Benton County s Economy: Past and Present Prepared for Benton County Commissioners January 26, 2016
Recent Facts of Benton County Economy Unemployment rate of 4.3%; a decrease of 0.8 percent over the past 12 months. Unemployment rate ranks lowest out of 36 Oregon counties. The county gained back many jobs in 2010 and 2011 that were lost during The Great Recession. Job growth slowed in 2012 and has continued to slow. The county has gained 260 jobs (+0.6%) over the past 12 months. Oregon s employment is up three percent over the past 12 months. Manufacturing has been hard hit during the recession. The sector has stabilized but shed 60 jobs over the past 12 months, down 2 percent. More than 1,500 or one-in-three manufacturing jobs (-34%) have disappeared since August 2007. Benton County surpassed it s pre-recession employment high in the first half of 2014. Employment is currently up 1,550 jobs or 4.0 percent from November 2007. Oregon s economy is up 3.7% Benton County has the 4 th highest average wage of Oregon s 36 counties.
Benton County s unemployment rate is back down in a fairly normal range. 14% Seasonally Adjusted Unemployment Rates US 12% Oregon 10% Benton County 8% 6% 4% 2% 0% Jan-99 Jan-01 Jan-03 Jan-05 Jan-07 Jan-09 Jan-11 Jan-13 Jan-15
Following Benton County s steep job loss in 2008 and 2009, the county had roughly 18 months of steady job gains before growth slowed. Employment is currently four percent above its pre-recession peak. 41,000 Benton County Total Nonfarm Employment (Seasonally Adjusted) 2007-Present 40,000 39,000 38,000 37,000 36,000 35,000 Jan-07 Nov-07 Sep-08 Jul-09 May-10 Mar-11 Jan-12 Nov-12 Sep-13 Jul-14 May-15
Benton County s manufacturing sector has experienced some boom and bust over the past 25 years. 10,000 Benton County Manufacturing: 1990-2015 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0
Despite deep losses in manufacturing, Benton County has managed to show long-term growth. Benton County Total Nonfarm Employment 1990-2015 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0
State education, (Oregon State University), employs one in four workers in Benton County. Benton County Employment: 2014 Other employment (private sector) 17,370 44% Other employment (public sector) 3,590 9% Manufacturing 3,020 8% Health care and social assistance 5,270 13% State education 10,310 26%
Job growth has varied significantly among Benton County s industries since the Great Recession. Benton County Employment Change: November 2007- November 2015 Mining, logging, and construction Manufacturing Trade, transportation, and utilities Information Financial activities Professional and business services Educational and health services Leisure and hospitality Other services Federal government State government Local government - 2,000-1,500-1,000-500 500 1,000 1,500 2,000
Benton County s health care sector has shown the most job growth over the past 12 months. Benton County Over-the-Year Employment Change: Nov. 2014-Nov. 2015 Mining, logging, and construction Manufacturing Trade, transportation, and utilities Information Financial activities Professional and business services Educational and health services Leisure and hospitality Other services Federal government State government Local government -150-100 -50 0 50 100 150 200 250
Manufacturing, Information, Professional & Business Services Have Highest Average Wages Manufacturing $ 77,661 Information $ 67,491 Professional and business services $ 54,212 Government $ 53,794 Education and health services $ 50,380 Financial activities $ 44,660 Construction $ 42,361 Natural resources and mining $ 35,217 Trade, transportation and utilities $ 30,822 Other services Leisure and hospitality $ 15,073 $ 26,895 Source: Quarterly Census of Employment and Wages, 2014 annual.
Percent of U.S. Average Wage The loss of manufacturing jobs in Benton County has led to a significant drop in wages relative to the U.S. 104% Benton County's Average Wage as a Percent of U.S. Average: 1976-2013 102% 100% 98% 96% 94% 92% 90% 88% 86% 84% 1976 1979 1982 1985 1988 1991 1994 1997 2000 2003 2006 2009 2012
Where do Benton County Residents Work? Benton County, OR 53.4% Linn County, OR 12.7% Lane County, OR Marion County, OR Multnomah County, OR Washington County, OR Clackamas County, OR Polk County, OR Lincoln County, OR Jackson County, OR All Other Locations 6.7% 6.1% 4.5% 3.2% 2.3% 1.5% 1.4% 1.1% 7.1% More than half of Benton County s residents also work in Benton County. Source: U.S. Census Bureau, Local Employment Dynamics Program, 2013. This data does not include the self employed or those jobs not covered by unemployment insurance.
Benton County has a large share of college graduates. However, a high education level doesn t always translate to high wages. Metro Area Education Ranking of U.S. MSAs Percent with Bachelor's Degre or Higher Ranking of Average Wage 2010 Average Wage Boulder, CO Metro Area 1 57.0% 13 $ 53,815 Ann Arbor, MI Metro Area 2 50.8% 52 $ 46,053 Ithaca, NY Metro Area 3 49.7% 150 $ 40,717 Lawrence, KS Metro Area 4 48.3% 358 $ 32,318 Corvallis, OR Metro Area 5 47.9% 174 $ 39,869 Ames, IA Metro Area 6 47.2% 291 $ 35,627 Washington-Arlington-Alexandria, DC-VA-MD-WV Metro Area 7 47.1% 4 $ 66,682 Iowa City, IA Metro Area 8 45.5% 249 $ 37,027 San Jose-Sunnyvale-Santa Clara, CA Metro Area 9 44.5% 1 $ 89,395 Columbia, MO Metro Area 10 43.6% 285 $ 35,754
Jobs projected to grow by 12 percent between 2012 and 2022 within region with Professional Services, Health Care leading growth 2012-2022 Industry Employment Forecast Benton, Lincoln, and Linn 2012 2022 Change % Change Total payroll employment 96,970 108,740 11,770 12% Natural resources and mining 4,010 4,590 580 14% Construction 3,320 4,210 890 27% Manufacturing 10,990 11,950 960 9% Trade, transportation, and utilities 15,400 16,820 1,420 9% Retail trade 10,650 11,600 950 9% Transportation, warehousing, and utilities 3,410 3,840 430 13% Information 1,280 1,300 20 2% Financial activities 3,330 3,740 410 12% Professional and business services 8,030 10,050 2,020 25% Private educational and health services 12,110 14,230 2,120 18% Health care and social assistance 11,130 13,090 1,960 18% Leisure and hospitality 10,640 11,920 1,280 12% Accommodation and food services 9,590 10,710 1,120 12% Other services 3,050 3,400 350 11% Government 24,810 26,530 1,720 7% Federal government 1,260 1,200-60 -5% State government 12,680 13,830 1,150 9% Local government 10,870 11,500 630 6% Construction, professional and business services projected to grow at the fastest rate; Educational and health services projected to add most jobs
Jobs Projected to Have the Most Openings from 2012 to 2022 in Linn-Benton-Lincoln area Job Title Projected Openings Retail Salespersons 1,472 Combined Food Preparation and Serving Workers, Including Fast Food 1,229 Cashiers 1,087 Waiters and Waitresses 923 Education, Training, and Library Workers, All Other 753 Office Clerks, General 605 Laborers and Freight, Stock, and Material Movers, Hand 524 Registered Nurses 493 Truck Drivers, Heavy and Tractor-Trailer 479 Postsecondary Teachers, Except Graduate Teaching Assistants 420
High-wage Jobs Projected to Have the Most Openings in Linn-Benton-Lincoln area Job Title Openings Average Wage Registered Nurses 493 $36.50 Truck Drivers, Heavy and Tractor-Trailer 479 $19.40 Postsecondary Teachers, Except Graduate Teaching Assistants 420 $88,515.08 General and Operations Managers 352 $37.99 Maintenance and Repair Workers, General 334 $17.76 Supervisors and Managers of Office and Administrative Support Workers 247 $21.37 Accountants and Auditors 240 $26.42 Elementary School Teachers, Except Special Education 237 $50,586.00 Biological Technicians 236 $17.05 Secondary School Teachers, Except Special and Career/Technical Education 216 $49,149.07
Questions?
For more information contact us: Patrick O Connor, Regional Economist Email: Patrick.S.Oconnor@Oregon.gov Phone: 503.400.4374 Shawna Sykes, Workforce Analyst Email: Shawna.L.Sykes@Oregon.gov Phone: 503.396.7355 To find this presentation online, go to www.qualityinfo.org and use the search box to look up my name Join the conversation: OregonEmployment.blogspot.com Twitter @OrEmployment
About Benton County s Population
Benton County Snapshot Population up 1.4% (1,265 people) from 2014 to 2015, grew slightly higher than state (1.3%) About 60 percent of population 16 and over are in the labor force About 19 percent of population live in poverty, higher than U.S. (14.8%) and Oregon (16.6%) Approximately 5,300 veterans About 9 percent of population is foreign born, lower than Oregon (9.8%) and the U.S. (13.1%) About 7 percent of population under 65 has a disability Median value of owner-occupied housing of $268,400 is higher than Oregon ($234,100) and U.S. ($175,700)
Benton County Population by Age 55 to 64 years 13% 65 and over 13% 19 and under 24% 35 to 54 years 21% 20 to 34 years 29% Source: U.S. Census Bureau, American Community Survey, 2010-2014 estimates.
Median Age by City 44.3 45.4 38.9 32.4 26.6 30.4 34.7 Oregon Benton County Corvallis Adair Village Philomath Monroe North Albany Source: U.S. Census American Community Survey, 2010-2014 estimates.
Monroe and Corvallis Have Lowest Median Household Income, North Albany Highest $81,171 $49,338 $58,542 $55,176 $40,425 $37,576 Benton County North Albany Adair Village Philomath Corvallis Monroe Source: U.S. Census Bureau, American Community Survey, 2010-2014 estimates.
Philomath, North Albany Have Most Self Employed Self Employment by City Oregon 12% Benton County 10% Philomath 13% North Albany 9% Corvallis 8% Adair Village Monroe 4% 6% Source: U.S. Census Bureau, American Community Survey, includes percentage of self employed in own incorporated and unincorporated business, 2010-2014 estimates.
Oregon Benton County Benton Population Much More Highly Educated than Oregonians Statewide 24.5% 26.6% 21.2% 18.9% 28.0% 23.4% 15.0% 11.2% 6.5% 8.2% 7.0% 4.1% 2.0% 3.4% Less than 9th grade 9th to 12th grade, no diploma High school graduate (includes equivalency) Some college, no degree Associate's degree Bachelor's degree Graduate or professional degree
30% Percentage of Population Age 25 & Older With a Bachelor's Degree or Higher Education 51% 59% 49% 43% 41% More college grads in Corvallis, North Albany than other areas 6% Oregon Benton County Corvallis North Albany Adair Village Philomath Monroe Source: U.S. Census Bureau American Community Survey, 2010-2014 estimates.
For more information contact us: Patrick O Connor, Regional Economist Email: Patrick.S.Oconnor@Oregon.gov Phone: 503.400.4374 Shawna Sykes, Workforce Analyst Email: Shawna.L.Sykes@Oregon.gov Phone: 503.396.7355 To find this presentation online, go to www.qualityinfo.org and use the search box to look up my name Join the conversation: OregonEmployment.blogspot.com Twitter @OrEmployment