City Council Agenda and Packet 2013 04 16 - PG 222 - ATTACHMENT #4

Home Browse Search

Economic and Market Assessment City of Louisville, CO Regional Influences and Market Assessment ECONOMIC ASSESSMENT At-Place Employment The term "at-place employment" refers to the number of jobs located within a defined geography, without regard to place of residence. It is an indicator of clusters of industries and industries that are a specialty within a defined geography, and which constitute significant contributors to the economic base. An analysis of business trends by type and employment is a key element for assessing future business development needs. Business trends analyses are typically conducted for five- and ten-year intervals in order to identify discernible increases or decreases in employment in various industries. However, the economic downturn of the past four to five years has adversely impacted almost all business sectors, and must be taken into account to more accurately evaluate business trends. For the purposes of this analysis, we examine industries and employment in the years 2002, 2005 (prior to the recession), and the years 2007 through 2010. Using this methodology, we can ascertain the performance of specific industries over time that otherwise would have trended up, down, or neutral in a stabilized economy. As Figure 12 shows, overall at-place employment remained fairly stable in Louisville between 2002 and 2009, with a peak year in 2005 with 13,292 employed. The largest shift in employment occurred between 2009 and 2010, when employment decreased by 1,509 jobs, from 12,668 to 11,159. Closer examination of individual industries show both emerging and declining performers, and others that may have experienced relatively significant events, such as business relocation, resulting in somewhat erratic trends over time. Highlights are as follows: • The national decline in manufacturing jobs is well documented, with a loss of approximately 1.9 million jobs, or 10 percent of the sector's workforce. The sharpest decline in manufacturing jobs in Louisville occurred between 2009 and 2010, with a loss in employment of 1,315 or 42 percent. • Retail and wholesale trade employment have remained relatively steady, with retail peaking at 1,404 jobs in 2008, decreasing to 1,100 in 2010. Retail sales nationally have suffered adverse impacts from the recession. • Louisville's information sector seems to have experienced a significant economic event from 2002 to 2005, when employment dropped from 918 to 216, but has steadily added jobs since then. • Employment in finance and insurance more than doubled between 2007 and 2008, suggesting a significant relocation of jobs to Louisville. 12