Saturday, July 7, 2007

Latest Personal Income, Wage and Salary Estimates

Personal income increased $47.3 billion, or 0.4 percent, and disposable personal income (DPI)increased $37.6 billion, or 0.4 percent, in May, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $52.0 billion, or 0.5 percent. In April, personalincome decreased $27.2 billion, or 0.2 percent, DPI decreased $29.7 billion, or 0.3 percent, and PCE increased $50.7 billion, or 0.5 percent, based on revised estimates.

Private wage and salary disbursements increased $24.9 billion in May, in contrast to a decreaseof $36.4 billion in April. The April decrease reflected an adjustment of $50.0 billion at an annualrate to the months of the first quarter for unusually large bonus payments and the exercise of stock options. This first quarter adjustment was not carried forward in theestimates of wage and salary disbursements for April and subsequent months.

These types of irregular payments are not accounted for in the primary monthly source data for wages and salaries. Goods-producing industries' payrolls increased $2.4 billion in May, compared with an increase of $3.5 billion in April; manufacturing payrolls decreased $0.9 billion, in contrast to an increase of $2.8 billion. Services-producing industries' payrolls increased$22.4 billion, in contrast to a decrease of $39.8 billion. Government wage and salary disbursements increased $3.2 billion, compared with an increase of $3.6 billion.

Read more here.

Friday, July 6, 2007

Older Worker Data by US Census

The U.S. Census Bureau, in partnership with 31 states, has launched a series of reports on older workers that presents a detailed picture for people 55 and older in the work force.

Individual reports will present data at the county and metropolitan area levels for 2004, based on data from the Local Employment Dynamics (LED) program.

“The retirement of baby boomers will have a huge impact on the work force,” said Census Bureau Director Louis Kincannon. “Businesses and planners need a better understanding of labor force trends, the loss of experienced workers and the payout of retirement benefits.”

The first report, The Geographic Distribution and Characteristics of Older Workers in Iowa: 2004 [PDF], highlights the age composition of the state’s work force, job gains and losses for older workers by industry, industries in which older workers are concentrated and their job stability and earnings. More extensive data are in tables available on the Internet.

Reports will be issued on a flow basis for the other 30 partner states:

Second wave: Maine, Vermont, Arkansas, Hawaii and Indiana.
Third wave: Maryland, New Jersey, Oklahoma, Wisconsin, Colorado, Delaware, Kentucky and South Carolina.
Fourth wave: Alabama, Idaho, Kansas, Minnesota, Missouri, Montana, Nevada, New Mexico, North Carolina, North Dakota, Oregon, Pennsylvania, Tennessee, Virginia, Washington and West Virginia.
Fifth wave: California.

The Department of Health and Human Services’ National Institute on Aging, a component of the National Institutes of Health, funded the reports on older workers. This series is limited to partner states with the cooperative program.

In addition, quarterly work force indicators on subjects such as job creation and new hires are available for men and women in all partner states for selected years, age groups and geographic areas at <http://lehd.did.census.gov>. Also available on the site is OnTheMap, an interactive application that shows, in high-definition, commuting patterns where people live and work.

Thursday, July 5, 2007

Latest City Population Estimates

Phoenix has become the nation’s fifth most populous city, according to U.S. Census Bureau population estimates released today. As of July 1, 2006, this desert metropolis had a population of 1.5 million.

New York continued to be the nation’s most populous city, with 8.2 million residents. This was more than twice the population of Los Angeles, which ranked second at 3.8 million. (See Table 1 Excel PDF.)

The estimates reveal that Phoenix moved into fifth place ahead of Philadelphia, the latest evidence of a decades-long population shift. Nearly a century ago, in 1910, each of the 10 most populous cities was within roughly 500 miles of the Canadian border. The 2006 estimates show that seven of the top 10 — and three of the top five — are in states that border Mexico.

Only three of the top 10 from 1910 remained on the list in 2006: New York, Chicago and Philadelphia. Conversely, three of the current top 10 cities (Phoenix; San Jose, Calif.; and San Diego) were not even among the 100 most populous in 1910, while three more (Dallas, Houston and San Antonio) had populations of less than 100,000. (See fact sheet. [PDF])

The estimates also reveal that many of the nation’s fastest-growing cities are suburbs. North Las Vegas, Nev., a suburb of Las Vegas, had the nation’s fastest growth rate among large cities (100,000 or more population) between July 1, 2005, and July 1, 2006. North Las Vegas’ population increased 11.9 percent during the period, to 197,567. It was joined on the list of the 10 fastest-growing cities by three in the Dallas metro area: McKinney (ranking second), Grand Prairie (sixth) and Denton (ninth). In the same vicinity, Fort Worth just missed the list, ranking 11th.

Florida and Arizona each had two cities among the 10 fastest growing: Port St. Lucie (third) and Cape Coral (fourth) in Florida; and Gilbert (fifth) and Peoria (seventh) in Arizona, both near Phoenix. North Carolina (Cary, near Raleigh) and California (Lancaster, near Los Angeles) each contributed one city to the list. (See Table 2 Excel PDF.) California had seven cities among the 25 fastest growing, leading all states.

Phoenix had the largest population increase of any city between 2005 and 2006, adding more than 43,000 residents to reach 1.5 million. However, Texas dominated the list of the 10 highest numerical gainers, with San Antonio, Fort Worth, Houston, Austin and Dallas each making the top 10. North Las Vegas; Miami; Charlotte, N.C.; and San Jose, Calif., rounded out the list of the 10 biggest numerical gainers. (See Table 3 Excel PDF.) Overall, eight Texas cities were among the 25 biggest numerical gainers to lead all states.

New Orleans had by far the largest population loss among all cities with populations of at least 100,000 people. The city lost slightly more than half of its pre-Hurricane Katrina population. It fell from 452,170 on July 1, 2005, to 223,388 one year later — a loss of 50.6 percent. To put the size of this loss into perspective, Hialeah, Fla., which experienced the second-highest rate of loss over the period, saw its population decline by 1.6 percent.(See Table 4 Excel PDF.)

Wednesday, July 4, 2007

What's Your Outlook on Smaller Communities and Counties?

Those of you working in less densely populated areas will find this story of interest.

As touchstones of economic vitality, recently released census estimates tell rural developers little they didn't already know. Unless more is done to attract or retain young people, the trickle of residents leaving bucolic central Illinois is likely to drain essential resources long-term. Unless jobs like those lost in the manufacturing sector are replenished, some skilled members of the work force will migrate to new positions in different cities.

Read more here.

Tuesday, July 3, 2007

Is Your Area Targeting Green Businesses?

According to Kevin Doyle, president of Green Economy, a Boston-based firm that promotes an environmentally healthy workforce, the green industry in the United States in 2005 was about $265 billion employing 1.6 million people in an estimated 118,000 jobs. This information was adapted from the Environmental Business Journal, he says, and does not include the organic industry.

Green businesses have also been growing at a rate of about 5% annually during the last three years, Doyle says. Two particularly hot areas are global carbon credit trading, which doubled to $28 billion from 2005 to 2006, and construction and services associated with ''green buildings'' that meet industry standards set by the U.S. Green Building Council. Today, the green building industry is worth $12 billion; 10 years ago, it was unquantifiable.

Read more here.

Monday, July 2, 2007

ED LEADER NEWSLETTER #18

Special International Economic Development Series

As economic developers in the United States, we must deepen our understanding of economic development events abroad. This week's newsletter provides a sample of what's happening in economic development across the world.

Ford Aims to Grow in Russia

Ford Motor Company, while dismantling operations across the US, aims to sell at least 150,000 vehicles in Russia in 2007, up from 115,900 last year, said the head of the company operations in the country, Henrik Nenzen. The forecast is a conservative one, Interfax quoted him as saying. The company sold about 80,000 vehicles in Russia in the first six months.

Read more here.

Sunday, July 1, 2007

Shanghai Looks at Next Generation Redevelopment and Re-Branding

When one of China's top leaders in charge of the country's architectural landscape recently berated Chinese cities for their breathless rush towards modernity, none deserved the reprimand more than Shanghai.

This most forward-looking city in China is in a quandary. Driven by its overpowering desire to modernize, Shanghai wants to forge a new identity, but is reminded at every step that its uniqueness is entirely defined by its historical legacy. According to news source, the city has chosen brazenly to assert its new image by steadily obliterating its past - and its character.

Read more here.