Great Jobs are Incredibly Scarce

Transcription

1

2 Great Jobs are Incredibly Scarce GREAT JOBS BY MAJOR REGION % of the population who work full time for an employer and are engaged at work % NORTH AMERICA 11% FORMER SOVIET STATES 9% LATIN AMERICA & CARIBBEAN 7% EUROPE 4% MIDDLE EAST & NORTH AFRICA 3% ASIA 2% SUB-SAHARAN AFRICA 2% Based on aggregated data from

3 Jobs & Economy are Top Voting Issues Percent of registered voters in which the topic is Very Important to their vote Economy Terrorism Foreign Policy Health Care Gun Policy Immigration Social Security Education Supreme Court Appts Treatment of Racial, Ethnic Minorities Trade Policy Environment Abortion Treatment of Gay, Lesbian, Trans People 0% 10% 20% 30% 40% 50% 60% 70% 80% 90%

4 Jobs are Undervalued Salary DIRECT IMPACTS INDIRECT IMPACTS INDUCED IMPACTS FISCAL IMPACTS SOCIAL IMPACTS

5 True Value of Jobs is Hidden Manufacturing Example (100 Employees) WAGES TOTAL VALUE TO COMMUNITY $6 M Annually $38 M Annually 81 Additional Jobs

6 The Truth about Nevada Incentives MYTH REALITY - Picking Winners & Losers - Only for New Businesses - Upfront Cash Payments - Performance Based - Available for New & Existing - Tax Abatements

7 Are We Creating High-Value Jobs? Are We Creating High-Value Jobs?

8 Nevada Ranks #1 in the Job Creation Index A SIX-YEAR CLIMB FROM LAST PLACE HAS LANDED NEVADA THE TOP SPOT IN THE NATION S JOB GROWTH # 1 Above Average Average Below Average Source: Gallup Daily

9 The Economy is Diversifying Sector Employment Growth Pre-Recession Peak to Present Education and Health Services 34,900 Professional and Business Services 25,600 Trade, Transportation, and Utilities Leisure and Hospitality +56,200 Jobs 12,800 11,000 Other Services 7,300 Government 6,700 Financial Activities Mining and Logging Information Manufacturing Construction (37,100) (500) (4,400) (100) - CURRENT EMPLOYMENT LEVELS NOW EXCEED PEAK PRE-RECESSION LEVELS AND ARE DOING SO WITH 37,000 FEWER CONSTRUCTION JOBS Note: Data reflect the difference in employment from May 2007 (peak pre-recession employment) to November Source: U.S. Bureau of Labor Statistics

10 Employment is at an All-Time High and Growing 1,050,000 1,000, , , ,800 EMPLOYMENT LEVELS HAVE EXCEEDED THE PRE-RECESSION PEAK FOR 19 CONSECUTIVE MONTHS 993,000 Top Sector Job Growth Pre-Recession Peak to Present +34,900 Education & Health Services 850, , , , , ,000 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 +25,600 Professional & Bus. Services +12,800 Trade, Trans. & Utilities Source: U.S. Bureau of Labor Statistics

11 LVGEA Has Supported Over 19,000 Jobs 6,000 5,679 5,000 4,000 3,000 3,172 3,347 3,260 2,000 1,000 1,314 1,563 0 '12 '13 '14 '15 '16 '17 Source: LVGEA

12 2017 Company Wins +5,679 Jobs

13 Wages and Income are Rising $24 Average Hourly Earnings $23 $22 $23.09 $21 $20 $19 $18 $17 $16 $19.36 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 AVERAGE HOURLY EARNINGS HAVE INCREASED BY NEARLY 20% SINCE JANUARY 2007 Note: Data represent private sector average hourly earnings. Source: U.S. Bureau of Labor Statistics

14 LVGEA: LVGEA: Strategy Nevada s Nevada s 1: Support Largest Largest Pro-Jobs Business Business Policy Organization Strategy Board Members Investors $12.6 B Economic Impact (Since 2012) Partner Organizations Council of Chambers Target Industries

15 LVGEA Ranked Among Top Top 1% 1% of Economic Strategy 1: Support Pro-Jobs Policy of Development Economic Development Organizations Organizations

16 ROI ROI Strategy of of Economic 1: Support Development Pro-Jobs is Policy Rising Rising $1 INVESTED IN LVGEA CREATES OR ADDS $ YEAR ECONOMIC IMPACT

17 Are We Prepared for the Jobs of Tomorrow? Are We Prepared for the Jobs of Tomorrow?

18 Nevada Ranks #2 in Forbes American Dream Index RANK AMERICAN DREAM INDEX (2017) INDEX SCORE THE AMERICAN DREAM INDEX MEASURES CHANGE IN ECONOMIC HEALTH 1 Wyoming Nevada Montana Florida Maine New Mexico Texas Utah North Dakota West Virginia Source: Forbes Source: Forbes

19 LVGEA 50 is Advancing Regional Growth LVGEA Strategy 50 is Strategies1: Advancing Support Pro-Jobs Regional Policy Growth Strategies WORKFORCE DEVELOPMENT TARGET INDUSTRIES STRATEGIC PLAN

20 Population Growth is Strong Clark County Population Clark County Population Growth Millions M 5.0% 4.5% 4.0% 3.5% % 2.5% 2.2% % 1.5% % 0.5% 0.0 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 0.0% '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 Source: U.S. Census Bureau

21 Newcomers are Younger and Wealthier Median Household Income Median Age of Adults $42,603 $42,894 $51, $36,

22 Housing Market is Healthy Ratio of Incomes-to-Home Prices Home Prices Outstripped Incomes Incomes Outstripped Home Prices '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17e Source: Applied Analysis/SalesTraq

23 $13.6 Billion in New Capital Investment is Driving Growth Tourism Non-Tourism Note: Investment total does not include suspended projects or projects with undisclosed cos

24 10. Park MGM (Former Monte Carlo) - $450 M

25 9. 9. Palms Palms Renovation- $485 $485 M Million

26 8. 7. Extreme Sports Park Park - $700 - $700 M Million

27 7. 8. Project Neon Neon - $1 - $1 BBillion

28 6. 6. Switch Switch - $1 - $1.0 B Billion

29 5. 5. Union Union Village Village - $1.2 - $1.2 B Billion Note: Henderson Hospital completed construction in October 2016.

30 4. 4. Convention Center Center Expansion- $1.4 - $1.4 B Billion

31 3. 4. Wynn Wynn Paradise Park- Park $1.5 - $1.5 B Billion

32 2. 2. Las Las Vegas Stadium - $1.9 - $1.9 B Billion

33 1. 1. Resorts World Las Las Vegas - $4.0 - $4.0 Billion Billion

34 How Can we Create More Jobs? How Can We Unlock the Value of More Jobs?

35 Nevada is #3 in Economic Growth Potential #3 Note: The Economic Growth Potential ranking is based on a number of factors, including but not limited to, growth strategies, targeted incentives, workforce training initiatives, high-tech sector development, support for innovation and startups and availability of low-cost energy. RANK STATE 1 Colorado 2 Utah 3 NEVADA 4 Texas 5 North Carolina 6 Ohio 7 Oklahoma 8 New Mexico 9 Louisiana 10 Mississippi Source: Business Facilities 2017

36 Strategy Strategy #11: Support Pro-Jobs Policy - INNOVATIVE INCENTIVES - ENHANCED WORKFORCE & JOB TRAINING PROGRAMS - STABLE FUNDING FOR ECONOMIC DEVLOPMENT PROGRAMS

37 Strategy Strategy 2 : Strengthen Workforce & Strategy #21: Support Strengthen Pro-Jobs Workforce Policy & Education Education ALIGN INVESTMENT & POLICY WITH JOBS OF TOMORROW

38 Strategy #3 Build Globally Competitive Strategy 1: Support Pro-Jobs Policy Transportation Systems - CONNECT CORE ECONOMIC CENTERS - ENHANCE MULTI-MODAL TRANSIT - INTERSTATE 11 - EMBRACE AUTONOMOUS SYSTEMS

39 Strategy 1: Support Pro-Jobs Policy Strategy #3 Build Globally Competitive Transportation Systems

40 Strategy 1: Support Pro-Jobs Policy Strategy #3 Build Globally Competitive Transportation Systems

41 Strategy 1: Support Pro-Jobs Policy Strategy #3 Build Globally Competitive Transportation Systems

42 Strategy 1: Support Pro-Jobs Policy Strategy #3 Build Globally Competitive Transportation Systems

43