economic overview charlotte-concord-gastonia, … median household incomein the...

Economic Overview

Charlotte-Concord-Gastonia, NC-SC MSA

October 27, 2017

Source: JobsEQ®, http://www.chmuraecon.com/jobseq Copyright ©2017 Chmura Economics & Analytics, All Rights Reserved.

2

DEMOGRAPHIC PROFILE ............................................................................................................................................................3

EMPLOYMENT TRENDS ..............................................................................................................................................................5

UNEMPLOYMENT RATE .............................................................................................................................................................5

WAGE TRENDS ..........................................................................................................................................................................6

COST OF LIVING INDEX ..............................................................................................................................................................6

INDUSTRY SNAPSHOT ................................................................................................................................................................7

OCCUPATION SNAPSHOT ..........................................................................................................................................................9

INDUSTRY CLUSTERS ............................................................................................................................................................... 12

EDUCATION LEVELS ................................................................................................................................................................. 12

GROSS DOMESTIC PRODUCT ................................................................................................................................................... 13

REGION DEFINITION ................................................................................................................................................................ 14

FAQ ......................................................................................................................................................................................... 15

http://www.chmuraecon.com/jobseq



3

Demographic Profile In 2016, the population in the Charlotte-Concord-Gastonia, NC-SC MSA was 2,474,314. Between 2006 and 2016, the region’s population grew at an annual average rate of 2.1%.

The region has a civilian labor force of 1,223,633 with a participation rate of 67.2%. Of individuals 25 to 64 in the Charlotte-Concord-Gastonia, NC-SC MSA, 34.4% have a bachelor’s degree or higher which compares with 28.2% in the nation.

The median household income in the Charlotte-Concord-Gastonia, NC-SC MSA is $53,076 and the median house value is $166,000.

Summary1

Percent Value

Charlotte-Concord-Gastonia,

NC-SC MSA

Mecklenburg County, North

Carolina

Charlotte Regional

Collaborative


NC-SC MSA


Carolina

Charlotte Regional

Collaborative

Demographics Population6 — — — 2,474,314 1,054,835 4,410,640 Population Annual Average Growth6 2.1% 2.4% 1.5% 46,508 22,333 61,398 Median Age2,4 — — — 36.3 33.9 37.6 Under 18 Years4 25.6% 25.4% 24.6% 567,751 233,338 1,004,131 18 to 24 Years4 8.8% 9.6% 9.1% 194,255 88,502 370,505 25 to 34 Years4 13.9% 16.8% 12.9% 307,124 154,170 528,079 35 to 44 Years4 15.4% 15.8% 14.6% 341,856 145,720 594,260 45 to 54 Years4 14.5% 13.8% 14.6% 322,412 126,985 596,114 55 to 64 Years4 10.9% 9.8% 11.8% 242,659 89,800 480,118 65 to 74 Years4 6.3% 5.0% 7.2% 138,832 45,559 291,940 75 Years, and Over4 4.6% 3.9% 5.3% 102,123 35,554 217,892 Race: White4 68.2% 55.3% 72.4% 1,511,540 508,946 2,957,679 Race: Black or African American4 21.9% 30.8% 19.2% 484,459 282,804 784,772 Race: American Indian and Alaska Native4 0.5% 0.5% 0.4% 10,155 4,261 16,813 Race: Asian4 2.7% 4.6% 2.2% 60,359 42,352 90,789 Race: Native Hawaiian and Other Pacific Islander4 0.1% 0.1% 0.0% 1,116 668 2,036 Race: Some Other Race4 4.6% 6.2% 3.8% 102,531 57,113 153,436 Race: Two or More Races4 2.1% 2.6% 1.9% 46,852 23,484 77,514 Hispanic or Latino (of any race)4 9.1% 12.2% 7.5% 202,543 111,944 304,273 Economic Labor Force Participation Rate and Size (civilian population 16 years and over) 67.2% 71.7% 63.6% 1,223,633 551,638 2,123,998

Armed Forces Labor Force 0.1% 0.1% 0.1% 1,204 615 2,138 Veterans, Age 18-64 5.6% 4.7% 5.6% 81,968 30,623 148,358 Median Household Income2 — — — $53,076 $56,854 $48,709 Per Capita Income — — — $28,946 $33,169 $26,180




4

Summary1

Percent Value


NC-SC MSA


Carolina

Charlotte Regional

Collaborative


NC-SC MSA


Carolina

Charlotte Regional

Collaborative

Poverty Level (of all people) 14.9% 15.2% 16.4% 343,743 148,326 678,517 Households Receiving Food Stamps 12.8% 12.2% 14.0% 111,945 46,447 224,204 Mean Commute Time (minutes) — — — 26.0 25.3 24.7 Commute via Public Transportation 1.8% 3.4% 1.2% 19,275 16,606 21,953 Union Membership3 3.9% 3.7% 3.0% — — — Educational Attainment, Age 25-64 No High School Diploma 11.0% 9.9% 12.6% 140,010 55,161 284,131 High School Graduate 23.5% 17.9% 26.4% 297,590 99,241 594,551 Some College, No Degree 21.9% 20.4% 21.8% 278,152 113,199 491,593 Associate's Degree 9.2% 7.6% 9.7% 116,276 42,319 218,452 Bachelor's Degree 23.8% 30.0% 20.0% 302,237 166,863 451,544 Postgraduate Degree 10.6% 14.2% 9.4% 134,531 78,888 212,250 Housing Total Housing Units — — — 961,994 412,598 1,804,313 Median House Value (of owner-occupied units)2 — — — $166,000 $184,800 $148,613 Homeowner Vacancy 2.0% 1.7% 2.0% 11,556 3,723 22,552 Rental Vacancy 6.3% 5.4% 6.9% 20,261 9,403 39,389 Renter-Occupied Housing Units (% of Occupied Units) 34.2% 42.5% 32.6% 298,305 161,475 521,120 Occupied Housing Units with No Vehicle Available (% of Occupied Units) 5.8% 6.9% 6.3% 50,662 26,228 100,460

Social Enrolled in Grade 12 (% of total population) 1.4% 1.3% 1.3% 32,415 13,259 56,678 Disconnected Youth5 3.3% 2.4% 3.6% 4,093 1,226 8,122 Children in Single Parent Families (% of all children) 34.7% 36.7% 35.8% 192,211 86,501 342,237 With a Disability, Age 18-64 9.7% 7.6% 11.3% 141,750 49,335 295,813 With a Disability, Age 18-64, Labor Force Participation Rate and Size 41.6% 48.0% 36.9% 58,990 23,704 109,277

Foreign Born 9.5% 14.3% 7.5% 221,569 141,983 319,603 Speak English Less Than Very Well (population 5 yrs and over) 5.6% 8.5% 4.6% 122,616 78,538 181,290

Source: JobsEQ® 1. ACS 2011-2015, unless noted otherwise 2. Median values for certain aggregate regions (such as MSAs) may be estimated as the weighted averages of the median values from the composing counties. 3. 2016; Current Population Survey, unionstats.com, and Chmura; county- and zip-level data are best estimates based upon industry-, MSA-, and state-level data 4. Census 2010 5. Disconnected Youth are 16-19 year olds who are (1) not in school, (2) not high school graduates, and (3) either unemployed or not in the labor force. 6. Census 2016, annual average growth rate since 2006





5

Employment Trends As of 2017Q2, total employment for the Charlotte-Concord-Gastonia, NC-SC MSA was 1,226,567 (based on a four-quarter moving average). Over the year ending 2017Q2, employment increased 1.9% in the region.

Employment data are derived from the Quarterly Census of Employment and Wages, provided by the Bureau of Labor Statistics and imputed where necessary. Data are updated through 2016Q4 with preliminary estimates updated to 2017Q2.

Unemployment Rate The seasonally adjusted unemployment rate for the Charlotte-Concord-Gastonia, NC-SC MSA was 3.9% as of August 2017. The regional unemployment rate was lower than the national rate of 4.5%. One year earlier, in August 2016, the unemployment rate in the Charlotte-Concord-Gastonia, NC-SC MSA was 4.7%.

Unemployment rate data are from the Local Area Unemployment Statistics, provided by the Bureau of Labor Statistics and updated through August 2017.




6

Wage Trends The average worker in the Charlotte-Concord-Gastonia, NC-SC MSA earned annual wages of $53,393 as of 2017Q2. Average annual wages per worker increased 2.1% in the region during the preceding four quarters. For comparison purposes, annual average wages were $54,335 in the nation as of 2017Q2.

Annual average wages per worker data are derived from the Quarterly Census of Employment and Wages, provided by the Bureau of Labor Statistics and imputed where necessary. Data are updated through 2016Q4 with preliminary estimates updated to 2017Q2.

Cost of Living Index The Cost of Living Index estimates the relative price levels for consumer goods and services. When applied to wages and salaries, the result is a measure of relative purchasing power. The cost of living is 5.3% lower in Charlotte-Concord-Gastonia, NC-SC MSA than the U.S. average.

Cost of Living Information

Annual Average Salary Cost of Living Index (Base US) US Purchasing Power

Charlotte-Concord-Gastonia, NC-SC MSA $53,393 94.7 $56,381 Mecklenburg County, North Carolina $61,825 96.7 $63,952 Charlotte Regional Collaborative $48,373 94.0 $51,437 USA $53,284 100.0 $53,284

Source: JobsEQ® Data as of 2017Q2 Cost of Living per C2ER, data as of 2017q1, imputed by Chmura where necessary.





7

Industry Snapshot The largest sector in the Charlotte-Concord-Gastonia, NC-SC MSA is Health Care and Social Assistance, employing 139,329 workers. The next-largest sectors in the region are Retail Trade (133,124 workers) and Accommodation and Food Services (108,063). High location quotients (LQs) indicate sectors in which a region has high concentrations of employment compared to the national average. The sectors with the largest LQs in the region are Management of Companies and Enterprises (LQ = 2.20), Finance and Insurance (1.49), and Wholesale Trade (1.26).

Employment data are derived from the Quarterly Census of Employment and Wages, provided by the Bureau of Labor Statistics and imputed where necessary. Data are updated through 2016Q4 with preliminary estimates updated to 2017Q2.

Sectors in the Charlotte-Concord-Gastonia, NC-SC MSA with the highest average wages per worker are Management of Companies and Enterprises ($114,841), Finance and Insurance ($106,339), and Utilities ($99,684). Regional sectors with the best job growth (or most moderate job losses) over the last 5 years are Professional, Scientific, and Technical Services (+21,865 jobs), Accommodation and Food Services (+21,020), and Retail Trade (+16,975).

Over the next 10 years, employment in the Charlotte-Concord-Gastonia, NC-SC MSA is projected to expand by 181,382 jobs. The fastest growing sector in the region is expected to be Health Care and Social Assistance with a +2.4% year-over-year rate of growth. The strongest forecast by number of jobs over this period is expected for Health Care and Social Assistance (+36,969 jobs), Professional, Scientific, and Technical Services (+19,937), and Administrative and Support and Waste Management and Remediation Services (+17,504).




8

Current Historical Forecast

Four Quarters Ending with

2017q2

Total Change over the

Last 5 Years

Average Annual % Change in Employment 2012q2-2017q2 Over the Next 10 Years

NAICS Industry Empl Avg.

Annual Wages

Location Quotient Empl


NC-SC MSA

Mecklenburg

County, North

Carolina

Charlotte Regional Collabora

tive

Total Approx

Repl Demand

Total Growth Demand

Avg. Annual Growth Percent

11 Agriculture, Forestry, Fishing and Hunting 6,245 $40,011 0.35 -1 0.0% 2.6% -0.1% 2,209 96 0.2%

21 Mining, Quarrying, and Oil and Gas Extraction 659 $65,718 0.13 77 2.5% 4.4% 1.6% 164 40 0.6%

22 Utilities 4,744 $99,684 0.73 121 0.5% 2.1% -0.1% 1,204 -40 -0.1% 23 Construction 73,681 $54,722 1.09 16,730 5.3% 6.4% 4.7% 15,850 16,141 2.0% 31 Manufacturing 106,570 $57,723 1.06 9,919 2.0% 0.9% 1.8% 24,535 -1,552 -0.1% 42 Wholesale Trade 60,568 $68,120 1.26 8,826 3.2% 3.1% 2.8% 14,206 8,673 1.3% 44 Retail Trade 133,124 $29,075 1.01 16,975 2.8% 3.2% 2.4% 43,472 16,483 1.2%

48 Transportation and Warehousing 57,431 $50,709 1.12 13,977 5.7% 4.9% 4.9% 15,463 4,442 0.7%

51 Information 29,030 $85,941 1.19 4,284 3.2% 3.4% 2.5% 7,336 3,084 1.0% 52 Finance and Insurance 72,565 $106,339 1.49 9,400 2.8% 3.4% 2.5% 18,368 12,037 1.5%

53 Real Estate and Rental and Leasing 20,517 $60,956 0.99 4,346 4.9% 4.9% 4.2% 4,856 2,870 1.3%

54 Professional, Scientific, and Technical Services 81,892 $78,640 1.01 21,865 6.4% 5.9% 5.3% 18,718 19,937 2.2%

55 Management of Companies and Enterprises

39,515 $114,841 2.20 7,084 4.0% 3.4% 3.4% 8,849 4,989 1.2%

56 Administrative and Support and Waste Management and Remediation Services

93,543 $38,571 1.18 10,790 2.5% 2.9% 2.6% 22,693 17,504 1.7%

61 Educational Services 75,193 $41,115 0.74 2,405 0.7% -0.2% 0.5% 16,573 9,367 1.2%

62 Health Care and Social Assistance 139,329 $52,852 0.80 13,532 2.1% 3.3% 2.2% 29,833 36,969 2.4%

71 Arts, Entertainment, and Recreation 29,973 $43,200 1.23 6,480 5.0% 4.7% 4.6% 9,739 4,651 1.5%

72 Accommodation and Food Services 108,063 $18,082 0.98 21,020 4.4% 3.9% 3.7% 40,041 14,561 1.3%

81 Other Services (except Public Administration) 53,877 $30,260 0.99 5,824 2.3% 3.4% 1.3% 14,303 7,217 1.3%

92 Public Administration 40,049 $49,885 0.68 2,922 1.5% 1.6% 0.9% 10,114 3,912 0.9% 99 Unclassified 0 n/a 0.00 -3 n/a n/a n/a 0 0

Total - All Industries 1,226,567 $53,393 1.00 176,572 3.2% 3.5% 2.6% 317,823 181,382 1.4% Source: JobsEQ® Employment data are derived from the Quarterly Census of Employment and Wages, provided by the Bureau of Labor Statistics and imputed where necessary. Data are updated through 2016Q4 with preliminary estimates updated to 2017Q2. Forecast employment growth uses national projections adapted for regional growth patterns.





9

Occupation Snapshot The largest major occupation group in the Charlotte-Concord-Gastonia, NC-SC MSA is Office and Administrative Support Occupations, employing 187,280 workers. The next-largest occupation groups in the region are Sales and Related Occupations (139,000 workers) and Food Preparation and Serving Related Occupations (103,003). High location quotients (LQs) indicate occupation groups in which a region has high concentrations of employment compared to the national average. The major groups with the largest LQs in the region are Computer and Mathematical Occupations (LQ = 1.21), Business and Financial Operations Occupations (1.20), and Transportation and Material Moving Occupations (1.13).

Occupation groups in the Charlotte-Concord-Gastonia, NC-SC MSA with the highest average wages per worker are Management Occupations ($129,100), Legal Occupations ($109,500), and Computer and Mathematical Occupations ($86,600). The unemployment rate in the region varied among the major groups from 0.9% among Legal Occupations to 7.4% among Food Preparation and Serving Related Occupations.

Over the next 10 years, the fastest growing occupation group in the Charlotte-Concord-Gastonia, NC-SC MSA is expected to be Healthcare Support Occupations with a +2.9% year-over-year rate of growth. The strongest forecast by number of jobs over this period is expected for Office and Administrative Support Occupations (+19,540 jobs) and Sales and Related Occupations (+18,553). Over the same period, the highest replacement demand (occupation demand due to retirements and workers moving from one occupation to another) is expected in Sales and Related Occupations (45,367 jobs) and Office and Administrative Support Occupations (43,631).

Occupation Snapshot in Charlotte-Concord-Gastonia, NC-SC MSA


Four Quarters Ending with 2017q2 2017q2


Last 5 Years

Avg Ann % Chg in Empl 2012q2-2017q2 Over the Next 10 Years

SOC Title Empl Avg.

Annual Wages1

LQ Unempl Unempl Rate Empl

Charlotte-

Concord-Gastonia, NC-SC

MSA

Mecklenburg

County, North

Carolina

Charlotte

Regional Collabor

ative

Current Online

Job Ads2

Total Repl

Demand

Total Growth Demand


11-0000

Management Occupations 71,890 $129,100 0.97 1,129 1.6% 10,571 3.2% 3.5% 2.6% 6,145 23,513 11,231 1.5%

13-0000

Business and Financial Operations Occupations

75,265 $77,800 1.20 2,269 3.1% 12,323 3.6% 3.6% 3.2% 5,134 18,225 15,232 1.9%

15-0000

Computer and Mathematical Occupations

43,008 $86,600 1.21 1,149 2.7% 10,241 5.6% 5.9% 4.9% 9,914 7,004 10,066 2.1%

17-0000

Architecture and Engineering Occupations

18,131 $79,400 0.87 539 2.9% 2,309 2.8% 2.1% 2.3% 1,315 4,858 2,286 1.2%

19-0000

Life, Physical, and Social Science Occupations

6,337 $66,000 0.62 208 3.1% 1,061 3.7% 3.7% 2.8% 533 2,101 1,198 1.7%

21-0000

Community and Social Service Occupations 15,112 $45,600 0.77 165 1.1% 1,142 1.6% 2.7% 1.2% 586 3,535 2,804 1.7%

23-0000 Legal Occupations 8,503 $109,500 0.84 72 0.9% 859 2.2% 2.2% 1.6% 283 1,820 1,418 1.6%




10

Occupation Snapshot in Charlotte-Concord-Gastonia, NC-SC MSA


Four Quarters Ending with 2017q2 2017q2


Last 5 Years

Avg Ann % Chg in Empl 2012q2-2017q2 Over the Next 10 Years

SOC Title Empl Avg.

Annual Wages1

LQ Unempl Unempl Rate Empl

Charlotte-

Concord-Gastonia, NC-SC

MSA

Mecklenburg

County, North

Carolina

Charlotte

Regional Collabor

ative

Current Online

Job Ads2

Total Repl

Demand

Total Growth Demand


25-0000

Education, Training, and Library Occupations

55,565 $42,200 0.80 1,417 2.5% 2,135 0.8% 0.1% 0.6% 1,587 12,680 7,714 1.3%

27-0000

Arts, Design, Entertainment, Sports, and Media Occupations

20,439 $53,100 0.93 707 3.5% 2,510 2.7% 2.8% 1.8% 986 7,585 2,455 1.1%

29-0000

Healthcare Practitioners and Technical Occupations

61,324 $79,900 0.88 767 1.2% 5,582 1.9% 3.0% 1.8% 3,315 14,295 13,939 2.1%

31-0000

Healthcare Support Occupations 29,650 $28,200 0.86 1,300 4.3% 3,257 2.4% 3.4% 2.1% 1,276 7,008 9,697 2.9%

33-0000

Protective Service Occupations 26,872 $36,200 1.02 1,018 3.8% 3,324 2.7% 3.5% 2.1% 478 6,726 3,444 1.2%

35-0000

Food Preparation and Serving Related Occupations

103,003 $22,000 0.98 7,867 7.4% 18,990 4.2% 3.7% 3.4% 5,318 41,798 14,322 1.3%

37-0000

Building and Grounds Cleaning and Maintenance Occupations

39,668 $25,200 0.92 2,158 5.4% 3,729 2.0% 1.9% 1.6% 1,604 9,562 5,851 1.4%

39-0000

Personal Care and Service Occupations 40,909 $25,000 0.86 1,845 4.5% 5,527 2.9% 3.3% 2.7% 1,442 13,670 8,535 1.9%

41-0000

Sales and Related Occupations 139,000 $44,600 1.10 6,502 4.7% 19,694 3.1% 3.5% 2.7% 11,332 45,367 18,553 1.3%

43-0000

Office and Administrative Support Occupations

187,280 $36,700 1.03 7,665 4.1% 27,223 3.2% 3.5% 2.8% 6,751 43,631 19,540 1.0%

45-0000

Farming, Fishing, and Forestry Occupations 2,879 $30,800 0.36 184 6.0% 146 1.0% 3.0% 0.8% 20 1,160 84 0.3%

47-0000

Construction and Extraction Occupations

56,053 $38,000 1.02 3,488 6.2% 11,331 4.6% 5.6% 4.1% 1,486 10,854 11,721 1.9%

49-0000

Installation, Maintenance, and Repair Occupations

50,752 $46,100 1.09 1,895 3.8% 8,443 3.7% 4.4% 3.0% 3,277 13,232 7,679 1.4%

51-0000

Production Occupations 81,362 $36,400 1.09 4,341 5.2% 8,024 2.1% 2.1% 1.9% 2,548 22,924 1,873 0.2%

53-0000

Transportation and Material Moving Occupations

93,562 $34,400 1.13 5,651 6.0% 18,151 4.4% 4.2% 3.8% 4,547 26,324 11,740 1.2%

00-0000 Total - All Occupations 1,226,56

7 $48,500 1.00 n/a n/a 176,572 3.2% 3.5% 2.6% 69,972 337,871 181,381 1.4% Source: JobsEQ® Data as of 2017Q2 unless noted otherwise Note: Figures may not sum due to rounding. 1. Occupation wages are as of 2016 and should be taken as the average for all Covered Employment 2. Data represent found online ads active within the last thirty days in any zip code intersecting or within the selected region; data represents a sampling rather than the complete universe of postings.





11

Occupation employment data are estimated via industry employment data and the estimated industry/occupation mix. Industry employment data are derived from the Quarterly Census of Employment and Wages, provided by the Bureau of Labor Statistics and currently updated through 2016Q4, imputed where necessary with preliminary estimates updated to 2017Q2. Wages by occupation are as of 2016 provided by the BLS and imputed where necessary. Forecast employment growth uses national projections from the Bureau of Labor Statistics adapted for regional growth patterns.




12

Industry Clusters A cluster is a geographic concentration of interrelated industries or occupations. The industry cluster in the Charlotte-Concord-Gastonia, NC-SC MSA with the highest relative concentration is Textile/Leather with a location quotient of 2.52. This cluster employs 8,269 workers in the region with an average wage of $39,424. Employment in the Textile/Leather cluster is projected to contract in the region about 2.4% per year over the next ten years.

Location quotient and average wage data are derived from the Quarterly Census of Employment and Wages, provided by the Bureau of Labor Statistics, imputed where necessary, and updated through 2016Q4 with preliminary estimates updated to 2017Q2. Forecast employment growth uses national projections from the Bureau of Labor Statistics adapted for regional growth patterns.

Education Levels Expected growth rates for occupations vary by the education and training required. While all employment in the Charlotte-Concord-Gastonia, NC-SC MSA is projected to grow 1.4% over the next ten years, occupations typically requiring a postgraduate degree are expected to grow 2.0% per year, those requiring a bachelor’s degree are forecast to grow 1.7% per year, and occupations typically needing a 2-year degree or certificate are expected to grow 1.7% per year.

Employment by occupation data are estimates are as of 2017Q2. Education levels of occupations are based on BLS assignments. Forecast employment growth uses national projections from the Bureau of Labor Statistics adapted for regional growth patterns.




13

Gross Domestic Product Gross Domestic Product (GDP) is the total value of goods and services produced by a region. In 2016, nominal GDP in the Charlotte-Concord-Gastonia, NC-SC MSA expanded 5.1%. This follows growth of 6.8% in 2015. As of 2016, total GDP in the Charlotte-Concord-Gastonia, NC-SC MSA was $154,081,646,000.

Gross Domestic Product data are provided by the Bureau of Economic Analysis, imputed by Chmura where necessary, updated through 2016.

Of the sectors in the Charlotte-Concord-Gastonia, NC-SC MSA, Finance and Insurance contributed the largest portion of GDP in 2016, $21,375,718,000 The next-largest contributions came from Real Estate and Rental and Leasing ($20,327,300,000); Manufacturing ($19,804,013,000); and Health Care and Social Assistance ($12,308,386,000).

Gross Domestic Product data are provided by the Bureau of Economic Analysis, imputed by Chmura where necessary, updated through 2016.




14

Region Definition Charlotte-Concord-Gastonia, NC-SC MSA is defined as the following counties: Cabarrus County, North Carolina; Gaston County, North Carolina; Iredell County, North Carolina; Lincoln County, North Carolina; Mecklenburg County, North Carolina; Rowan County, North Carolina; Union County, North Carolina; Chester County, South Carolina; Lancaster County, South Carolina; York County, South Carolina Charlotte Regional Collaborative is defined as the following counties: Alexander County, North Carolina; Alleghany County, North Carolina; Anson County, North Carolina; Ashe County, North Carolina; Burke County, North Carolina; Cabarrus County, North Carolina; Catawba County, North Carolina; Cleveland County, North Carolina; Gaston County, North Carolina; Iredell County, North Carolina; Lincoln County, North Carolina; Mecklenburg County, North Carolina; Polk County, North Carolina; Rowan County, North Carolina; Rutherford County, North Carolina; Stanly County, North Carolina; Union County, North Carolina; Wilkes County, North Carolina; Anderson County, South Carolina; Cherokee County, South Carolina; Chester County, South Carolina; Chesterfield County, South Carolina; Greenville County, South Carolina; Lancaster County, South Carolina; Marlboro County, South Carolina; Pickens County, South Carolina; Spartanburg County, South Carolina; Union County, South Carolina; York County, South Carolina




15

FAQ What is a location quotient?

A location quotient (LQ) is a measurement of concentration in comparison to the nation. An LQ of 1.00 indicates a region has the same concentration of an industry (or occupation) as the nation. An LQ of 2.00 would mean the region has twice the expected employment compared to the nation and an LQ of 0.50 would mean the region has half the expected employment in comparison to the nation.

What is replacement demand?

Replacement demand is the number of jobs required due to replacements—retirements and turnover resulting from workers moving from one occupation into another. Note that replacement demand does not include all turnover—it does not include when workers stay in the same occupation but switch employers. The replacement demand shown in this report may also be understated; thus, it can be taken to be a minimum measure of the number of workers who will need to be trained for the occupation due to replacements. The total projected demand for an occupation is the sum of the replacement demand and the growth demand (which is the increase or decrease of jobs in an occupation expected due to expansion or contraction of the overall number of jobs in that occupation).

What is a cluster?

A cluster is a geographic concentration of interrelated industries or occupations. If a regional cluster has a location quotient of 1.25 or greater, the region is considered to possess a competitive advantage in that cluster.

What is the difference between industry wages and occupation wages?

Industry wages and occupation wages are estimated via separate data sets, often the time periods being reported do not align, and wages are defined slightly differently in the two systems (for example, certain bonuses are included in the industry wages but not the occupation wages). It is therefore common that estimates of the average industry wages and average occupation wages in a region do not match exactly.

What is NAICS?

The North American Industry Classification System (NAICS) is used to classify business establishments according to the type of economic activity. The NAICS Code comprises six levels, from the “all industry” level to the 6-digit level. The first two digits define the top level category, known as the “sector,” which is the level examined in this report.

What is SOC?

The Standard Occupational Classification system (SOC) is used to classify workers into occupational categories. All workers are classified into one of over 820 occupations according to their occupational definition. To facilitate classification, occupations are combined to form 23 major groups, 96 minor groups, and 449 occupation groups. Each occupation group includes detailed occupations requiring similar job duties, skills, education, or experience.

About This Report This report and all data herein were produced by JobsEQ®, a product of Chmura Economics & Analytics. The information contained herein was obtained from sources we believe to be reliable. However, we cannot guarantee its accuracy and completeness.



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