understanding your local economy alan barefield. outline –anatomy of a local economy –data...
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Understanding Your Local Economy
Alan Barefield
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Outline
– Anatomy of a local economy– Data
• Demographics• Economics• Fiscal
– Issues• Commuting• Health
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Local Economy
So what?
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The Local Economy
• Why?– We live here.– We work here.– Leaders are expected to make informed
decisions.• Citizens, commuters, businesses, tourists• Potential entrepreneurs• Fiscal Governance
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• Resources
• Consumers
• Producers
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Local Economy• Resources:
– Air, water, land, minerals– People: labor force, children, students, retirees, tourists– Factors of production
• Producers:– Raw, processed, finished
• Consumers:– Intermediate– Final goods and services
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Factors of Production
LAND
LABOR
CAPITAL
MANAGEMENT
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Returns to Production
Land «« rent
Labor «« wages
Capital «« interest
Management «« profits
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What Flows In?
Dollars from non-local purchases of locally produced goods and services.
• Manufactured goods and services• Agricultural commodities• Transfer payments• Tourism dollars
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What Leaks Out?
Non-local spending
• Consumer goods and services• Non-locally purchased business inputs
– Recall the four factors of production
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Measuring the Economy
• Composition– BLS: 12 industry super
sectors
• Indicators– Demographic
• Population, income
– Economic• Industry sales, jobs
– Fiscal• Revenues and
expenditures
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BLS Industry Super Sectors
• Construction• Education and Health• Financial Activities• Government• Information• Leisure and Hospitality• Trade
• Manufacturing• Natural Resources
and Mining• Professional and
Business Services• Transportation and
Utilities• Other Services
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Economic Indicators
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Demographics
• Population– School-aged
• infrastructure
– Elderly• transfer payments: social security, Medicare, Medicaid
• Households– Owner-occupied– Important goal for low income communities
• Wealth accumulation
• Income:
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Income
• Total Personal Income• Earnings
– Less contributions to social insurance
• Dividends, interest, and rent– Investment income– Capital income– Property income
• Transfer payments
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Economics
• Industry Sales (output)
• Employment
• Labor IncomeWages and salaries + proprietors incomes
• Total Value Added (GDP)
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Economics
• Industry Sales– Total Industrial Output
• All transactions
Farmer sells cow to butcher $0.50
Butcher sells meat to McDonalds $0.75
McDonalds sells hamburger $1.75
Total Sales………………………………… $3.00
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Economics
• Total Value Added– Value of firms output less cost of intermediate
goods that the firm purchases.
Farmer$0.50
Butcher ($0.75-0.50)$0.25
McDonalds ($1.75-$0.75) $1.00
Total Value Added………………………. $1.75
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Economics
• Employment: People & Jobs– Civilian Labor Force (CLF)
• Employed Persons• Unemployed Persons• Unemployment Rate = unemployed / CLF
– Place of Work Employment• Jobs
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Oktibbeha County
• 1995-2004– Comparisons with region and state.– Population– Employment– Income– Sales– Commuting
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Population
40,623
43,769
39,00039,50040,00040,50041,00041,50042,00042,50043,00043,50044,00044,500
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
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Population Growth
1995-2004 2004-2010O ktibbeha 7.74% 2.21%Lowndes -0.01% 7.25%M ississippi 7.15% 4.81%
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Population Growth
1.13%
-1.00%
-0.50%
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
Lowndes Oktibbeha MS
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Civilian Labor Force
Employed+
Unemployed
UNEMPLOYMENT RATEUnemployed / (Employed + Unemployed)
orUnemployed / Civilian Labor Force
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Unemployment Rate
3.48
7.09
5.65
0.00
2.00
4.00
6.00
8.00
10.00
12.00
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
Oktibbeha Lowndes MS
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Civilian Labor Force
15,000
17,000
19,000
21,000
23,000
25,000
27,000
29,000
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
Oktibbeha Lowndes
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Where Do We Work?
-2,0004,000
6,0008,000
10,00012,000
14,00016,00018,000
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
AGRI MINE CONST MFG TRADE SVC TCPU FIRE
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Jobs in the Top Three Sectors
2,000
2,500
3,000
3,500
4,000
4,500
5,000
5,500
1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
MFG SVC TRADE
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Job Growth by Sector1995-2004
80.4%
32.9%
48.0%
65.1%
-2.1%
-20%
0%
20%
40%
60%
80%
100%
120%
AGRI MINE CONST MFG TRADE SVC TCPU FIRE
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Earning Trends by Sector ($M 2000)
$-$10$20$30$40$50$60$70$80$90
$100
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
MINE CONST MFG TRADE SVC TCPU FIRE
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Earnings Growth1995-2004
105.5%
14.4%
37.0%
53.8%
71.5%
9.1%
278.3%
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
120.0%
140.0%
160.0%
180.0%
MINE CONST MFG TRADE SVC TCPU FIRE
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Income Components
Earnings64%
Dividens, Interest & Rent
19%
Transfer Payments
17%
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Total Personal Income
$-
$200.0
$400.0
$600.0
$800.0
$1,000.0
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
DIR TP EARN
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Revenues and Expenditures
• Revenues– Taxes, charges, fees, transfers, bonds
• Expenditures– Health, hospitals, education, public
welfare, highways, public safety: police and fire protection
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Tax Revenues
Ad Valorem
“according to the value”
Property Taxes
Retail Sales
State Tax Levies
State Transfers
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Property Taxes
• Assessed Value• Taxable Value
– 10% Residential Property– 15% Commercial Property– 30% Motor Vehicles, et al.
• Tax Rate: Millage
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Millage Rate
• Millage Rate is the tax rate per $1000 of value.
• One Mill = 1/10th of One Cent(0.001)
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Example – Class 1 Property
• Assessed Value: $120,000
• Taxable Value: $12,000 (120000/10)
• Millage Rate: 111.09
• Tax Levy: 12 * 111.09 = $1,333.08
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Retail Taxes
• Mississippi collects 7% sales tax on many retail products.
• Eligible municipalities receive part of sales taxes collected in their jurisdiction
• 18.75%• City (ie., incorporated municipalities)
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Retail Sales in 2000
• Oktibbeha County: $408 million
• $302 million in eligible municipalities:
• City Diversions:– Maben: $86,899– Starkville: $3,687,185– Sturgis: $40,838
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Commuting
• Oktibbeha County– 18,401 total– 15,071 own-
commute– 3,330 out-commute
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Out-commuters3,330
MS: 3,134AL: 73TN: 17LA: 26
Other: 80
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In-Commuters
IN O UT NETM ississippi 3,557 3,134 423 Alabam a 92 73 19 Tennessee 26 17 9 Louisiana 16 26 (10) O ther 42 80 (38) Total* 3,733 3,330 403
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Other Issues
1. Local infrastructure– Capacity
2. Health Care– Impact of poor health – a case study
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1. Capacity Issues
Capacity5.76 Mgal/day
Average3.6 MGal/day
Peak4.4 Mgal/day
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• Daily per-capita usage: 84 gallons (avg)
• Population growth: 2%– Exceed system cap by 2027– Exceed system peak by 2017
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2. Health Issues
• Mississippi ranks highest for– Obesity– Heart Disease– Diabetes– Infant Mortality
• Employers – Educated workforce– Access to healthcare
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Health = Wealth = Health = Wealth …
• “During the past 30 days, how many days did poor physical or mental health keep you from doing your usual activities?”
20.4% of all respondents8.1% of workers
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Health $$$
$32.9 Million
Of LOST INCOME
$144 Million in present value losses accumulate over 30 years