COVID-19 Economic Fallout Questions?

As you support the immediate public health response and begin strategizing solutions for an economic recovery, there are many questions you likely have, and that partners may have for you. By providing sound data to help frame conversations and make better decisions, economic development organizations can greatly assist in efforts to lessen the immediate shock and quicken the recovery. Below are four Emsi reports that can help answer your COVID-19 Economic Fallout questions. 

1. Industry Table

2. Occupation Map

3. Industry Snapshot

4. Skills Transferability Table

Whether in times of flourishing or struggle, our mission is to help communities prosper. To that end, Emsi wants to be a resource for you and your community during this time. Please contact Josh Wright to find a solution that works for your situation.   

1. Industry Table, Question Answered:

Which industries have a high number of 55+ age workers?

As older individuals are encouraged to shelter at home, long and short term industry slowdown will be seen if the work they perform can’t be done remotely. To help determine which industries will be most impacted by the need of older populations to isolate themselves, users can turn to the Industry Table. 

This report dives into multiple details of an industry such as wages, number of jobs, and location quotient. And important for this question, it can break down an industry by various demographics, including age. 

Pulling the 6-digit NAICS code level, the table can quickly reveal the makeup of industries by age and the percentage of the industry that age group represents. Looking at Wisconsin as an example, industries such as education will have already felt the impacts due to school closures. But of the top-10 industries, the 55+ age group is a big part of providing services to the elderly and disabled (NAICS 624120) as well as supporting grocery store operations (NAICS 445110).

By knowing which industries older workers are concentrated in, communities can proactively discover areas of the economy likely to be impacted.

2. Occupations Map, Question Answered:

What is the daily movement of occupations in my region?

Health officials and local governments may be in search of information about how certain occupations are moving within the region. As mobility restrictions are implemented and additional ones considered, providing data on commuting patterns of workers can help in decision making. 

The Occupation Map can detail the number of workers who reside in the same zip code in which they work, and how many commute in or out of the zip code. If leaders in Wake County, NC wanted to get a sense of how much food preparation workers commute, the Occupation Map reveals how many workers reside and work in the same zip code, which zip codes have the most workers leaving, and which have the most entering.

3. Industry Snapshot, Question Answered: 

How is the labor market changing as a result of COVID-19, and where do we stand now?

Many industries such as hospitality (restaurants and hotels) and retail are being restricted. As communities look to determine the immediate impact and where attention and resources need to be placed, the Industry Snapshot report provides a quick overview of jobs in an industry, including employment, percentage of total jobs in industry, and median hourly earnings. 

If Seattle wanted to establish a baseline for the hotel industry, the Industry Snapshot provides its vitals, allowing for the industry to be monitored over time. As policy makers determine funding and programmatic needs to address economic and job recovery, industry-specific snapshots are great stage setters.

4. Skills Transferability Table, Question Answered: 

How can displaced workers find opportunities in other industries?

Industries such as hospitality, retail (except grocery and pharmacies), and travel are contracting. Others, including healthcare and distribution/logistics have expanding needs. By looking at skills transferability, economic and workforce developers can find opportunities to not only keep people working but also address community needs.

With domestic and international flights curtailed, flight attendants have a high skill compatibility score with healthcare jobs that will be in-demand, likely both in the short and long term. 

In Denver, CO, the home of Frontier Airlines, five of the top 10 occupations which flight attendants are most compatible with are healthcare support roles. With the healthcare industry strained, expanded opportunities in various health aide roles can be an option as the air travel industry recovers (keeping in mind that many health care occupations require a certification).  

These are just a few of the questions your community may be seeking answers to as it responds to COVID-19’s economic fallout. For these, and many others, Developer is a great resource to ensure your answers are data-driven.

As you support your community, we’re here to support you with data you can trust. Please contact Josh Wright to discuss reports that can help in your response efforts or with specific situations your community is facing.

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