The Regional Economy in Perspective. Dr. Joe Turek, Dean School of Business and Economics Lynchburg College February 1, 2012
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1 The Regional Economy in Perspective Dr. Joe Turek, Dean School of Business and Economics Lynchburg College February 1, 2012
2 Distribution of Regional Employment, November 2011 Lynchburg, 33,904, 28.3% Bedford City, 2,544, 2.1% Amherst, 15,256, 12.7% Appomattox, 6,959, 5.8% Bedford County, 34,638, 28.9% Campbell, 26,639, 22.2%
3 Resident % Change (10/10 10/11) Change (10/10 10/11) Unemployment Rate Employment Labor Force Employment Unemployment Unemployment Nov 2010 Nov 2011 Amherst Appomattox Bedford County Campbell Bedford City Lynchburg Lynchburg MSA Virginia US (1000s)
4 Metropolitan Statistical Areas % Change (Nov 2010 Nov 2011) Change (Nov 2010 Nov 11) Labor Force Employment Unemployment Unemployment Blacksburg- Christiansburg-Radford Charlottesville Danville Harrisonburg Kingsport-Bristol Lynchburg Richmond Roanoke Virginia Beach-Norfolk- Newport News Washington-Arlington- Alexandria Winchester
5 EMPLOYMENT BY PLACE OF RESIDENCE 1.50E+08 MSA Employment E E E+08 US Employment E LYNCHBURG MSA NATION
6 LYNCHBURG MSA UNEMPLOYMENT RATE
7 The recession experience: comparing the Lynchburg MSA and the nation 1.480E E E+08 MSA Emploument E E E E+08 US Employment LYNCHBURG MSA NATION
8 Same story: different perspective E E E+08 MSA Emploument E E E E+08 US Employment E E E+08 LYNCHBURG MSA NATION
9 Unemployment Rates Dec 2007 Nov VIRGINIA LYNCHBURG NATION
10 The Lynchburg MSA Labor Market 10 8 Employment Unemployment Rate EMPLOYMENT UNEMPLOYMENT RATE
11 The Lynchburg MSA Labor Market MSA Labor Force
12 Number of Unemployed per Advertised Job Opening Nov-10 Oct-11 Nov-11 Amherst County Appomattox County Bedford City Bedford County Campbell County Lynchburg City REGION
13 MSA Unemployment Rates Nov Washington-Arlington-Alexandria Charlottesville Harrisonburg Winchester Roanoke Lynchburg Virginia Beach-Norfolk-Newport News Blacksburg-Christiansburg-Radford Richmond Kingsport-Bristol-Bristol Danville
14 Number of Unemployed per Advertised Job Opening Nov-10 Oct-11 Nov-11 Blacksburg-Christiansburg-Radford MSA Charlottesville MSA Danville MSA Harrisonburg MSA Lynchburg MSA Richmond MSA Roanoke MSA Virginia Beach-Norfolk-Newport News MSA Winchester, VA-WV MSA
15 OCCUPATIONS RANKED BY NUMBER OF SEEKERS, 12/2/11 LYNCHBURG MSA OCCUPATIONS Seekers LYNCHBURG MSA OCCUPATIONS Seekers Customer Service Representatives 655 First-Line Supervisors of Office/Admin. Support Workers 61 Cashiers 276 Computer Support Specialists 60 Helpers--Production Workers 251 Landscaping and Groundskeeping Workers 59 Office Clerks, General 223 Licensed Practical and Licensed Vocational Nurses 59 Construction Laborers 201 Personal and Home Care Aides 57 Nursing Aides, Orderlies, and Attendants 189 Machinists 57 Laborers and Freight, Stock, and Material Movers 187 Shipping, Receiving, and Traffic Clerks 56 Executive Secretaries and Administrative Assistants 178 Construction Managers 52 Administrative Services Managers 164 Sales Managers 52 Receptionists and Information Clerks 158 Child Care Workers 50 Construction Carpenters 153 Home Health Aides 50 Bookkeeping, Accounting, and Auditing Clerks 114 Automotive Service Technicians and Mechanics 48 Maintenance and Repair Workers, General 114 Sales Reps, Wholesale & Manufacturing 48 First-Line Supervisors of Production Workers 93 Cooks, Restaurant 47 Electricians 85 Data Entry Keyers 46 Accountants 85 Food Service Managers 43 Secretaries, Except Legal, Medical, and Executive 79 Medical Assistants 40 Janitors and Cleaners, Except Maids & Housekeeping 76 Maids and Housekeeping Cleaners 40 Welders, Cutters, and Welder Fitters 74 Food Preparation Workers 39 Inspectors, Testers, Sorters, Samplers, and Weighers 72 First-Line Supervisors of Mechanics, Installers, & Repairers 36 Driver/Sales Workers 67 Painters, Construction and Maintenance 36 Industrial Truck and Tractor Operators 64 Helpers--Installation, Maintenance, and Repair Workers 35 Heating and Air Conditioning Mechanics & Installers 62 Chefs and Head Cooks 34 Truck Drivers, Light or Delivery Services 62 Cooks, Institution and Cafeteria 30
16 Supply/Demand Conditions in Occupations w/ at Least 6 Openings, 12/2/11 OCCUPATIONS IN LYNCHBURG MSA Potential Candidates Job Openings Potential Candidates Per Job Opening Customer Service Representatives Cashiers Nursing Aides, Orderlies, and Attendants Accountants Truck Drivers, Light or Delivery Services Licensed Practical and Licensed Vocational Nurses Sales Managers Office Clerks, General Executive Secretaries and Administrative Assistants Machinists Laborers and Freight, Stock, and Material Movers, Hand Heating and Air Conditioning Mechanics and Installers Cooks, Restaurant Electricians Janitors and Cleaners, Except Maids and Housekeeping Cleaners Personal and Home Care Aides Home Health Aides Maids and Housekeeping Cleaners Chefs and Head Cooks Sales Reps, Wholesale & Manuf., Technical/Scientific Prod
17 ACCRA Cost of Living Index (2011 Q3) MSA Composite Grocery Housing Utilities Transport Health Misc Virginia Beach Charlottesville Winchester Richmond Harrisonburg Blacksburg Staunton Lexington Roanoke Danville Lynchburg
18 REGIONAL WAGE VARIATIONS 2011:2 Average Weekly Wage Rank ACCRA COL Index Rank Real Average Weekly Wage Richmond Charlottesville Virginia Beach Winchester Roanoke Lynchburg Blacksburg Harrisonburg Staunton Danville Martinsville Rank
19 Housing Market Conditions 2010:4 2011:4 % Change Median Sales Price % Change Sales Roanoke/Lynchburg/Blacksburg Greater Richmond Northern Virginia Hampton Roads Southside Virginia Southwest Virginia All of Virginia
20 Number of Building Permits, prelim. (annual totals, 2008 through 2011) % Change Bedford County Campbell Lynchburg
21 New Firm Start-ups, LYNCHBURG MSA VIRGINIA
22 New Firm Start-ups in first 6 months, VIRGINIA LYNCHBURG MSA
23 Taxable Retail Sales % Change 2010:3 2011:3 % Change 2011:2 2011:3 Amherst 55,012, Appomattox 23,208, Bedford County 87,798, Campbell 99,144, Bedford City 19,769, Lynchburg 280,623, REGION 565,557, Virginia 22,668,526,
24 Foreclosures 2011:3 2011:4 % Change Roanoke/Lynchburg/Blacksburg Greater Richmond 2,347 1, Northern Virginia 5,850 4, Hampton Roads 3,279 2, Southside Virginia Southwest Virginia All of Virginia 12,668 9,
25 SCORECARD Employment Growth Cost of Living Relatively high Low Real Average Weekly Wage Relatively low Median Home Sales Price Home Sales +9.8% -2.3% (not just Lynchburg) Building Permits New Firm Start-Ups Down Mixed; most recently, down Taxable Retail Sales -5.7% Foreclosures +11.8%
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