Recent Trends in the Mercer County Economy

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Recent Trends in the Mercer County Economy

• Martin Shields
• Associate Professor
• Director Center for Economic and Community
  Development
• Penn State Cooperative Extension

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This Presentation is Online

• http//cecd.aers.psu.edu

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Outline

• Analyzing your local economy
• Population trends
• Employment trends
• Income trends
• Penn State Cooperative Extension Assistance in
  Economic and Community Development

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Analyzing Your Local Economy

• What is THE economy?
• An economy is simply a collection of
  businesses, organizations and households who
  conduct transactions with one another
• Locally
• Outside of the region
• When analyzing an economy, we have three basic
  rules
• Use multiple indicators
• Analyze indicators over time
• Compare local indicators to other regions

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Population Change
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Why We Care

• Tax base
• Demand for services
• Land use planning
• Economic development

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Population Totals 2005
Source US Census Bureau
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Population Change 2000-05
Source US Census Bureau
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Population Change 1969-2003
Source US Bureau of Economic Analysis
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Population Change 1990-2000
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Migration 1995-2000
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Migration Summary

• From 1995-2000 in- and out-migration resulted in
  a net loss of 456 people from Mercer County
• 15,051 left the county
• 14,595 moved into the county
• Of the 15,051 that left the county
• 7,842 left the state
• 7,209 stayed in PA

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Where are they going?

• Out of state

• In State

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From Whence Cometh?

• In State

• Out of State

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Population 65 Years of Age 2000
Source US Census Bureau
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Job Growth
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Why We Care

• Understanding sources of employment and income
• Identifying potential growth industries for
  economic development planning

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Unemployment Rate 2000-2005
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Employment Change 1969-2003
Source US Bureau of Economic Analysis
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Employment Change 1993-2003
Source US Bureau of Economic Analysis
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Employment Change 2001-2003
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Top 10 Employing Businesses 2005
Source Pennsylvania Department of Labor and
Industry
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Top 10 County Industries 2004
Source ES-202
County Total 47,357
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Top 10 Growing County Industries 2001-2004
Source ES-202
Net Job Change -1,933
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Top 10 Declining County Industries 2001-2004
Net Job Change -1,933
Source ES-202
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Percent of Employment in Manufacturing 2003
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Percent of Employment in Health Care and Social
Assistance 2003
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A Fun Fact About Commuting

• In 2000, the county had 10,418 out-commuters
• and 10,385 in-commuters

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Income
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Why We Care

• Ability to purchase goods and services
• Effects on local revenue base
• Demand for human services

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Per Capita Income 1969-2003
2003 Mercer 25,292 PA 31,911 US 31,472
Source US Bureau of Economic Analysis
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Per Capita Income as Percent of US Average 2002
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Poverty Rates1999
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A Few Useful Sites for County Data

• Center for Workforce Information and Analysis
  Pennsylvania Department of Labor and Industry
• www.paworkstats.state.pa.us
• Penn State Center for Economic and Community
  Development
• http//cecd.aers.psu.edu

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Assistance Available from Penn State

• Center for Economic and Community Development
• http//cecd.aers.psu.edu
• Community Affairs Extension
• http//cax.aers.psu.edu

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CECD Services

• Industry analysis
• Identifying opportunities and strategies
• Economic Impact Analysis
• Agricultural economic development
• Economic and demographic data and analysis

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CECD Services

• Local government finance and tax reform
• Land use decision making
• Visioning and charting