the role of lmi in the development of sector strategies: nevada’s experience presented to the...
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The Role of LMI in the Development of Sector Strategies: Nevada’s Experience
Presented to the Workforce Information in Regional Economic Development Conference
April 2008
Department of Employment, Training and Rehabilitation
Larry J. Mosley, Director
Research and Analysis Bureau
Bill Anderson, Chief Economist
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Nevada's Population
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07
0%
1%
2%
3%
4%
5%
6%
7%
8%
pop % growth
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0%
1%
2%
3%
4%
5%
6%
7%
99 00 01 02 03 04 05 06 07 08YTD
Nevada Job Growth(2008 YTD through February)
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Nevada Unemployment Rate(seasonally adjusted)
0%
1%
2%
3%
4%
5%
6%
7%
99 00 01 02 03 04 05 06 07 08
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0
5,000
10,000
15,000
20,000
25,000
J F M A M J J A S O N D
Nevada Initial Claims for Unemployment Insurance: 2008 vs. 2007
2007 2008
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-15%
-10%
-5%
0%
5%
10%
15%
J F M A M J J A S O N D
Nevada Gaming Win Growth: 2008 vs. 2007
2007 2008
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-6%
-4%
-2%
0%
2%
4%
6%
J F M A M J J A S O N D
Nevada Taxable Sales Growth: 2008 vs. 2007
2007 2008
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-60%
-50%
-40%
-30%
-20%
-10%
0%
J F M A M J J A S O N D
Southern Nevada New Home Closings Growth: 2008 vs. 2007
2007 2008
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-20%
-15%
-10%
-5%
0%
5%
10%
15%
J F M A M J J A S O N D
Southern Nevada New Home Median Price Growth: 2008 vs. 2007
2007 2008
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-50%
-40%
-30%
-20%
-10%
0%
J F M A M J J A S O N D
Southern Nevada Recorded Resales Growth: 2008 vs. 2007
2007 2008
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Time Magazine
Article: “Snake Eyes in Las Vegas”There’s not enough “suckers” for casinos in
Las Vegas
1938
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Los Angeles Times
Headline: “Boom Town Expired with a Sob and Groan”
1905
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Nevada Job Growth vs. Megaresort Openings
-40,000
-20,000
0
20,000
40,000
60,000
80,000
100,000
91 98 05
Luxor, TI, MGM
Monte Carlo,NY/NY
Bellagio, Mandalay Bay, Venetian, Paris, Alladin
The Wynn
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Major New Properties
• Palazzo…January 2008 (4,600 jobs)
• Encore…December 2008 (5,100 jobs)
• Fontainebleau…Fall 2009 (5,800 jobs)
• City Center…November 2009 (12,700 jobs)
• Cosmopolitan…Late-2009 (4,500 jobs)
• Echelon Place…2010:IVQ (9,500 jobs)
• Plaza Hotel…2012 (6,300 jobs)
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0%
1%
2%
3%
4%
5%
6%
7%
99 00 01 02 03 04 05 06 07 08 09 10
Nevada Job Growth: History and Forecast
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Forecast Highlights
• 145,000 new jobs through 2010• Leisure and hospitality growth peaks at
8.5% (surpasses 400,000)• Construction job growth approaches 5% by
end of forecast period• Financial services job growth surpasses 3%
in 2010• 1,500 new mining jobs
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Team Nevada…
• Vision—A prepared workforce with skills, education, and training to fulfill businesses’ demands
• Mission Statement—Develop a holistic workforce development system that improves job training and prepared participants to fill demand-driven occupations
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Team Nevada…• Focus—Strategically develop and implement a
network of businesses, educational institutions, government, and community organizations that will work together to accommodate workforce demands
• Members—DETR, SWIB, local WIBs, Governor’s Office, University System, Legislators, Economic Development Commission, Dept. of Health and Human Services, gaming industry, manufacturing sector, etc.
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LMI
IndustrySector
Strategies
Partners &Stakeholders
SWIB
Worker &JobseekerServices
SpecialPopulationStrategies
Community/Faith-BasedSrv. Prov.
Business &EmployerServices
Demand-DrivenWorker Pipeline
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Targeted Demand-Driven Industry Sectors
• Gaming and Hospitality (340,000 jobs)
• Healthcare Services (85,000 jobs)
• Retail and Support Services (140,000 jobs)
• Manufacturing (50,000 jobs)
• Construction (135,000 jobs)
• Mining (12,000 jobs)
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Team Nevada LMI Needs (General)
• Workforce Demographics…easy• Goods and Service Producing Industries…
easy• Available Labor Force…somewhat difficult
for Nevada• Current and Future Economic Impact
Data…requires impact modeling capabilities
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Team Nevada LMI Products/Services…
• Regional/Sectoral Periodic Briefing Books• Sector and Occupational Profiles
– better incorporate occupational information into analyses
• Sector/Industry Research Projects• A More Timely and Useful Projections Cycle• Economic Impact Analyses using REMI (also
useful for profiles and research)• Survey Products (vacancies, identification of sector
issues, etc.)…requires funding
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Team Nevada LMI Products/Services…
• Support for Business Advisory Groups
• Support for Roundtable-Type Meetings
• Public Relations
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Contact Information
Nevada Dept. of Employment, Training and Rehabilitation
Research and Analysis Bureau(775) 684-0450
Bill Anderson, Chief Economist(775) 684-0387
http://www.nevadaworkforce.com