solano index presentation @ solano economic summit 4
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DESCRIPTIONFirst Solano Index
2. WHAT IS AN INDEX?
- The Solano County Indextells a story through indicators that measure the strength of our economy and the health of our community highlighting challenges and providing an analytical foundation for leadership and decision making.
3. WHAT IS AN INDICATOR?
- Indicators are measurements that tell us how we are doing
- Good indicators do the following:
- They are bellwethers that reflect fundamentals of long-term regional health;
- They reflect the interests and concerns of the community;
- They are statistically measurable on a frequent basis; and
- They measure outcomes, rather than inputs.
4. WHAT IS AN INDUSTRY CLUSTER?
- An industry cluster is ageographic concentration of independent, internationally competitive firms in related industries , and includes a significant number of companies that sell their products and services outside the region.
- Healthy, outward-oriented industry clustersare a critical prerequisite for a strong economy.
5. OUR CHANGING ECONOMY
- Our Economy has Produced Growing Revenues, Incomes, Jobs, and Firms
- Our incomes have grown.
- Our job growth has been strong and the number of individual business owners has proliferated.
6. OUR CHANGING ECONOMY
- Our Economy has Diversified and Our Competitive Advantages have Grown
- Leading clusters represent a growing share of the Solano county economy.
- These clusters grew faster in Solano than in other Bay Area counties.
7. OUR CHANGING COMMUNITY
- Who We Are
- Our populationis becoming much more diverse.
- Our populationis becoming olderand younger.
8. OUR CHANGING COMMUNITY
- Who We Are
- Our population growth has slowed.
- We are experiencing rising outmigration, but continued in-migration as well.
- Many college educated people are arriving, but more are leaving.
9. HOW WE ARE DOING
- Incomes are rising , but many households are being squeezed by housing costs that are rising faster.
- More of our youth are in better shape , but fewer are prepared for higher education.
- Crime rates have declinedover the long term, but spiked up recently.
- Higher home prices have increased property taxrevenues, but prices are now dropping significantly.
10. THE CONNECTION BETWEEN OUR ECONOMY AND COMMUNITY
- Connecting Residents to Jobs
- We have fewer higher-skilled jobs than highly-educated residents.
- Many residents must commute outside the county to work.
- We have been producing more housing than jobs.
11. OUR CHANGING ECONOMY 12. CHANGE IN PER CAPITA INCOME Data Source: Bureau of Economic Analysis Analysis: CEI Rest of San Francisco Bay Area includes Alameda, Contra Costa, Marin, Napa, San Benito, San Francisco, San Mateo, Santa Clara, and Sonoma Counties * Preliminary per Capita Income estimates for 2007. Change in per Capita Income Solano County, Rest of San Francisco Bay Area, California, and United States What does this mean? Since 2000 Solano Countys per capita income has been increasing at a faster rate than in the rest of the Bay Area, California and the nation. This means that the County has experienced a rise in relative prosperity. 13. ANNUAL NUMBER OF JOBS Annual Number of Jobs Solano County 1990-2007 Data Source: California Employment Development Department Analysis: CEI What does this mean? Solano Countys recent job growth and prior rebounds from earlier economic shocks, such as the closure of Mare Island, indicates that the County has demonstrated resiliency. 14. CHANGE IN EMPLOYED RESIDENTS Change in Employed Residents and Total Industry Jobs Trends relative to 2000 Solano County Data Source: California Employment Development Department Analysis: CEI + 6% Between August 2000 and August 2008, the number of jobs and employed residents in the County grew over 6%. 15. FIRM SIZE BY NUMBER OF EMPLOYEES Firm Size by Number of Employees Percent of Total Solano County Firms by Employment Size Data Source: California Employment Development Department Analysis: CEI Note: Based on employers who are subject to the Unemployment Insurance provision of the Unemployment Insurance Code. What does this mean? Solano County is dominated by micro-enterprises that are critical to the vitality of the economy. While large firms are still important, economic development efforts should also focus on the needs of these microenterprises. 16. WHAT DOES IT MEAN?
- Solano County is dominated by micro-enterprisesthat are critical to the vitality of the economy.
- While large firms are still important,economic development efforts should also focus on the needs of these microenterprises
17. PERCENTAGE CHANGE IN INDUSTRY EMPLOYMENT Percent Change in Industry Employment and Individual Business Owners (with no employees) Solano County Data Source: California Employment Development Department and U.S. Census Bureau, Nonemployer Statistics Analysis: CEI + 24% Between 2000 and 2006, Individual Business Owners with no employees increased by 24%. 18. INDUSTRY SECTOR EMPLOYMENT Comparison of Industry Sector Employment Solano County Data Source: California Employment Development Department Analysis: CEI What does this mean? Solano Countys economic diversity has created a greater balance of jobs, which provides increased stability in times of economic turbulence. 19. INDUSTRY CLUSTERS
- Advanced Food and Beverage Manufacturing
- Health and Social Services
- Life Sciences
- Professional and Environmental Services
- Specialized Manufacturing
- Trade and Logistics
20. SOLANO CLUSTERS OF OPPORTUNITY 2000-2006 What does this mean? Solano Countys major industry clusters are more specialized and growing faster than the same industries in the rest of the Bay Area. These clusters pay higher wages and generate demand for support services. Size of bubble represents employment size in 2006. 21. CLUSTERS OF OPPORTUNITY SOLANO COUNTY & REST OF BAY AREA, 2000-2006 22. OUR CHANGING COMMUNITY 23. AGE DISTRIBUTION + 16% From 2000 to 2006 the population between 18 and 34 years of age increased by 13,000 people (16%). Age Distribution Number of People and Percent of Growth Solano County Data Source: U.S. Census Bureau, Decennial Census 2000 and American Community Survey 2006 Analysis: CEI 24. POPULATION BY RACE & ETHNICITY Population by Race and Ethnicity Number of People and Percent of Growth Solano County What does this mean? Solano Countys changing demographics have implications on the demand for education, health, and public services as the population becomes older, younger, and more diverse. Slower population growth changes the underlying drivers of some elements of the economy, including housing and construction, which historically been driven by population growth. 25. POPULATION GROWTH +26,800 Solano Countys population grew by 26,800 people between 2000 and 2007. Although the county has experienced a steady slowing in population growth, the county grew 0.5% in 2007. Population Growth Percent Change over Prior Year Solano County, Rest of San Francisco Bay Area, and California Data Source: California Department of Finance Analysis: CEI * Provisional population estimates for 2007 ** San Francisco Bay Area includes Alameda, Contra Costa, Marin, Napa, San Francisco, San Mateo, Santa Clara, and Sonoma Counties. 26. DOMESTIC AND FOREIGN MIGRATION Net foreign Immigration Net foreign immigration is the difference of all legal foreign immigrants entering and leaving the County. Domestic and Foreign Migration Solano County Data Source: California Department of Finance Analysis: CEI *Provisional population estimates for 2007 27. EDUCATIONAL ATTAINMENT +1,100 In 2006, more than 1,100 people with bachelors degrees moved into the County than left. Educational Attainment of People Migrating in and out of Solano County 2006 28. HOUSING AFFORDABILITY Housing Affordability Percent of Homeowner Households with Housing Costs Greater Than 35% of Income Solano County, San Francisco Bay Area, and California What does this mean? With rising housing costs and foreclosure rates, Solano County has not escaped the national and statewide housing crisis. 29. RESIDENTIAL FORECLOSURE ACTIVITY Residential Foreclosure Activity Percent Change in Annual Foreclosure Sales Solano County and California Data Source: DataQuick Analysis: CEI 1,059 There were 1,059 foreclosure sales in the first quarter of 2008. 30. CHILDHOOD OBESITY Percentage of Children Determined to NOT be Overweight or Obese by Body Mass Index Solano County Data Source: UCLA Center for Health Policy Research, California Health Interview Survey Analysis: CEI Note: For adolescents,Overweight or obese includes the respondents who have a BMI in the 95th percentile with respect to their age and gender. Child population-under the age of 12 including infants. What does this mean? Solano County has made some progress in reducing childhood obesity which can be a cause of a number of significant and costly health problems in later years. 31. HIGH SCHOOL DROPOUT RATE High School Dropout Rate Solano County 2007 Data Source:California Department of Education, Solano County School Districts Analysis: CEI Note:This is the first year that dropout counts are derived from