Recommendation: Economic Opportunity

 

Increasing Economic Opportunity

 

 

Increase the number of employees working in jobs that pay a living wage.

 

Recommendation

 

Economic development officials will continue to develop and implement strategies to attract and retain diverse high paying jobs.

 

 

Employment opportunities and the ability to earn a living wage are critical to the health and well being of any community. The economic vitality of the country and the county relies heavily on consumer spending. The ability of both public and private social service and health organizations to provide vital services depends upon adequate revenue. Much of that revenue comes from income, sales and property taxes which rise or fall depending upon the employment and income of the county’s residents.

 

Between 2004 through 2014 Stark County’s economy is projected to grow slowly. Without adequate employment opportunities, Stark County will continue to have a lower growth rate and per capita income than other regions of Ohio and the nation. The ability to provide job opportunities will be limited and the out migration of 20-44 year olds is likely to continue.

 

Since 2000, Stark County has lagged the state and nation in per capita income, median family income and household income. From 2000 through 2006, Stark County lost jobs. Many of the lost jobs were well-paying jobs with benefits in the manufacturing sector. The job growth that did occur during that time period was in education and health services, financial activities and leisure and hospitality.

 

Despite the losses experienced by the manufacturing sector, it remains one of the largest employment sectors in the county. According to The Employment Source of Stark County, an average of seven out of every 10 job openings is a replacement job. Therefore, while it is likely that manufacturing employment will remain a significant part of future employment, new job openings will come from other economic sectors.

 

Creating new jobs requires entrepreneurship, recruitment of new businesses and innovation in products and production. Improved productivity through advances in technology or operations provides the opportunity to pay high wages. According to the Dashboard Indicators of the Fund for Our Economic Future, Stark County improved its relative ranking among 136 other metropolitan areas in both individual entrepreneurship and productivity. Since 2000, Stark County has had a net gain of 654 businesses. Annually during that period, the county had 835 new business starts. According to Expansion Management Magazine, the Canton-Massillon Metropolitan Statistical Area (MSA), Stark and Carroll counties, was ranked number one in recruitment and business attraction in 2007.

 

Improvements in productivity, recruitment of diverse high technology business requiring a skilled workforce and entrepreneurship will need to continue if Stark County is to grow its economy and its residents are to have greater economic opportunities.