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Employment |
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The Dashboard examines four broad measures of regional growth, each capturing a different aspect of growth. When the Dashboard speaks of correlations to economic or regional growth, it is these four measures together that make up the picture of regional growth over the period of 1994 to 2004.
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Change in Output is the clearest measure of a region’s business performance. It is the regional counterpart of the nation’s gross domestic product.
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Employment Growth reflects the change in employment opportunities for local residents and those who migrate to the region. Some would argue that it is employment that attracts people to a region.
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Productivity is a measure of the output per employee. Highly dependent on education, output is critical to determining a region’s overall competitiveness.
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Per Capita Income Growth measures the average income increase per person. Employment opportunities are important, but for the standard of living to increase, a region must generate pay increases and a greater share of highpaying jobs.
Regardless of which of the four measures is used, the conclusion is the same: Northeast Ohio’s metropolitan areas grew at a modest pace between 1994 and 2004.
Northeast Ohio Dashboard Indicators
The Dashboard Indicators for the Northeast Ohio Economy
The Forbes Top Ten Metros |
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As a result of previous recessions and a changing economy, employment in Stark County as in the nation, has been shifting away from manufacturing. In Stark County and the nation, high wage manufacturing jobs have, in some cases, been replaced by lower paying jobs. Some of the job losses in manufacturing have been made up with gains in employment in the service, health and education sectors. For the first time, in 2007, the health care and social assistance industry had more employees than the manufacturing industry in Stark County. Job projections for Stark County suggest that there will continue to be high demand for skilled workers, especially replacement jobs as a result of an aging workforce and the out-migration of those 25 to 44 years of age.
Unemployment is at near historic highs, increasing to approximately 11 to 12 percent of the workforce during the summer of 2009. Population estimates from the Census Bureau show that Stark County is losing population between 25 and 44 years of age. To counteract this trend there is an active attempt at bringing talent to Stark County through company recruitment and personnel recruitment. Economic development organizations are active in regional recruitment efforts. However, recruitment can be complicated by the amount of information available and old prejudices such as “rust belt” and “high taxes” which may be less applicable to the area than in the past. Federal Reserve Bank of Cleveland
Stark Development Board
Ohio Jobs and Family Services - Leading Economic Indicators |
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