Opportunities and Challenges

lizardgossypibomaManagement

Oct 28, 2013 (3 years and 11 months ago)

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Opportunities and Challenges


OPPORTUNITIES:

1.


Vermont Brand

2.
Location

3.
Imminent Technology infrastructure

4.
Manufacturing base

5.
Educational institutions

6.
Recreation

7.
Cultural and Arts

8.

Tourists, second home owners
bringing dollars into region

9.
Key tourism infrastructure

10.
Access to government

11.
Healthcare Infrastructure

12.
Healthy and health
-
focused
population


CHALLENGES:

1.
Lack of Cell Service and Broadband

2.
Weak local market/economy

3.
Declining workforce population

4.
Taxes

5.
Declining earned income

6.
Finding employment


not enough jobs

7.
Lack of investment capital

8.
Disconnect between education and
jobs

9.
Capacity
--

Lack of critical mass

10.
Declining student enrollment

11.
Qualified Workforce recruitment


Source: 2010
-
2011
SeVEDS

Foundation Milestone Meeting Output from Community Leaders


SeVEDS

Economic Issues & Implications

Economic Issue

Implication

Low Average

Wage


Limits

the ability to attract and retain mid and high level skilled workers.

Low Earned Income

as a
Proportion of Personal
Income


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Businesses cannot grow or will be forced to leave the region due to lack of
workforce.

Weak Entrepreneurial

Climate


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Assets and Gaps

Economic & Community Assets


Precision Technology Driven
Manufacturing


Logistics


Global presence


Second Homeowners


Natural Environment for Skiing
and Outdoor Recreation


Concentration of Health and
Mental Health Care Facilities



Capacity Gaps


Incubators


Redevelopment


Workforce Development


Broadband/Telecom


Rail


Post VY Planning


Source: 2010
-

2011
SeVEDS

Asset Mapping Meetings conducted throughout the region

Vermont Industry Markets

Source:
Vermont Competitiveness: State and Cluster Economic Performance
, Porter,
Michael E., Harvard Business School, paper presented at National Governors
Association Winter Meeting, February 26, 2011


SeVEDS

Industry Clusters

Based on Asset Mapping, Industry Interviews, and VE Research, the following Sectors
appear to present significant opportunities for SE Vermont:

SE Vermont

Economic Sectors

Technology
Driven

Precision

Manufacturing

Business &
Technology
Services

High Quality

Post
-
Secondary
Education

Logistics

&

Distribution

Hospitality,

Retail &

Tourism

Healthcare


-

Optics


-

Medical


Devices


-

Aerospace

-

International


Business


& Culture


Center of


Excellence


-

Nursing


& Medical


Admin. Support



-

Shared


Services


Center


-

Software


& IT


Services


-

Environmental


Services


-

Assembly &


Distribution


Medical


Devices


-

NNE Hub


-

Passenger


Rail


Gateway


-

Winter


Sports


-

Fall Foliage


-

Arts &


Cultural


-

Vibrant


Downtown


Retail

-

Mental


Healthcare


-

Regional


Health


Services

Niche Markets

Source: VE and
SeVEDS

Asset Mapping and Cluster Analysis

Macro Economic Trends
SeVEDS

Region

Should
Consider

1.
Demographics



Immigration filled 90% of the job growth over the last 15 years

2.
Workforce



2018
-

63
% of jobs will require beyond high school education

3.
Quality of Place


knowledge workers have a choice, 1
st

where to live, 2
nd

where to work, key to attracting and retaining young worker families

4.
On Shoring & Near Shoring


5M new jobs by 2020, CI share 7,800

5.
Exports



Manufacturing exports to grow 2%
-
7% to Europe & Japan

6.
US Manufacturing Growth


Driven by low cost energy, rising global wage
rates and a reduced risk profile

7.
Food Security


growing local food trends, ag
riculture science, healthy choices

8.
Healthcare



healthy communities, extension and improved quality of life
through health sciences, convergence of product innovation and system design

Analysis

Trend data shows that the
SeVEDS

region has been declining as an employment hub over the past
ten years. This is evidenced by the absolute decline in number of jobs in the region as well as the
quality of the employment regardless of age cohort.


Additional data for the labor shed that serves the
SeVEDS

region demonstrates that median
earnings for those living outside Windham County are far more favorable than for those living in
Windham County, whether in Massachusetts or New Hampshire counties.


The perception of overall high educational attainment across a broad spectrum of the local
populous in the region is not borne out by the data. In fact, the region is producing a much higher
percentage of under
-
educated younger workers than Vermont or the surrounding regions under
age 45. This flies in the face of increasing trends for workers with high demand skills across almost
all industry sectors.


The preponderance of an undereducated working age population and the inability of the region to
meet workforce demand for high demand middle skill sets results in a staggering decline in the 24
-
45 age group, which are the primary birthing and family rearing years. This reality calls for a real
focus on increasing educational attainment in the region.