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The State of Erie County and the City of Sandusky
- 1. Greater Sandusky Partnership Fall Symposium October 13, 2022 The State of Erie County and the City of Sandusky RUSSELL W. MILLS, Ph.D. SENIOR DIRECTOR CENTER FOR REGIONAL DEVELOPMENT BOWLING GREEN STATE UNIVERSITY
- 2. Overview of the Data in Today’s Presentation • Most of the information in today’s presentation comes from the following publicly available sources: • Bureau of Labor Statistics (BLS) • U.S. Census and American Community Survey (ACS) • Bureau of Economic Analysis (BEA) • Federal Reserve Banks of St. Louis and Atlanta • Ohio Labor Market Information (LMI) • Additionally, the presentation contains information that comes from CRD’s subscription to the following data providers: • Lightcast • Metopio • Pinnacle by Near • Chmura JobsEQ
- 4. Recovery from the COVID-19 Pandemic 152,523 130,161 137,840 144,694 153,018 125,000 130,000 135,000 140,000 145,000 150,000 155,000 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Total Nonfarm Employees (Thousands) (January 2020 – September 2022) Bureau of Labor Statistics (BLS), Seasonally Adjusted
- 5. Record Low Unemployment 8.0 5.1 3.5 14.7 6.7 3.5 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 National Unemployment Rate September 2012-September 2022) Bureau of Labor Statistics (BLS) Current Population Survey (CPS) Seasonally Adjusted
- 6. Declining Labor Force Participation Rate 66.4 66.1 65.2 63.8 63.4 60.2 62.3 60.0 61.0 62.0 63.0 64.0 65.0 66.0 67.0 Sep-06 Dec-06 Mar-07 Jun-07 Sep-07 Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Civilian Labor Force Participation Rate (September 2006-September 2022) Bureau of Labor Statistics (BLS) Seasonally Adjusted
- 7. Tight Labor Market 0.8 1.2 5.0 1.6 1.1 0.7 0.5 0.6 0.0 1.0 2.0 3.0 4.0 5.0 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Ratio of unemployed persons per job opening (January 2020-August 2022) Bureau of Labor Statistics (BLS) JOLTS Seasonally Adjusted
- 8. Birth Rates Have Declined Since 2008 1960, 3.65 1976, 1.74 2007, 2.12 2020, 1.64 2021, 1.66 1.00 1.50 2.00 2.50 3.00 3.50 4.00 1960 1962 1964 1966 1968 1970 1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 Total Fertility Rate Children Per Woman (1960-2020) 2.1 Children Per Woman is demographic “Replacement Rate” Federal Reserve Bank of St. Louis
- 9. Immigration to the U.S. Has Fallen Sharply 1,266,129 1,183,505 1,096,611 707,362 675,000 775,000 875,000 975,000 1,075,000 1,175,000 1,275,000 1,375,000 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Persons Obtaining Lawful Permanent Resident Status (2004-2020) Department of Homeland Security, Data by Fiscal Year
- 10. Migration within the U.S. Has Slowed 15.4 13.3 11.2 10.6 8.2 8.0 9.0 10.0 11.0 12.0 13.0 14.0 15.0 16.0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Movers within U.S. as percentage of population (2000-2021) U.S. Census Current Population Survey
- 11. Migration within the U.S. Has Slowed 6.4 5.3 3.5 3.8 3.3 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 7.0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Movers to different county as percentage of population (2000-2021) U.S. Census Current Population Survey
- 12. Indicators for Erie County and the City of Sandusky
- 13. Erie County Population Change and Demographics Sources: 1. U.S. Census 2010 and 2020; 2. Metopio 3. American Community Survey (2021) 4. JobsEQ
- 14. City of Sandusky Population Change and Demographics Sources: 1. U.S. Census 2010 and 2020; 2. Metopio 3. American Community Survey (2021) 4. JobsEQ
- 15. Erie County-Age of Population 3. American Community Survey (2016-2020) 4. JobsEQ
- 16. City of Sandusky-Age of Population 3. American Community Survey (2016-2020) 4. JobsEQ
- 17. Race and Ethnicity Erie County City of Sandusky 3. American Community Survey (2016-2020) 4. JobsEQ
- 18. Educational Attainment 2. Metopio 3. American Community Survey (2016-2020) Erie County City of Sandusky
- 19. Workforce 2. Metopio 3. American Community Survey (2016-2020) Erie County City of Sandusky
- 20. Mobility 2. Metopio 3. American Community Survey (2016-2020) Erie County City of Sandusky
- 21. Erie County Commuting Patterns 2. Metopio 4. JobsEQ 6. Census LODES
- 22. City of Sandusky Commuting Patterns 2. Metopio 4. JobsEQ 6. Census LODES
- 23. Income and Poverty Erie County City of Sandusky 1. U.S. Census 2010 and 2020; 2. Metopio 3. American Community Survey (2016-2020)
- 24. Erie County-Largest Industries 4. JobsEQ 5. Lightcast
- 25. City of Sandusky-Largest Industries 4. JobsEQ 5. Lightcast
- 27. NW Ohio Population Change by County (2010-2020) U.S. Census 2010 and 2020 TOP COUNTIES WITH POPULATION GAINS 1. Delaware (39,910; 22.91%) 2. Union (10,084; 20.05%) 3. Wood (6,760; 5.39%) 4. Knox (1,800; 2.95%) 5. Mercer (1,714; 4.20%)
- 28. NW Ohio Unemployment Rate (August 2022) Ohio LMI COUNTIES WITH LOWEST UNEMPLOYMENT RATE 1. Mercer County (2.80%) 2. Putnam (2.90%) 3. Wyandot (3.20%) 4. Delaware 3.30% Auglaize (3.30%)
- 29. NW Ohio Unemployed Workers (August 2022) Ohio LMI COUNTIES WITH FEWEST AVAILABLE WORKERS 1. Paulding (300) 2. Wyandot (400) 3. Van Wert (500) 4. Putnam (600) Hardin (600) Henry (600) Williams (600)
- 30. NW Ohio Job Change (2017-2021) Source: Lightcast Counties with Job Gains 1. Madison (505; 2.89%) 2. Ashland (293; 1.58%) 3. Van Wert (189; 1.71%) 4. Morrow (61; 1.18%) 5. Wyandot (33; 0.36%)
- 32. Selecting the Peer Communities • CRD worked with the Greater Sandusky Partnership to develop a list of peer communities to benchmark a set of demographic and economic indicators for Erie County and the City of Sandusky. • CRD also used the Federal Reserve Bank of Chicago Peer City Tool to validate selections. • Criteria include: • Similar county population (50,000 to 175,000) • Geographic proximity to lake and/or river • Larger city comprises significant amount of the population • Significant tourism and entertainment economy • Historical or current manufacturing base • Cedar Fair Presence
- 33. Peer Community #1: Traverse City, MI/Grand Traverse County • City Population (2020): 15,678 • County Population (2020): 95,238 Source: 2020 Census
- 34. Peer Community #2: Muskegon, MI/Muskegon County, MI • City Population (2020): 37,552 • County Population (2020): 175,824 Source: 2020 Census
- 35. Peer Community #3: Michigan City, IN/LaPorte County, IN • City Population (2020): 32,075 • County Population (2020): 112,417 Source: 2020 Census
- 36. Peer Community #4: Fond du Lac, WI/Fond du Lac County, WI • City Population (2020): 44,678 • County Population (2020): 104,154 Source: 2020 Census
- 37. County Benchmarking: Population Change (2010- 2020) -1.89% 9.49% 2.11% 0.85% 2.48% -4.00% -2.00% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% Erie County, OH Grand Traverse County, MI Muskegon County, MI La Porte County, IN Fond du Lac County, WI Population Change: 2010 Census to 2020 Census Source: 2010 and 2020 Censuses
- 38. City Benchmarking: Population Change (2010- 2020) -2.71% 6.84% -0.22% 1.89% 3.85% -4.00% -2.00% 0.00% 2.00% 4.00% 6.00% 8.00% Sandusky, OH Traverse City, MI Muskegon, MI Michigan City, IN Fond du Lac, WI Population Change: 2010 Census to 2020 Census Source: 2010 and 2020 Censuses
- 39. County Benchmarking: Net Domestic Migration (2020) -233 629 51 -362 -290 -600 -400 -200 0 200 400 600 800 Erie County, OH Grand Traverse County, MI Muskegon County, MI La Porte County, IN Fond du Lac County, WI Net Domestic Migration (2020) Source: Chmura JobsEq
- 40. County Benchmarking: Net Domestic Migration Rate (2020) -3.20% 6.70% 0.30% -3.30% -2.80% -4.00% -2.00% 0.00% 2.00% 4.00% 6.00% 8.00% Erie County, OH Grand Traverse County, MI Muskegon County, MI La Porte County, IN Fond du Lac County, WI Net Domestic Migration Rate (2020) Source: Chmura JobsEq
- 41. County Benchmarking: Median Age 44.9 43.0 39.3 40.3 41.7 36.0 37.0 38.0 39.0 40.0 41.0 42.0 43.0 44.0 45.0 46.0 Erie County, OH Grand Traverse County, MI Muskegon County, MI La Porte County, IN Fond du Lac County, WI Median Age (2020) Source: American Community Survey (2016-2020)
- 42. City Benchmarking: Median Age 37.9 40.1 34.9 36.1 37.4 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0 Sandusky, OH Traverse City, MI Muskegon, MI Michigan City, IN Fond du Lac, WI Median Age (2020) Source: American Community Survey (2016-2020)
- 43. County Benchmarking: Educational Attainment 11.80% 11.70% 13.20% 10.20% 13.70% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% Erie County, OH Grand Traverse County, MI Muskegon County, MI La Porte County, IN Fond du Lac County, WI Percentage of Population 25-64 with an Associate’s Degree Source: American Community Survey (2016-2020)
- 44. City Benchmarking: Educational Attainment 9.40% 13.20% 11.20% 10.30% 14.40% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% Sandusky, OH Traverse City, MI Muskegon, MI Michigan City, IN Fond du Lac, WI Percentage of Population 25-64 with an Associate’s Degree Source: American Community Survey (2016-2020)
- 45. County Benchmarking: Educational Attainment 17.40% 24.80% 14.30% 13.90% 17.70% 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% Erie County, OH Grand Traverse County, MI Muskegon County, MI La Porte County, IN Fond du Lac County, WI Percentage of Population 25-64 with a Bachelor’s Degree Source: American Community Survey (2016-2020)
- 46. City Benchmarking: Educational Attainment 12.40% 30.10% 9.80% 10.90% 17.90% 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% 35.00% Sandusky, OH Traverse City, MI Muskegon, MI Michigan City, IN Fond du Lac, WI Percentage of Population 25-64 with a Bachelor’s Degree Source: American Community Survey (2016-2020)
- 47. County Benchmarking: Foreign Born Population 1.90% 2.40% 2.00% 3.40% 3.30% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% Erie County, OH Grand Traverse County, MI Muskegon County, MI La Porte County, IN Fond du Lac County, WI Foreign born population (as a percentage of total population) Source: American Community Survey (2016-2020)
- 48. City Benchmarking: Foreign Born Population 1.70% 3.40% 3.30% 3.10% 4.90% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% Sandusky, OH Traverse City, MI Muskegon, MI Michigan City, IN Fond du Lac, WI Foreign born population (as a percentage of total population) Source: American Community Survey (2016-2020)
- 49. County Benchmarking: Daily Net Commuters 549 7,728 -17,396 -8,379 -3,804 -20,000 -15,000 -10,000 -5,000 0 5,000 10,000 Erie County, OH Grand Traverse County, MI Muskegon County, MI La Porte County, IN Fond du Lac County, WI Daily Net Commuters, All Jobs (2019) Source: Census LEHD LODES Data
- 50. City Benchmarking: Daily Net Commuters -726 17,796 8,613 3,971 8,865 -5,000 0 5,000 10,000 15,000 20,000 Sandusky, OH Traverse City, MI Muskegon, MI Michigan City, IN Fond du Lac, WI Daily Net Commuters, All Jobs (2019) Source: Census LEHD LODES Data
- 51. County Benchmarking: Median Household Income $58,408 $66,457 $53,478 $57,010 $64,147 $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 Erie County, OH Grand Traverse County, MI Muskegon County, MI La Porte County, IN Fond du Lac County, WI Median Household Income (in 2020 dollars) Source: American Community Survey (2016-2020)
- 52. City Benchmarking: Median Household Income $41,082 $61,056 $35,323 $44,930 $54,587 $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 Sandusky, OH Traverse City, MI Muskegon, MI Michigan City, IN Fond du Lac, WI Median Household Income (in 2020 dollars) Source: American Community Survey (2016-2020)
- 53. County Benchmarking: 10-Year Employment Change -3.02% 7.73% 2.29% -5.85% 2.54% -8.00% -6.00% -4.00% -2.00% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% Erie County, OH Grand Traverse County, MI Muskegon County, MI La Porte County, IN Fond du Lac County, WI 10 Year Change in Employment (2012-2021) Source: Chmura JobsEQ (2021)
- 54. City Benchmarking: 10-Year Employment Change -12.27% 16.29% 10.97% -11.31% 9.98% -15.00% -10.00% -5.00% 0.00% 5.00% 10.00% 15.00% 20.00% Sandusky, OH Traverse City, MI Muskegon, MI Michigan City, IN Fond du Lac, WI 10-Year Change in Employment (2012-2021) Source: Chmura JobsEQ (2021)
- 55. County Benchmarking: 10-Year Manufacturing Employment Change 0.20% 13.60% 14.90% -2.10% 17.10% -5.00% 0.00% 5.00% 10.00% 15.00% 20.00% Erie County, OH Grand Traverse County, MI Muskegon County, MI La Porte County, IN Fond du Lac County, WI 10 Year Change in Manufacturing Employment (2012-2021) Source: Chmura JobsEQ (2021)
- 56. City Benchmarking: 10-Year Manufacturing Employment Change -1.00% -15.30% 6.00% -7.90% 37.70% -20.00% -10.00% 0.00% 10.00% 20.00% 30.00% 40.00% 50.00% Sandusky, OH Traverse City, MI Muskegon, MI Michigan City, IN Fond du Lac, WI 10-Year Change in Manufacturing Employment (2012-2021) Source: Chmura JobsEQ (2021)
- 57. County Benchmarking: 10-Year GDP Change 13.80% 48.02% 21.72% 28.75% 45.47% 0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% Erie County, OH Grand Traverse County, MI Muskegon County, MI La Porte County, IN Fond du Lac County, WI 10 Year Change in GDP (2012-2021) Source: Chmura JobsEQ (2021)
- 58. County Benchmarking: 10-Year Manufacturing GDP Change -16.79% 29.48% 15.25% 22.89% 76.55% -40.00% -20.00% 0.00% 20.00% 40.00% 60.00% 80.00% 100.00% Erie County, OH Grand Traverse County, MI Muskegon County, MI La Porte County, IN Fond du Lac County, WI 10 Year Change in Manufacturing GDP (2012-2021) Source: Chmura JobsEQ (2021)
- 59. Concluding Thoughts-Surprises • The decline in manufacturing GDP of 16.79% over the past 10-years along with a decline of 1.00% in manufacturing employment suggests high-value product manufacturing has been replaced by lower-valued products. • The rise of Traverse City, MI has been fueled by growth in high-skilled sectors such as finance and insurance, despite a significant (~15%) decline in manufacturing employment.
- 60. Concluding Thoughts-Recommendations • The region’s high median age and low level of net migration suggest population challenges will continue. As total migration rates (3.3% in 2021) in the U.S. continue to decline, a focus on retaining existing talent (including those who move to the region for temporary employment) might prove more beneficial than attracting new talent. • Focus on community and placemaking investments that increase the quality of life for residents, particularly younger residents. • Continue to pursue economic diversification strategies that build resiliency in the community, including a mix of white- and blue-collar jobs.
- 61. Appendix
- 62. Job Openings Dropped Drastically in August 7,161 4,709 6,844 9,265 11,094 11,448 11,855 10,053 1,000 3,000 5,000 7,000 9,000 11,000 13,000 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Job Openings (In Thousands) (January 2020-August 2022) Bureau of Labor Statistics (BLS) JOLTS Seasonally Adjusted
- 63. Ohio Job Openings 256 190 244 322 391 420 401 388 431 447 438 175 225 275 325 375 425 475 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Monthly Job Openings (In Thousands) (January 2020-July 2022) Bureau of Labor Statistics (BLS) JOLTS Seasonally Adjusted
- 64. Job Openings by Industry Bureau of Labor Statistics (BLS) JOLTS Seasonally Adjusted 35 193 205 271 318 325 407 477 510 524 803 1,016 1,213 1,872 1,885 0 200 400 600 800 1000 1200 1400 1600 1800 2000 Mining and Logging Arts, entertainment, and recreation Information Other services Nondurable Goods Manufacturing Wholesale Trade Construction Durable Goods Manufacturing Transportation, Warehousing, and Utilities Financial Activities Retail Trade Government Accommodation and food services Professional and Business Services Education and Health Services August 2022 Job Openings (In Thousands) by Industry
- 65. Change in Job Openings by Industry Bureau of Labor Statistics (BLS) JOLTS Seasonally Adjusted -374 -297 -166 -64 -43 -20 -15 -14 2 20 37 45 58 88 169 -500 -400 -300 -200 -100 0 100 200 Retail Trade Accommodation and food services Other services Nondurable Goods Manufacturing Transportation, Warehousing, and Utilities Professional and Business Services Arts, entertainment, and recreation Durable Goods Manufacturing Mining and Logging Information Wholesale Trade Construction Financial Activities Education and Health Services Government Change in Job Openings-August 2021-August 2022 (In Thousands) by Industry
- 66. Gap Between Openings and Hiring by Industry Bureau of Labor Statistics (BLS) JOLTS Seasonally Adjusted -5 -8 -29 -34 -54 -94 -124 -154 -165 -219 -222 -299 -618 -668 -1,082 -1300 -1100 -900 -700 -500 -300 -100 100 Other services Mining and Logging Retail Trade Construction Arts, entertainment, and recreation Information Nondurable Goods Manufacturing Wholesale Trade Transportation, Warehousing, and Utilities Durable Goods Manufacturing Accommodation and food services Financial Activities Government Professional and Business Services Education and Health Services Gap Between Openings and Hiring in August 2022 (In Thousands) by Industry
- 67. Quits Remain High But Are Slowing 3,578 2,038 3,258 4,015 4,510 4,258 4,449 4,158 2,000 2,500 3,000 3,500 4,000 4,500 5,000 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Monthly Quits (Thousands) (January 2020-August 2022) Bureau of Labor Statistics (BLS) JOLTS Seasonally Adjusted
- 68. High Quits Rate, but Slowing 2.4 1.6 2.1 2.3 2.8 3.0 2.8 2.9 2.7 1.5 1.7 1.9 2.1 2.3 2.5 2.7 2.9 3.1 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Monthly Quits Rate (January 2020-August 2022) Bureau of Labor Statistics (BLS) JOLTS Seasonally Adjusted
- 69. Ohio Quits 130 80 129 125 146 144 144 170 153 145 125 50 70 90 110 130 150 170 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Monthly Quits (Thousands) (January 2020-July 2022) Bureau of Labor Statistics (BLS) JOLTS Seasonally Adjusted
- 70. Quits by Industry Bureau of Labor Statistics (BLS) JOLTS Seasonally Adjusted 13 57 88 94 124 152 157 160 208 221 229 538 565 682 869 0 100 200 300 400 500 600 700 800 900 1000 Mining and Logging Information Arts, entertainment, and recreation Wholesale Trade Nondurable Goods Manufacturing Financial Activities Other services Durable Goods Manufacturing Transportation, Warehousing, and Utilities Government Construction Education and Health Services Retail Trade Professional and Business Services Accommodation and food services August 2022 Quits (In Thousands) by Industry
- 71. Quits by Industry, YoY Change Bureau of Labor Statistics (BLS) JOLTS Seasonally Adjusted -109 -63 -51 -47 -2 3 3 6 7 20 29 32 34 40 128 -150 -100 -50 0 50 100 150 Retail Trade Professional and Business Services Wholesale Trade Education and Health Services Nondurable Goods Manufacturing Durable Goods Manufacturing Mining and Logging Information Arts, entertainment, and recreation Government Financial Activities Transportation, Warehousing, and Utilities Other services Construction Accommodation and food services Change in August 2021-August 2022 (In Thousands) by Industry
- 72. Layoffs and Discharges Remain Low, But Are Trending Up 1,821 13,026 9,191 2,097 1,384 1,262 1,416 1,460 1,000 3,000 5,000 7,000 9,000 11,000 13,000 15,000 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Monthly Layoffs (In Thousands) (January 2020-August 2022) Bureau of Labor Statistics (BLS) JOLTS Seasonally Adjusted
- 73. Flat Levels of Hiring 6,005 4,031 8,145 5,660 6,414 6,705 6,450 6,832 6,645 6,277 3,000 4,000 5,000 6,000 7,000 8,000 9,000 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Hires (In Thousands) (January 2020-July 2022) Bureau of Labor Statistics (BLS) JOLTS Seasonally Adjusted
- 74. Hiring by Industry Bureau of Labor Statistics (BLS) JOLTS Seasonally Adjusted 27 111 139 171 194 225 258 266 345 373 398 774 803 991 1,204 0 200 400 600 800 1000 1200 1400 Mining and Logging Information Arts, entertainment, and recreation Wholesale Trade Nondurable Goods Manufacturing Financial Activities Durable Goods Manufacturing Other services Transportation, Warehousing, and Utilities Construction Government Retail Trade Education and Health Services Accommodation and food services Professional and Business Services August 2022 Hiring (In Thousands) by Industry
- 75. Hiring by Industry, YoY Change Bureau of Labor Statistics (BLS) JOLTS Seasonally Adjusted -122 -73 -30 -16 -8 -7 -3 0 2 6 17 19 41 47 47 -140 -120 -100 -80 -60 -40 -20 0 20 40 60 Retail Trade Accommodation and food services Arts, entertainment, and recreation Wholesale Trade Nondurable Goods Manufacturing Information Durable Goods Manufacturing Professional and Business Services Construction Mining and Logging Education and Health Services Financial Activities Government Other services Transportation, Warehousing, and Utilities Change in Hiring August 2021-August 2022 (In Thousands) by Industry
- 76. Change in Wages by Industry Bureau of Labor Statistics (BLS) Current Employment Statistics (CES) Seasonally Adjusted 2.18% 2.51% 2.63% 3.75% 3.96% 4.21% 4.60% 4.67% 4.84% 4.94% 5.26% 5.60% 5.67% 6.19% 7.96% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% 9.00% Nondurable Goods Manufacturing Other Services Retail Trade Wholesale Trade Financial Activities Durable Goods Manufacturing Total Private Arts, entertainment, and recreation Information Transportation and Warehousing Construction Education and Health Services Leisure and Hospitality Professional and Business Services Mining and Logging Change in Wages August 2021-August 2022 by Industry
- 77. Wages Continue to Rise Federal Reserve Bank of Atlanta 3.3 3 4.5 6 6.7 0 1 2 3 4 5 6 7 8 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Rate of Wage Growth 3-month moving average (January 2020-August 2022) Unweighted Overall Rate
- 78. At a Faster Rate for Those Who Switch Jobs… Federal Reserve Bank of Atlanta 3.8 3.5 3 4.5 6 6.7 4.7 3.7 3.4 5.3 7.2 8.4 0 1 2 3 4 5 6 7 8 9 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Rate of Wage Growth 3-month moving average (January 2020-August 2022) Unweighted Overall Rate Job Switcher Wage Growth
- 79. Thank Those Who Stay in Their Jobs Federal Reserve Bank of Atlanta 3.8 3.5 3 4.5 6 6.7 6.7 4.7 3.7 3.4 5.3 7.2 7.9 8.4 3.2 4.1 5.3 6.1 5.6 0 1 2 3 4 5 6 7 8 9 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Rate of Wage Growth 3-month moving average (January 2020-August 2022) Unweighted Overall Rate Job Switcher Wage Growth Job Stayer Wage Growth
- 80. Record Corporate Profits Allow Wage Growth FRED-Federal Reserve Bank of St. Louis 2,003 2,395 2,405 1,943 2,428 3,048 1,800 2,000 2,200 2,400 2,600 2,800 3,000 3,200 2016-01-01 2016-04-01 2016-07-01 2016-10-01 2017-01-01 2017-04-01 2017-07-01 2017-10-01 2018-01-01 2018-04-01 2018-07-01 2018-10-01 2019-01-01 2019-04-01 2019-07-01 2019-10-01 2020-01-01 2020-04-01 2020-07-01 2020-10-01 2021-01-01 2021-04-01 2021-07-01 2021-10-01 2022-01-01 2022-04-01 Corporate profits with inventory valuation and capital consumption adjustments:, Billions of Dollars, Quarterly, Seasonally Adjusted Annual Rate
- 81. High Levels of New Business Starts 297,586 282,802 234,838 552,748 347,651 495,621 448,197 423,153 421,503 225,000 275,000 325,000 375,000 425,000 475,000 525,000 575,000 Monthly New Business Starts (January 2018-August 2022) U.S. Census Business Formation Statistics
- 82. And High Levels of Self-Employment BLS Current Population Survey, Seasonally Adjusted 9,499 8,239 9,106 9,473 9,672 10,263 10,000 10,018 9,886 9,629 8,000 8,500 9,000 9,500 10,000 10,500 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Monthly Self-Employment Levels (January 2020-August 2022)
- 83. Erie County-Industry Cluster Analysis Source: Chmura JobsEQ
- 84. City of Sandusky-Industry Cluster Analysis Source: Chmura JobsEQ
Notes de l'éditeur
- Before I dive into the data, I wanted to take a moment to let you that most of the data I will discuss today is from publicly available data sources including the BLS, Census and ACS, BEA, and the Federal Reserve Bank. Additionally, the presentation contains information that comes from CRD’s subscriptions to EMSI/Burning Glass, Chmura JobsEQ, and C2ER. The source of the data for each figure or table will be highlighted on the slide as well as specific features of the data including whether the data is adjusted for seasonality.
- Lets begin with a look at some of the key national economic indicators.
- When we look at the recovery from the COVID-19 pandemic in terms of employment, we see that the August 2022 level of employment has exceeded that of the pre-pandemic high of 152.5 million at 152.7 million. Since March 2020, the U.S. economy has regained 22.6 million jobs.
- Across the United States, we continue to see exceptionally low levels of unemployment across the United States, with a rate of 3.7% in August 2022, which is down from the pandemic-level high of 14.7%. While unemployment tells part of the story of how tight the labor market is, it does not tell the whole story.
- One of the reasons we have seen such a tight labor market in the United States is that fewer people are participating in the labor force. This is not a new trend-since 2000, labor force participation in the United States had been steadily declining to 63.4% in February 2020. The labor force participation rate fell to 60.2% during the height of the pandemic in March 2020 and has rebounded only to 62.3% as of September 2022.
- All of these factors combined have resulted in an extremely tight labor market with only 0.6 unemployed persons per job opening as of August 2022.
- Another trend that we have seen that is likely to contribute to a tight labor market in the future is a declining birth rate in the United States. Demographers note that 2.1 children per woman is the replacement rate to keep a population at its current level in the future. However, since the recession of 2008, birth rates have steadily declined reaching a new low point in 2020 of 1.64 children per woman. To conclude, the declining birthrate and rapidly aging population that is exiting the workforce due to record levels of wealth and concerns over COVID-19 will pose long-term systemic challenges for labor intensive industries and will most likely lead to expedited automation of certain industries including retail and other service industries.
- So if our domestic population is shrinking and shows no sign of rebounding in the near future, immigration presents a potential solution to our workforce challenge. However, during the past 4 years, legal immigration to the U.S. has fallen drastically due to policy choices, restrictions, and the COVID-19 pandemic. Specifically, those obtaining lawful permanent resident status has fallen to 700,000 people in 2020.
- As regions look to try to fill workforce shortages, an important dynamic to understand is that Americans are moving at the lowest rate in several decades. In 2021, only 8.2% of Americans moved.
- When we look at the percentage of the population that has moved to a different county, that number is very low at 3.3% in 2021.
- Erie County’s population has declined by 1.89% over the past 10 yeas, while the population of Ohio has increased by 2.28% over the same time period. Erie County has a much older population than Ohio, with a median age of 44.9 compared to 39.5 for state and 38.1 for the U.S. The county has a much lower foreign born population than Ohio and the U.S. with 1.9% of residents of Erie County being foreign born.
- The City of Sandusky’s population has declined by 2.7% over the past 10 years, while the population of Ohio has increased by 2.28% over the same time period. The City of Sandusky has a younger population than Ohio, with a median age of 37.9 compared to 39.5 for state and 38.1 for the U.S. The county has a much lower foreign born population than Ohio and the U.S. with 1.7% of residents of Erie County being foreign born.
- When we look at the age composition of Erie County compared to Ohio and the U.S, we see significantly higher proportions of 55-64, 65-74, and 75+ populations than Ohio and the U.S. Also, we see that Erie County has lower percentages of under 18 and 18-24 populations than Ohio and the U.S.
- When we look at the age composition of the City of Sandusky we see a much more balanced age distribution. The percentage of the population under 18 is similar to that of Ohio and the U.S. while the City has a higher percentage of 18-24 year olds than Ohio and the U.S.
- When we look at the racial composition of Erie County, we see that the community is 84.6% white, with 9.1% black and 4.5% Hispanic or Latinx. The City of Sandusky is much more racially diverse with 67% white, 23.52% black, and 7.2% Hispanic or Latinx.
- When we look at educational attainment, we see that Erie County has a higher % of its population with an associate’s degree, 10.3% than the state and national averages. However, Erie County’s 15.9% of population with a bachelor’s degree is well below the state and national averages. The City of Sandusky’s % of bachelor‘s and associate’s degrees are both below the Ohio and U.S. averages.
- This slide highlights the workforce participation levels for both Erie County and the City of Sandusky. The labor force participation rate of 61.9% in Erie County is slightly below the state and national averages, however, the prime-age labor force participation rate of 25 to 54 year olds of 85.5% is well above the national and state averages. In the City of Sandusky, the labor force participation rate of 64% is above the state and national averages while the prime-age labor force participation rate is consistent with the state and local averages.
- This slide examines the level of mobility among people in Erie County and the City of Sandusky. 5.5% of people moved within the county, with another 3.97% moving across counties. 1.46% of residents moved from another state in the past year with only 0.08% of people moving from abroad. When we look at residents of the City of Sandusky, 8.49% moved within the county, 3.5% moved across counties in the past year, with 0.6% moving from another state and .37% moving from abroad.
- Another important feature of a community is the number of people who commute to and from the community for work on a daily basis. Erie County is a net importer of workers, having 549 more people come to work in the county from other counties than Erie County residents who travel outside of the county for work. Each day, around 17,500 people come to the county for work while around 17,000 leave to work in another county. The mean commute time for residents of Erie County is 20.8 minutes.
- When we look at the City of Sandusky, we see the community is a net exporter of workers, with 726 more people leaving the city for work than come to the city each day. Around 8,100 people enter the city for work while 8,800 people leave for work on a daily basis. The mean commute time for residents of the City of Sandusky is 17.8 minutes.
- This slide highlights how Erie County and the City of Sandusky compare to the State of Ohio and the U.S in the areas of income and poverty. Erie County’s per capita income of $36,000 is above the Ohio and U.S. average, however the median household income of $58,400 is in line with the state average. The county’s poverty level of 11.94% is below the state and national average. Around 11% of households receive SNAP benefits, while another 54% of households in poverty and not currently taking advantage of SNAP benefits. The City of Sandusky’s per capita income of $26,400 and median household income of $41,802 are well below the state and national averages. The City’s poverty level of 21.1% is much higher than the state and national averages. 21.6% of households are receiving SNAP benefits while another 46.32% of households in poverty are not taking advantage of SNAP benefits.
- Let’s pivot to looking at the industrial composition of jobs in the county. When we look at Erie County’s economy a few things stick out. First, the county has very high comparative advantages in several sectors including manufacturing, arts, entertainment, and recreation, and accommodation and food services. We also see that outside of manufacturing, many of these areas of specializations have low average annual wages. Also, it is important to note that outside of entertainment and recreation, many of the largest industries in the region are shrinking in employment.
- When we look at the City of Sandusky, we see a similar picture where the city’s largest industries and areas of comarpaive advantage have lost employment over the past five years.
- There has been a wide range of population gain and loss across counties in northwest Ohio. Wood County saw an increase of over 6,700 people over the past 10 years while Mercer county added over 1,700 people, or 4.2%. As you can see, most of the population growth has been in central Ohio, particularly Union and Delaware counties.
- Unemployment rates continue to remain low across the region, with Mercer county having an unemployment rate of 2.8% in August 2022, 2.9% in Putnam county, and 3.2% in Wyandot County.
- Across the region, many counties have less than 1,000 unemployed workers including Paulding County with 300 unemployed workers, Wyandot County with 400 unemployed workers, and Van Wert with 500 unemployed workers.
- When we focus in on Northwest Ohio, we see that only five counties across the 31-county region saw job growth over the five-year period including Van Wert at 1.71% and Wyandot county at 0.36%.
- The first peer community is Traverse City, MI, which is located in Grand Traverse County. The city has a population of 15,678, which is smaller than that of the city of Sandusky. The county has a total population of over 95,000.
- The second peer community is Muskegon, MI. The City of Muskegon has a population of 37,500 while the county has a population of over175,000. The county is located on Lake Michigan and is home to a Cedar Fair property, Michigan’s Adventure.
- The third peer community is Michigan City, Indiana which has a population of 32,000. It is located within LaPorte County, which has a total population of 112,000. Michigan City is located on Lake Michigan and is home to Indiana Dunes National Park.
- The final peer community is Fond du Lac, WI, which has a population of 44,678. Fond du Lac County has a population of 104,000. Fond du Lac is located on Lake Winnebago in WI.
- When we look at Erie County compared to its peers in terms of population change from the 2010 to 2020 Censuses, we see the county is the only one of its peers to lose population at around 1.8%. Among its peers, Grand Traverse County as seen the highest level of population growth at 9.49% between 2010 and 2020.
- When we look at the cities, we see Sandusky has experienced the largest population decline among its peers at 2.7%. Muskegon has also seen a sight decline in population at .2%. Among its peers, Traverse City has seen the largest population growth at 6.84%.
- When we look at net domestic migration in 2022, we see Erie County had a net outward migration of 233 people, which is not as low as either La Porte or Fond du Lac Counties. Grand Traverse County had the highest inward migration at 629 people in 2020.
- When we look at net migration as a % of the total population, we see Erie County’s net outward migration rate of 3.2%. Among its peers, Grand Traverse City had the highest inward net migration rate of 6.7%.
- Erie County has the highest median age among its peers at 44.9. Grand Traverse County is the second oldest community with a median age of 43. Muskegon County has the lowest median age of 39.3.
- When we look at the cities, we see Sandusky’s median age of 37.9 is below the median age of Traverse City at 40.1, but older than the other three peer communities.
- This chart compares the percentage of the population age 25-64 with an associate’s degree. Erie County’s rate of 11.8% is above 2 of its peers, and below two of its peers. Among peer community’s Fond du Lac County’s rate of 13.7% ranks as the highest percentage of the 25-64 population with an associate’s degree.
- When we look at cities, Sandusky’s rate of 9.4% with an associate’s degree ranks last among its peers. Again Fond du Lac ranks first in this category, with 14.4% having an associate’s degree
- When we look at the percentage of the 25-64 population with a bachelor’s degree, Erie County’s rate of 17.4% ranks it in the middle of its peer group. Grand Traverse County’s rate of 24.8% is more than 7% points higher than the other peer communities.
- Sandusky’s rate of 12.4% of the population with a bachelor’s degree ranks in the middle of its peer group. Traverse City’s 30.1% of the population with a bachelor’s degree is over 12% higher than the next highest peer.
- This chart looks at the percentage of each county’s residents who are foreign born. Erie County’s 1.9% rate of foreign born population ranks last among its peers.
- Sandusky’s rate of 1.7% of foreign born residents ranks last among its peers by a sizable margin.
- Erie County is one of only two of its peer communities with a positive number of daily commuters at 549. Grand Traverse County sees over 7,700 more people enter the county than leave for work each day. Muskegon County sees a net daily exodus of over 17,000 workers, mainly to neighboring Grand Rapids.
- When we look at Cities, Sandusky is the only city among its peers with a net negative number of daily commuters. Each day, 17,700 more people come to Traverse City than leave for work each day.
- Erie County’s median household income of $58,400 ranks in the middle of is peer group. Grand Traverse County’s $66,457 ranks first followed by Fond du Lac County.
- When we look at cities, Sandusky’s median household income of $41,000 ranks 4th of out 5 peer communities, ahead of Muskegon’s $35,000. Traverse City has the highest median income of the peer group at over $61,000.
- Let’s shift to looking at the economic performance of peer communities. Over the past 10-years, Erie County has seen a 3% decrease in total employment, which ranks 4th out of the 5 communities. La Porte County has seen a decrease of over 5.8%. Grand Traverse County has seen the largest increase at 7.7%.
- The City of Sandusky’s 12.2 % decline in employment ranks last among its peers. Over the same 10-year period, Traverse City has seen a 16.2% increase in total employment.
- When we look at manufacturing employment change, we see Erie County ranks 4th out of 5 peers, with growth of .2% over the past ten years. Fond du Lac has seen manufacturing employment growth of over 17% since 2012.
- Sandusky’s 1% loss of manufacturing employment over the past 10 years ranks 3rd among its peer group. Traverse City has seen a decline of 15% in manufacturing employment over the past 10 years but has sustained its economy with significant increases in finance and insurance and professional, scientific, and technical services.
- Finally, we will look at the change in GDP at the county level. Erie County’s GDP increase of 13.8% over the past 10 years ranks last among its peer groups. Both Grand Traverse and Fond du Lac County have seen GDP increases of over 45%.
- When we look at the change in manufacturing GDP over the past 10 years, we see Erie County’s decline of 16.7% in manufacturing GDP ranks last among its peers. Interestingly, while Grand Traverse County has seen declines in manufacturing employment over the past 10 years, its manufacturing GDP has increased suggesting the region is producing high-value products that require less labor. Fond du Lac has seen manufacturing GDP growth of over 76.5%.
- Increases in demand from consumers due to government stimulus coupled with a tight labor market have led to record high numbers of job openings. The U.S. hit its all time high for job openings in April 2022 with 11.85 million job openings. In July, there were still 11.2 million job openings, suggesting employers are still struggling to find workers.
- Job openings in the State of Ohio have also hit record highs in November 2021 with over 426,000 job openings-well above the pre-pandemic level of 252,000. The January 2022 number represented a 2 thousand opening decrease over December 2021.
- As was the case with people quitting their jobs, job openings are not evenly distributed across industries. Across the U.S., the highest levels of job openings are in the education and health services, professional and business services, and accommodation and food services industries.
- When we look at year over year change, we see over 280,000 more openings in the education and health services sector than this time last year. Additionally, we are seeing over 154 ,000 more openings in professional and business services and 119,000 more openings in government. At the same time, we are seeing slowing numbers of openings in manufacturing and retail trade.
- This is one of the more important metrics-the gap between job openings and hiring by industry sector. Education and health services is facing the largest gap between the number of openings and hiring in July 2022 followed by professional and business services and government.
- As many of you know, we are in the midst of one of the tightest labor markets that many of us have seen. The next series of slides explore some of the factors contributing to the tight labor market. One of the reasons we have a tight labor market is that we are seeing high levels of churn, or people quitting their jobs and looking for new opportunities. In July 2022, over 4.1 million people quit their positions, which was down from the record high level of over 4.5 million people in November 2021.
- The quits rate measures the percentage of nonfarm workers who quit in a given month. During height of the pandemic in April 2020, we saw a quits rate of 1.6%. Since then, the quits rate has steadily increased to an all time high of 3% in both September and November 2021. July 2021 had a quits rate of 2.7%, suggesting a slight slowing of the pace of quits.
- In January 2022, 155,000 people quit their jobs in the state, which is approximately 28 thousand above the pre-pandemic levels in February 2020.
- The level of people leaving their jobs has been uneven across industries, with the highest raw number of people leaving jobs in accommodation and food services, professional and business services, retail trade, and education and health services in July 2022. Larger industry sectors in our region, including manufacturing and transportation, warehousing and utilities saw fewer employees leaving their jobs than other industries in July
- When we look at year over year change in quits, we see increased numbers of quits in professional and business services, transportation, warehousing and utilities, and financial activities. At the same time, we’ve seen lower numbers of quits in education and health services, and retail trade. .
- While quit rates have been at all time highs, layoffs and separations are at record low levels as employers look to hold on to workers, even those who may be underperforming or need additional training or upskilling. In July 2022, there were 1.4 million layoffs, down significantly from the pre-pandemic level of 1.8 in January 2020.
- While there are increasing levels of job openings across the economy, hiring has remained relatively flat since the summer of 2020 with employers hiring 6.38 million people in July.
- As was the case with people quitting their jobs, job openings are not evenly distributed across industries. Across the U.S., the highest levels of hiring are in the education and health services, professional and business services, and accommodation and food services industries.
- When we look at year over year hiring change across industry, we see significant increases in hiring in education and health services and transportation, warehousing, and utilities.
- I thought it was important to end with a chart that shows why and how companies are able to increase wages so rapidly. This chart highlights total corporate profits in billions of dollars from Q1 2016 through Q2 2021. As you can see, coming out of the pandemic, corporate profits have skyrocketed to all time high levels on the back of increased real estate valuations and record high stock prices.
- We have also seen record numbers of Americans starting their own businesses in the aftermath of the COVID-19 Pandemic. In July 2020, a record number, over 550,000, new businesses were started in the United States. The trend of record number of new business starts in the United States has continued into 2022 with over 400,000 new business starts in each month of the year-well above the pre-pandemic levels of around 280,000.
- We have also seen record numbers of Americans working for themselves since the pandemic. Specifically, the U.S. hit a record high number of self-employed Americans in July 2021 with over 10.26 million self-employed workers. That number remained high in March 2022 with over 10 million Americans self-employed.