iclicker question bobcats or grizzlies? or other? a.bobcats b.grizzlies c.other iclicker use donated...
TRANSCRIPT
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iClicker Question
Bobcats or Grizzlies? Or Other?
A. BobcatsB. GrizzliesC. Other
iClicker use donated by the Economic Research Center, Montana State University - Billings
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iClicker Questions
What is your gender?
A. Female
B. Male
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iClicker Question
What is your role in Montana’s economy?
A. Business owner
B. Retired
C. Educator or student
D. Healthcare or non-profit
E. Other
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What’s Happening onMain Street Montana
Main Street Montana Project RoundtableKalispell, Montana
July 8, 2013
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2007
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2007
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2007
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2007
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2008
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2008
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2008
.3
2008
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2009
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2009
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2009
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2009
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2010
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2010
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2010
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2010
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2011
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2011
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2011
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2011
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2012
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2012
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2012
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2012
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2013
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-5.0%
-4.0%
-3.0%
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
Montana and U.S. Personal Income Growth
Source: Quarterly Personal Income, Bureau of Economic Analysis, U.S. Dept. of Commerce. 37 th in 2012, excludes DC.
U.S.Montana
12th Fastest Personal Income Growth since Depth
of Recession
5th Fastest in Last Year
37th Highest Personal Income Per Capita
Stock Market Crash
Euro Debt Crisis
Debt Ceiling Debate
Fiscal Cliff andPayroll Tax Cut Expiry
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Jan-07
Apr-07Jul-0
7
Oct-07
Jan-08
Apr-08Jul-0
8
Oct-08
Jan-09
Apr-09Jul-0
9
Oct-09
Jan-10
Apr-10Jul-1
0
Oct-10
Jan-11
Apr-11Jul-1
1
Oct-11
Jan-12
Apr-12Jul-1
2
Oct-12
Jan-1386.0%
88.0%
90.0%
92.0%
94.0%
96.0%
98.0%
100.0%
102.0%
Payroll Employment Nearly Recovered(Indexed to Peak Employment)
Source: Current Employment Statistics, April 2013 preliminary. Peak employment for Montana occurred in March 2008. U.S. indexed to Jan. 2008 peak. Great Falls to Montana peak in March 2008.
Montana
U.S.
Flathead County
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2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
0
2
4
6
8
10
12
14
0
1
Une
mpl
oym
ent R
ate
7.5%
5.5%
Montana and U.S. Unemployment Rate
Source: Local Area Unemployment Statistics from MT DLI and the Current Population Survey from BLS. 12 th lowest from April 2012.
Montana
U.S.
• Montana has the 12th lowest unemployment rate in the U.S.
Flathead
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iClicker Question
How do you feel our economy is performing right now?
A. Montana is rocking it!
B. Doing pretty good, but room for improvement.
C. Ho hum. The economy isn’t good, but it’s not bad.
D. Some people are doing ok, but not the rest of us.
E. Statistics are lies. It’s rough out there.
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Rough out there Not Great Not Good, Not Bad Pretty Good Rocking it0%
10%
20%
30%
40%
50%
60%
70%
Perc
ent o
f Res
pond
ents
Responses to CurrentEconomic Performance Question
Billings
Miles City
Great Falls
Bozeman
Missoula
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Regional and Reservation Unemployment 2012
Source: Montana Dept. of Labor and Industry Reservation Unemployment Rates, 2012, and Local Area Unemployment Statistics, BLS and MTDLI.
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2006 2007 2008 2009 2010 2011 2012 $-
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
$40,000
Montana Average Annual Wages
Source: Quarterly Census of Employment and Wages, BLS, and MT DLI
Montana 2012: $37,100Flathead 2012: $34,940
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2006 2007 2008 2009 2010 2011 2012 $-
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
$40,000
-1%
0%
1%
2%
3%
4%
5%
6%
Wag
es
Wag
e G
row
th a
nd In
flatio
n
Montana Average Annual Wages
Source: Quarterly Census of Employment and Wages, BLS, and MT DLI
INFLATION WAGE GROWTH
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2006 2007 2008 2009 2010 2011 2012 $-
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
$40,000
0%
1%
2%
3%
4%
5%
6%
Wag
es
Wag
e G
row
th a
nd In
flatio
n
Montana Average Annual Wages
Source: Quarterly Census of Employment and Wages, BLS, and MT DLI. 4 th and 2rd determined by 2012 QCEW, 41st by Occupational Employment Statistics, 2012.
WAGE GROWTH
2ndFastest Private Wage
Growth Last Year
Yet, 47th Highest Average Annual Wage
41st Hourly
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Take Away Points
• Montana’s economy is growing quickly,• Faster income growth,• Faster job growth,• Faster wage growth, and• Lower unemployment than the nation.
• But we have a long way to go.• What are we doing right?• What do we need to work on?
• Let’s focus on wages.
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Industry Composition of U.S. and MT Economies (by GDP)
US MT0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Government Government
Leisure ActivitiesLeisure ActivitiesAll Other
All Other
Health Care and Ed-ucation
Health Care and Ed-ucation
Business Services Business Services
Financial ServicesFinancial Services
Retail and Wholesale Trade
Retail and Wholesale Trade
ManufacturingManufacturing
Construction
Construction
MiningMining
Agriculture Agriculture
Transportation and Utili-ties
Transportation and Utilities
Source: Bureau of Economic Analysis, Gross Domestic Product 2011.
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iClicker Question
Financial Services was Montana’s largest industry in terms of GDP in 2011.
What industry has the largest employment?A. Financial Services
B. Trade
C. Government
D. Leisure Activities
E. Other
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Utilities
Agriculture
Mining
Transportation
Manufacturing
Admin and Waste Services
Professional Services
Finance and Real Estate
Construction
Other
Public Affairs
Education
Leisure Activities
Health Care
Trade
0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000
Comparative Industry Employment
Source: Quarterly Census of Employment and Wages, 2012.
Federal – 3%State – 5%
Local – 11%Private – 81%
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Comparative Industry Private Employment: US, MT, and Northwest MT
Source: Quarterly Census of Employment and Wages, 2011 Private Employers only.
Utilties
Education
Ag
Mining
Transportation
Manufacturing
Professional Services
Admin and Waste Services
Financial Activities
Construction
Other
Leisure Activities
Health Care
Trade
0.0% 5.0% 10.0% 15.0% 20.0% 25.0%
MTUS
Northwest
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Comparative Industry Private Employment: US, MT, and Northwest MT
Source: Quarterly Census of Employment and Wages, 2011 Private Employers only.
Utilties
Education
Ag
Mining
Transportation
Manufacturing
Professional Services
Admin and Waste Services
Financial Activities
Construction
Other
Leisure Activities
Health Care
Trade
0.0% 5.0% 10.0% 15.0% 20.0% 25.0%
MTUS
Northwest
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iClicker Question
What industry do you represent?
A. Wholesale or retail trade
B. Leisure Activities (hotel, food, entertainment)
C. Healthcare
D. Education
E. Other
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Montana Personal Income by Industry Since 1930
1930 1940 1950 1960 1970 1980 1990 2000 20100%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Mining
Wholesale And Retail Trade
Government
Services
Health Services
Professional and Technical ServicesFarm Earnings and Agriculture
Manufacturing
Construction
Transportation and Utilities
Finance and Real Es-tate
Leisure Activities
Other Services
Source: Bureau of Economic Analysis, Personal Income from 1930, SICs to NAICS conversion compiled by the Montana Department of Labor and Industry Research and Analysis Bureau.
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Industry Mix Compared to U.S.
• Roughly equal in good-producing industries, but less manufacturing.
• Larger government, health care, and tourism.
• Smaller financial and business services.
• Industry mix doesn’t explain lower wages.
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Wages and Productivity
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
0
10
20
30
40
50
60
70
New
Yor
kCo
nnec
ticut
Mas
sach
usett
sN
ew Je
rsey
Calif
orni
aIll
inoi
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aryl
and
Del
awar
eVi
rgin
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ashi
ngto
nTe
xas
Colo
rado
Ala
ska
Min
neso
taN
ew H
amps
hire
Penn
sylv
ania
Geo
rgia
Mic
higa
nA
rizo
naRh
ode
Isla
ndW
yom
ing
Tenn
esse
eLo
uisi
ana
Ore
gon
Ohi
oN
orth
Dak
ota
Nor
th C
arol
ina
Mis
sour
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evad
aFl
orid
aW
isco
nsin
Kans
asIn
dian
aO
klah
oma
Ala
bam
aU
tah
Haw
aii
Verm
ont
Kent
ucky
New
Mex
ico
Wes
t Vi
rgin
iaIo
wa
Sout
h Ca
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aN
ebra
ska
Mai
neA
rkan
sas
Idah
oSo
uth
Dak
ota
Mon
tana
Mis
siss
ippi
Ave
rage
Wag
e
Labo
r Pro
ducti
vity
(GSP
per
wor
ker h
our)
Source: Wages from Quarterly Census of Employment and Wages, 2011 annual. GSP and employment from the Bureau of Economic Analysis and average hours from the Current Employment Statistics. Calculated by MT DLI R&A.
Wages
Labor Productivity
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Montana’s Aging Population
Source: Census and Economic Information Center, MT Dept. of Commerce, April 2013
2000 2005 2010 2015 2020 2025 2030 -
100,000
200,000
300,000
400,000
500,000
600,000
700,000 Under 20 20 to 64 Over 65
Working-age population levels out after
2015.
Workers must become more productive to
maintain economic growth.
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Output (GDP)
PhysicalInputs
LaborCapital
Productivity Defined
Productivity: the “recipe” used to combine labor, capital (equipment), and inputs together to make output.
• Measured by labor in states.• Does NOT mean workers are lazy.• Recently, it is a factor of
technology.• Work smarter, not harder.
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Output (GDP)
PhysicalInputs
LaborCapital
Productivity Defined
Output (GDP)
PhysicalInputs
Labor
Capital
High Productivity Low Productivity
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Factors Influencing Productivity
• Education
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Productivity and Education
Source: Education attainment from 2009-2011 ACS, U.S. Census. GSP and employment from the Bureau of Economic Analysis and average hours from the Current Employment Statistics. Calculated by MT DLI R&A.
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
Mas
sach
usett
sCo
lora
doM
aryl
and
Conn
ectic
utN
ew Je
rsey
Virg
inia
Verm
ont
New
Ham
pshi
reN
ew Y
ork
Min
neso
taW
ashi
ngto
nIll
inoi
sRh
ode
Isla
ndCa
lifor
nia
Kans
asU
tah
Haw
aii
Ore
gon
Del
awar
eM
onta
naN
ebra
ska
Mai
neG
eorg
iaA
lask
aPe
nnsy
lvan
iaN
orth
Dak
ota
Nor
th C
arol
ina
Ari
zona
Wis
cons
inTe
xas
Sout
h D
akot
aFl
orid
aM
isso
uri
New
Mex
ico
Iow
aO
hio
Idah
oW
yom
ing
Sout
h Ca
rolin
aTe
nnes
see
Okl
ahom
aIn
dian
aN
evad
aA
laba
ma
Loui
sian
aKe
ntuc
kyM
issi
ssip
piA
rkan
sas
Mic
higa
nW
est
Virg
iniaPo
pula
tion
25 a
nd O
lder
wit
h Ba
chel
or's
Educational Attainment
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Productivity and Education
Source: Education attainment from 2009-2011 ACS, U.S. Census. GSP and employment from the Bureau of Economic Analysis and average hours from the Current Employment Statistics. Calculated by MT DLI R&A.
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
0
10
20
30
40
50
60
70
Mas
sach
usett
sCo
lora
doM
aryl
and
Conn
ectic
utN
ew Je
rsey
Virg
inia
Verm
ont
New
Ham
pshi
reN
ew Y
ork
Min
neso
taW
ashi
ngto
nIll
inoi
sRh
ode
Isla
ndCa
lifor
nia
Kans
asU
tah
Haw
aii
Ore
gon
Del
awar
eM
onta
naN
ebra
ska
Mai
neG
eorg
iaA
lask
aPe
nnsy
lvan
iaN
orth
Dak
ota
Nor
th C
arol
ina
Ari
zona
Wis
cons
inTe
xas
Sout
h D
akot
aFl
orid
aM
isso
uri
New
Mex
ico
Iow
aO
hio
Idah
oW
yom
ing
Sout
h Ca
rolin
aTe
nnes
see
Okl
ahom
aIn
dian
aN
evad
aA
laba
ma
Loui
sian
aKe
ntuc
kyM
issi
ssip
piA
rkan
sas
Mic
higa
nW
est
Virg
iniaPo
pula
tion
25 a
nd O
lder
wit
h Ba
chel
or's
Labo
r Pro
ducti
vity
(GSP
per
wor
ker h
our)
Educational Attainment
Labor Productivity
Montana’s labor productivity is lower than expected given education levels.
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Factors Influencing Productivity
• Education
• Experience in job
• Job Matching
• Industry Mix
• Urban concentration
• Use of technology
• Spread of best practices and innovative methods
• Business Size
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Use of Technology(measured in percent of workers in IT fields)
Source: Occupational Employment Statistics, 2012. Employment in 11-3021 and 15-0000 as percent of total employment.
0%
1%
2%
3%
4%
5%
6%
7%
0
10
20
30
40
50
60
70
Virg
inia
Was
hing
ton
Mas
sach
usett
sM
aryl
and
Colo
rado
Del
awar
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ew Je
rsey
Calif
orni
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inne
sota
New
Ham
pshi
reCo
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Ari
zona
Mis
sour
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tah
Geo
rgia
Texa
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ode
Isla
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orth
Car
olin
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ebra
ska
New
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rego
nIll
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tW
isco
nsin
Kans
asFl
orid
aA
laba
ma
Iow
aId
aho
New
Mex
ico
Nor
th D
akot
aIn
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aSo
uth
Caro
lina
Tenn
esse
eA
lask
aA
rkan
sas
Kent
ucky
Mai
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klah
oma
Haw
aii
Mon
tana
Sout
h D
akot
aW
est
Virg
inia
Nev
ada
Loui
sian
aW
yom
ing
Mis
siss
ippi
Perc
ent o
f Wor
kfor
ce in
IT o
ccup
ation
s
Labo
r Pro
ducti
vity
(GSP
/Wor
ker H
our)
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Factors Influencing Productivity
• Education
• Experience in job
• Job Matching
• Industry Mix
• Urban concentration
• Use of technology
• Spread of best practices and innovative methods
• Business Size
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Montana has High Rates of Entrepreneurialism
Source: Kaufman Foundation, 2012. Employer statistics from Business Employment Dynamics, 2010Q2 - 2012Q3, Bureau of Labor Statistics. Percent of Households from Current Population Survey, 2009-2012. Analysis by MT Dept of Labor and Industry
• #3 for Percent of Households owning a Business
• #6 for Employer Startups
• #15 for Net Employer Startups
Montana Ranks Among States
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Business Startups by County 2007-2010(as percent of existing establishments)
Source: Research and Analysis Bureau, MT Dept of Labor and Industry
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Job Performance of New Firms Started Since 2007 by Size
2007 2008 2009 2010 2011 2012 (3 Quarters)
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
Jobs
Add
ed
New Firms of50 or More Employees
20 to 50 Employees10 to 19 Employees
5 to 9 EmployeesFewer than 5 Employees
Source: Research and Analysis Bureau, MT Dept of Labor, using QCEW micro data.
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Fewer than 5
5 to 9 10 to 19 20 to 49 50 to 99 100 to 249 250 and over
0%
10%
20%
30%
40%
50%
60%
70%
Perc
ent o
f Mon
tana
Em
ploy
ers
Smaller Business Larger Business
Montana has Lots of Small Businesses, but Large Business Provide the Jobs and Wages
ESTABLISHMENTS
Source: Bureau of Labor Statistics, Quarterly Census of Employment and Wages (QCEW), 2012
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Fewer than 5
5 to 9 10 to 19 20 to 49 50 to 99 100 to 249 250 and over
0%
10%
20%
30%
40%
50%
60%
70%
Perc
ent o
f Mon
tana
Em
ploy
ers
Smaller Business Larger Business
Montana has Lots of Small Businesses, but Large Business Provide the Jobs and Wages
EMPLOYMENTWAGES
ESTABLISHMENTS
Source: Bureau of Labor Statistics, Quarterly Census of Employment and Wages (QCEW), 2012
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Large Businesses Provide Higher Pay and Benefits
Source: Quarterly Census and Employment and Wages and Agency for Healthcare Research and Quality, Center for Financing, Access and Cost Trends. 2011 Medical Expenditure Panel Survey-Insurance Component.
Fewer than 5
5 to 9 10 to 19 20 to 49 50 to 99 100 to 249 250 to 4990
10,000
20,000
30,000
40,000
50,000
60,000
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Ave
rage
Wag
e
Perc
ent
of F
irm
s O
ffer
ing
Insu
ranc
e
Average WageProviding Insurance
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Factors Influencing Productivity
• Education
• Experience in job
• Job Matching
• Industry Mix
• Urban concentration
• Use of technology
• Spread of best practices and innovative methods
• Business Size
![Page 40: IClicker Question Bobcats or Grizzlies? Or Other? A.Bobcats B.Grizzlies C.Other iClicker use donated by the Economic Research Center, Montana State University](https://reader031.vdocuments.site/reader031/viewer/2022032722/56649f455503460f94c67407/html5/thumbnails/40.jpg)
Economic Development Concept Map
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iClicker Question
What aspect of economic development is most important?
A. Reducing transportation costs
B. Increasing capital availability
C. Improving our labor force
D. Improving innovation and technology diffusion
E. Other
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Full Report Available atwww.lmi.mt.gov
Barbara Wagner,Chief Economist
Montana Department of Labor and Industry406-444-5474
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iClicker Questions
What do you think presents the largest challenge to your region for economic development?
A. Infrastructure
B. Workforce Development
C. Access to Capital
D. Competitiveness of tax and regulatory environment
E. Other
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iClicker Question
What do you think presents the largest opportunity for economic development in your region?
A. HealthcareB. EducationC. Quality of LifeD. Work EthicE. Other