobs Current Employment
©2009 Regents of the University of Minnesota. All rights reserved.
Wind Component Manufacturing
Output: $24,239,534
Labor Income: $5,604,074
Wind Components are not currently manufactured in Rice County
Economic Impact of 100 Jobs
22 26
100148
020406080
100120140160180
Direct Indirect Induced Total
Job
s
Balance Retail Trade Wholesale Trade Lodging/Food
Industry Employment
100
0 50 100 150
New Jobs Current Employment
©2009 Regents of the University of Minnesota. All rights reserved.
Agricultural Support Activities
Output: $4,184,105
Labor Income: $3,260,905
Agricultural support activities are primarily service-based, therefore, high labor income
and induced impacts.
Economic Impact of 100 Jobs
14 1
100 115
0
20
40
60
80
100
120
140
Direct Indirect Induced Total
Job
s
Balance Retail Trade Health and Social Svcs Lodging/Food
Industry Employment
100 69
0 50 100 150 200
New Jobs Current Employment
©2009 Regents of the University of Minnesota. All rights reserved.
Circuitry Manufacturing
Output: $26,954,174
Labor Income: $8,276,241
Agricultural.
Economic Impact of 100 Jobs
32 34 100
166
0
50
100
150
200
250
Direct Indirect Induced Total
Job
s
Balance Retail Trade Wholesale Trade Manufacturing
Industry Employment
100 116
0 100 200 300
New Jobs Current Employment
©2009 Regents of the University of Minnesota. All rights reserved.
Computer Data Warehousing
Output: $26,763,586
Labor Income: $8,355,922
Although Computer Data Warehousing has a similar overall impact as Circuitry
Manufacturing, the distribution of the impacts is very different.
Economic Impact of 100 Jobs
32 35 100
167
0
50
100
150
200
250
Direct Indirect Induced Total
Job
s
Balance Lodging and Food Services Retail Trade Health and Social Services
Industry Employment
16 100
0 50 100 150
Current Employment New Jobs
©2009 Regents of the University of Minnesota. All rights reserved.
Computer Software Development
Output: $32,512,596
Labor Income: $8,729,385
Although
Economic Impact of 100 Jobs
34 49 100
183
0
50
100
150
200
250
Direct Indirect Induced Total
Job
s
Balance Lodging & Food Svcs Administrative & Waste Svcs Retail Trade
Industry Employment
25 100
0 50 100 150
Current Employment New Jobs
©2009 Regents of the University of Minnesota. All rights reserved.
Construction of New Nonresidential Commercial Structures
Output: $14,545,111
Labor Income: $5,003,012
Although
Economic Impact of 100 Jobs
20 14
100134
0
2040
60
80
100120
140
160
Direct Indirect Induced Total
Job
s
Balance Retail Trade Lodging and Food Services Health and Social Services
Industry Employment
100 821
0 500 1000
New Jobs Current Employment
©2009 Regents of the University of Minnesota. All rights reserved.
Fabricated Metal Manufacturing
Output: $18,634,540
Labor Income: $6,832,160
Although
Economic Impact of 100 Jobs
145 100
19 26020406080
100120140160180
Direct Indirect Induced Total
Job
s
Balance Retail Trade Lodging and Food Services Health and Social Services
Industry Employment
72 100
0 50 100 150 200
Current Employment New Jobs
©2009 Regents of the University of Minnesota. All rights reserved.
Breakfast Cereal Manufacturing
Output: $89,283,188
Labor Income: $12,435,945
Why does this have such a big multiplier?
High output and income per worker
Established industry – economies of scale
Local purchases? Transport/Ware and Wholesale – built infrastructure
Economic Impact of 100 Jobs
224 100 76 48
0
50
100
150
200
250
300
Direct Indirect Induced Total
Job
s
Balance Wholesale Trade Retail Trade Transportation & Warehousing
Industry Employment
100 713
0 500 1000
New Jobs Current Employment
©2009 Regents of the University of Minnesota. All rights reserved.
Nursing and Residential Care Facilities
Output: $3,962,087
Labor Income: $1,631,205
Nursing and Residential Care Facilities are one of the largest industry employers in Rice
County.
Economic Impact of 100 Jobs
110 100
4 60
20
40
60
80
100
120
140
Direct Indirect Induced Total
Job
s
Balance Lodging and Food Services Retail Trade Health and Social Services
Industry Employment
100 1293
0 500 1000 1500
New Jobs Current Employment
©2009 Regents of the University of Minnesota. All rights reserved.
Medical/Diagnostic Labs & Outpatient Care
Output: $15,737,037
Labor Income: $5,545,644
Nursing
Economic Impact of 100 Jobs
136 100 14 21
020406080
100120140160180
Direct Indirect Induced Total
Job
s
Balance Retail Trade Lodging and Food Services Health and Social Services
Industry Employment
37 100
0 50 100 150
Current Employment 100 Jobs
©2009 Regents of the University of Minnesota. All rights reserved.
Retail Trade – General Merchandise
Output: $6,303,455
Labor Income: $2,585,036
General Merchandise .
Economic Impact of 100 Jobs
116 100
6 100
20
40
60
80
100
120
140
Direct Indirect Induced Total
Job
s
Balance Retail Trade Lodging and Food Services Health and Social Services
Industry Employment
100 480
0 200 400 600 800
New Jobs Current Employment
©2009 Regents of the University of Minnesota. All rights reserved.
Surgical/Medical Instrument Manufact.
Output: $33,918,320
Labor Income: $8,854,655
This industry does not currently exist in Rice County.
Economic Impact of 100 Jobs
116 100 6 34
0
50
100
150
200
250
Direct Indirect Induced Total
Job
s
Balance Retail Trade Manufacturing Lodging and Food Services
Industry Employment
100 0
0 50 100 150
New Jobs Current Employment
©2009 Regents of the University of Minnesota. All rights reserved.
Truck Transportation
Output: $16,930,612
Labor Income: $5,813,720
Truck
Economic Impact of 100 Jobs
149 100
26 230
50
100
150
200
Direct Indirect Induced Total
Job
s
Balance Transport and Warehouse Retail Trade Health/Social Services
Industry Employment
100 417
0 200 400 600
New Jobs Current Employment
©2009 Regents of the University of Minnesota. All rights reserved.
Veterinary Pharmaceutical Manuf.
Output: $60,424,348
Labor Income: $12,303,001
This industry
Economic Impact of 100 Jobs
230 100 81 49
0
50
100
150
200
250
300
350
Direct Indirect Induced Total
Job
s
Balance Wholesale Trade Manufacturing Retail Trade
Industry Employment
100 0
0 50 100 150
New Jobs Current Employment
©2009 Regents of the University of Minnesota. All rights reserved.
Wholesale Trade
Output: $20,758,899
Labor Income: $7,621,070
This industry
Economic Impact of 100 Jobs
151 100
21 300
20406080
100120140160180
Direct Indirect Induced Total
Job
s
Balance Retail Trade Lodging and Food Services Health and Social Services
Industry Employment
100 1,124
0 500 1000 1500
New Jobs Current Employment
©2009 Regents of the University of Minnesota. All rights reserved.